Reliance Industries said it had signed agreements to sell all of its interest in certain upstream assets in north-eastern and central Pennsylvania, known as Marcellus shale. The assets, which are currently operated by Carrizo Oil & Gas, Inc., were sold to BKV Chelsea, LLC, an affiliate of Kalnin Ventures LLC, for consideration of $126 million, […]
Crompton Greaves, one of India’s biggest electrical durables makers, said it has not executed any binding transaction documents with Videocon Industries on the acquisition of the Kenstar brand in India. Responding to a report in the Economic Times that said a binding offer at Rs 1,400 cr has been submitted, Crompton Greaves said: “The results […]
Mahindra and Mahindra Financial Services said the company board has approved a proposal to raise up to Rs 2,250 cr by selling shares or instruments convertible to shares. It said a Securities Issue Committee has been set up to undertake decisions in relation to the proposed issuance. Mahindra & Mahindra Financial Services Limited (MMFSL) is […]
Inox Wind Limited, which manufacturers wind turbines and constructs wind power farms, said it intends to put up a 250 MW wind farm in Kutch in Gujarat in the next 12 months and will continue to bid aggressively in upcoming auctions. Inox Wind had won the project as part of the second round of bidding […]
Tata Motors said retail sales for Jaguar Land Rover were 65,097 vehicles in September, up 6.6% compared to September 2016. This was primarily because of continued “solid sales” of the F-PACE as well as the introduction of the Range Rover Velar, Jaguar XF Sportbrake and long wheel base Jaguar XFL in China, the company said. […]
Reliance Infrastructure said it disagreed with the decision by India Ratings, a unit of Fitch, to downgrade its debt over delays in equity infusion and monetization of assets. “The Company respectfully disagrees with the views of India Ratings,” it said today. “The Company has taken series of steps for asset monetization including inter alia filing […]
Future Retail will pay most of the cost of its proposed Hypercity acquisition by issuing new shares, and only about a fourth will be paid in cash. The deal will put even more distance between Future, which operates chains such as Big Bazaar and Central, and other players in India’s organized retail market. Hypercity is […]
Five customer accounts belonging to Andhra Bank and Syndicate Bank were subjected to fraudulent withdrawals using the customer’s Aadhaar data, government data indicated. Four of the five Aadhaar fraud cases took place in Andhra Bank, while the remaining one took place in Syndicate bank. The four account holders of Andhra Bank lost a total of […]
Nokia will help Saudi telecom operator Zain to use unlicensed spectrum in the 5 GHz band — often used for Wifi — to increase download speeds of 4G LTE. “Following the trial, the Nokia technology will be deployed in hotspots, for example, in malls and cafes in Jeddah and around the Holy Mosque in Makkah,” […]
Sterlite Technologies said it won a three-year deal to supply high-quality fiber optic cables to du, a telecom network in the UAE. Financial details were not disclosed. “With an on-going relationship with du for the past six years, we have renewed the partnership for our innovative range of smarter optical communication technologies. “Through this agreement, […]
Zydus Cadila said it received the final approval to launch overactive bladder drug Fesoterodine Fumarate in the US. The sales of Fesoterodine Fumarate Extended-Release Tablets are estimated at $195.5 million. It will be manufactured at the group’s formulations manufacturing facility at Moraiya, Ahmedabad. Fesoterodine is used to treat an overactive bladder with Symptoms of urinary […]
Idea Cellular, which has been under pressure in recent months due to aggressive offerings from rivals Bharti Airtel and Reliance Jio, has unveiled a new promotional offer that gives 1 GB per day for 28 days at a price of around Rs 250. Unlike other plans, this one does not offer any voice benefits. But […]
Flipkart, one of India’s top two online market places, said it saw twice as much business as part of its Big Billion Day Sale this year compared to the last. The company said it added over 3000 sellers to Flipkart Millionaire Club in a span of just five days of TBBD sale. The title is […]
Wipro said it has agreed to acquire US-based design consultancy Cooper, without disclosing the financial details. “Headquartered in San Francisco, Cooper has been a leading brand in interaction design, UX and professional design education for more than 25 years,” the Indian IT company said. Founded by Sue Cooper and Alan Cooper, the ‘Father of Visual […]
Reliance Communications said it has filed with the National Company Law Tribunal to withdraw its demerger scheme for its tower assets. The move follows the cancellation of its plans to merge with Aircel Cellular due to regulatory issues. The company Anil Ambani-led company had said that since the merger with Aircel was cancelled, the deal […]
ONGC Videsh Limited, the overseas subsidiary of ONGC, said it completed the acquisition of 30% interest in Namibia’s offshore block, as announced earlier. The acquisition involves blocks 2112A, 2012B and 2113B. The stake was purchased from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. T Tullow with continue to be the […]
IT outsourcing company Infosys said it has been chosen as a partner by lift-maker KONE for developing and maintaining its enterprise resource planning or ERP system. Infosys has been able to “transition, elevate, evolve and transform” KONE’s ERP service delivery and landscape, said Nitesh Banga, Senior Vice President and Global Head of Manufacturing, for the […]
Piramal Enterprises Limited said it will invest Rs 280 crore in Puranik Builders’ “Puranik City Reserva” project in Thane. The investment, routed through Piramel Finance, will be modeled on the ‘financial partnership’ model, it said. Puranik City Reserva is a theme-based ongoing project at Ghodbunder Road in Thane and is being developed on 13 acres […]
The recent gas price increase will improve the profitability of gas production operations of Oil India and ONGC, India Ratings said, while also benefiting transporter GAIL. “Although producers have been benefiting from lower rig and vessel rentals for renewed contracts due to soft crude prices, the operating cost remains close to realisations from its sale,” […]
NATCO Pharma Limited said it the US Food and Drug Administration approved the generic drug application filed by its marketing partner Mylan for injections used in the treatment of multiple sclerosis, a chronic inflammatory disease of the central nervous system. The drug, Glatiramer Acetate, will be manufactured by NATCO and sold by Mylan, and are […]
