IOC To Buy Stake In Petronas LNG Project For $900 Million
Nation’s largest oil company, Indian Oil Corp. Ltd (IOC), will buy Malaysian firm Petroliam Nasional Bhd’s (Petronas) 10% stake in a shale gas assets and liquefied natural gas (LNG) project in British Columbia for $900 million. The acquisition of stake in Progress Energy Resources Corp. for 1 billion Canadian dollars ($900 million) marks IOC’s maiden entry into North America. “ I am pleased to announce that we have just finalized a further 25 per cent participation from an Indian party and an established Asian LNG buyer,” the Malaysian state firm’s president and chief executive Shamsul Azhar Abbas said at the LNG Supplies for Asian Markets conference in Singapore. IOC’s 10 per cent will come with an off-take agreement for the Indian energy company. IOC is looking to expand its portfolio of exploration and producing assets, while Petronas wants some of its costs to be shared.
SKF Profit Increases By 50.32 Per Cent
Bearings maker SKF India posted a 50.32 per cent jump in net profit at Rs 48.39 crore for the quarter ended on December 31, 2013. Net sales of the company also increased to Rs 591.17 crore in the quarter under review, from Rs 513.37 crore in the same quarter previous year. The company had posted a net profit of Rs 32.19 crore in the October-December quarter of the previous fiscal. The company follows January-December financial year. For whole 2013 fiscal, net profit dropped to Rs 166.72 crore as against Rs 190.08 crore in the previous year.
Kotak Investment To Raise $200 Million For A Private Equity Fund
Kotak Investment Advisors Ltd, plans to raise $200 million for a private equity fund that will invest in residential properties in India’s biggest cities. The company, owned by billionaire Uday Kotak, raised $200 million from overseas investors last year for the fund and will complete raising a similar amount by May this year, said V. Hari Krishna, a director at Kotak Investment. The fund will invest in residential markets in cities including Mumbai, Delhi, Bangalore and Pune, he said. There is some level of capital shortage in the residential space and we will look to provide funds with a focus on top cities, Hari Krishna said in an interview in Mumbai. The fund will target a 20 per cent return by providing debt and structured financing to large developers, he said, declining to name the companies.
Fullerton India Q3 Ups By 47 Per Cent
Fullerton India Credit Pvt Ltd, Temasek backed-finance company, posted a 47% year on year growth in net profit at Rs 48 crore for third quarter at ended December 2013. Its revenues rose for by 18% to Rs 362 crore for reporting quarter. The assets under management went up by 29% to Rs 5,908 crore at end of December 2013, the company said in statement. Fullerton India is a subsidiary of Singapore government owned Temasek Holdings.
Thomas Cook India Registers 36 Per Cent Rise
Thomas Cook India has registered a growth of 36 per cent its net profit at Rs 68.7 crore for the year ending December 2013 compared to last year. The company’s income from operations increases by 201 per cent to Rs 1,296 crore in 2013, compared to Rs 430 crore in 2012. Thomas Cook India’s income has risen significantly after it acquired the human resource firm Ikya in February last year. “Last year was challenging for the entire industry, and that makes the impressive results via our core businesses even more significant,” Madhavan Menon, managing director, Thomas Cook India said.
Corporation Bank Signs Mou With Tata Motors
Corporation Bank today said it has signed a memorandum of understanding with Tata Motors for financing commercial vehicles on an all India basis. The tie up will make Corporation Bank the preferred financier for financing Tata Motors’ commercial vehicles, the bank said in a release. “The Bank is in the forefront of offering value added and innovative products and services to its clients. The tie up with Tata Motors is one more step in this direction,” Corporation Bank General Manager, V S Karthikeyan said in a statement.
Ambuja Cement To Resume Mining Operations In Himachal
With the High Court granting a stay on the Ministry of Environment and Forest’s order to keep them in abeyance Ambuja Cements will resume mining operations in Himachal Pradesh. “…The High Court of Himachal Pradesh has granted a stay on the order issued by the Ministry of Environment and Forest and accordingly, mining operations at Himachal Pradesh plants would now be resumed,” the company said in a BSE filing. Ambuja Cements, which has five million tonnes per annum (MTPA) limestone mining capacity in Himachal Pradesh, however, had said cement production in the state remained unaffected.
Essar Raises Oil Imports From Iran
Essar Oil, a key buyer of Iranian oil, in January sharply raised imports from the Islamic state and also became the first Indian refiner to ship in the Brazilian heavy grade Polvo, tanker arrival data showed. India’s oil imports from Iran more than doubled in January from a month earlier after sanctions on Tehran were eased due to an interim deal on its nuclear programme. Essar received 141,900 barrels per day (bpd) of oil from Iran last month, up from 54,200 bpd in December, according to the data obtained by Reuters. Shipments last month were about 31 per cent higher than a year ago.