NMDC Offers RINL’S EX-CMD AP Choudhary Full-Time Advisor’s Post
The ex-chairman of RINL AP Choudhary has been offeref a full-time advisor’s position by the state-sun iron miner NMDC. Choudhary, who retired from state-run RINL after attaining the age of superannuation on December 31 last year, had been at the helm of the public sector steel maker since August 2011. “The management of NMDC is pleased to engage you as full- time principal advisor… The period of assignment shall be initially for three years,” NMDC said in an offer letter to Choudhary. The iron ore miner, however, said: “The performance shall be reviewed at the end of each year against the milestones for continuity or otherwise”. RINL has recently been allocated one iron ore mine in Rajasthan and three in Andhra Pradesh though none of them are operative yet. It depends on NMDC for iron ore.
Bharti Airtel To Buy Loop Mobile Business For Rs 700 Crore
Bharti Airtel has announced to buy business and assets of Loop Mobile in Mumbai under a strategic agreement. However, the company did not disclose the size of deal but sources close to the agreement said it is for about Rs 700 crore. Under the agreement, Loop Mobile’s 3 million subscribers in Mumbai will join Airtel’s over 4 million subscribers, making it a largest network in the metropolitan city, according to a statement by Bharti Airtel. Under the proposed transaction, Loop Mobile’s 2G-enabled network supported by 2,500 plus cell sites will also become part of Airtel’s network which has over 4,000 cell sites at present.
OVL To Raise $2.5 Billion From Consortia Of International Banks
The overseas arm of Oil and Natural Gas Corporation Limited (ONGC), ONGC Videsh Limited (OVL), has entered into separate agreements with two consortiums of international banks to raise USD 2.5 billion by way of offshore borrowings to finance its acquisition of 10 per cent participating interest in Rovuma Area I Block in Mozambique offshore. “We are extremely pleased with the strong enthusiasm shown by top global banks at extremely fine pricing leading to market defining transactions. In the backdrop of a volatile global economic environment, such interest is reflective of ONGC’s robust credit profile and underlines the strong India story.” said Mr. Sudhir Vasudeva, CMD, ONGC and Chairman, OVL.
ABB Profit Jumps Threefold To Rs.58.5 Crore
Power and automation technologies maker ABB India Ltd reported a more than threefold rise in net profit for the quarter ended December 31 as its cost-cutting measures helped improve its margin, the company said in a statement. Net profit increased to Rs.58.5 crore from Rs.16.7 crore a year ago. “The year 2013 witnessed a steady improvement in the margins of the company. While market uncertainties continue, our intensified efforts to remain cost competitive and strengthen project management have borne visible results,” said Bazmi Husain, managing director, ABB India.
Coal India Eyes Mining Blocks In South Africa
State-owned miner Coal India (CIL) signed an agreement with South Africa’s Department of Trade and Industry (DTI) to explore “mutual prospects” in the African country’s coal and mining industry value chain. “Coal India has been mapping the South African coal mining industry, with the interest of acquiring mining concessions and information on how best to exploit coal deposits in a way that serves the best interest of all stakeholders,” the DTI said in a statement. The agreement was reached after a meeting between Coal India representatives and DTI officials on the sidelines of the African Mining Indaba in Cape Town. In another development, Secretary of Mines RH Khwaja visited the AutoStem booth at the Mining Indaba and looked around the company’s rock breaking suite of products, considered the world’s safest.
SAIL Q3 PROFIT Ups 10 Per Cent At Rs 533 Crore
State-owned steel maker Steel Authority of India Limited (SAIL) has reported a 10 per cent rise in profit after tax at Rs 533 crore for the quarter ended December 31, on account of sales growth despite a “flat market”. It had reported profit of Rs 484 crore for the October-December quarter of 2012-13. “Despite a subdued demand environment in the economy, in third quarter of 2013-14, (its) total turnover was at Rs 12,716 crore, up 8 per cent,” the company said in a statement.“The increase in sales turnover achieved by SAIL, despite a flat steel market, is an indication that the company is well-placed to meet any market situation,” the company’s Chairman CS Verma said.
United Bank To Raise Rs 1,000 Cr Equity Capital
United Bank of India will raise up to Rs 1,000 crore as capital through issue of bonds or equity capital to the government. The board of the state-owned bank has approved raising Tier-I capital of up to Rs 1,000 crore either through bonds on private placement basis to the eligible institutions or issue of preference shares to the Central Government or other institutional investors. It has also approved the fund raising by issuance of equity shares through preferential allotment to government, the bank has said in a filing to the BSE. Government has already announced Rs 700 crore infusion in the United Bank of India in the current fiscal, ending March 31.
Muthoot Finance Mulls Entering Insurance Business
Gold loan company Muthoot Finance said it was evaluating options for foraying into the insurance sector and was on the lookout for a foreign partner in this regard. “We have not started. Actually, we are evaluating the options. We have to take a call. (Insurance business) it has huge potential in India. We have to take a call on that,” Muthoot Finance Senior Vice-President (Legal, Corporate Affairs and Marketing), George Muthoot Jacob said. Asked about investment plans for launching the insurance entity, he said: “Initially investment cap is about Rs 300 crore. And usually the whole application takes a year for completion.” Muthoot Finance has assets under management of about Rs 5,914.11 crore. It has about 4,500 centres across the country.