Oil India in spotlight after company led consortium completes two acquisitions in Russia

Oil India announced that the company led Indian consortium successfully completed two landmark acquisitions in Russia. The Indian consortium led by Oil India including Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL), a 100% subsidiary of BPCL have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9% stake in LLC Taas-Yuryakh Neftegazodobycha (Taas Yuryakh) and 23.9% stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the national oil company of Russia.

IOCL announced that the company has fixed 19 October 2016 as the record date for 1:1 bonus issue. The announcement was made after market hours yesterday, 5 October 2016.

Power Grid Corporation of India (PGCIL) announced that POWERGRID Unchahar Transmission, a wholly owned subsidiary of the company has successfully completed the project comprising the element Unchahar-Fatehpur 400 kV D/c line and declared commercial operation on 1 October 2016. The announcement was made after market hours yesterday, 5 October 2016.

Bajaj Finance announced that debenture allotment committee of the company has at a meeting on 4 October 2016, allotted 3,650 partly paid unsecured redeemable non-convertible debentures of face value of Rs 10 lakh each along with remittance of Rs 124.10 crore, on private placement basis. The remittance of Rs 124.10 crore was the first tranche of Rs 3.4 lakh of the issue price per debenture. The announcement was made after market hours yesterday, 5 October 2016.

Transformers and Rectifiers (India) (TRIL) announced that it has entered into a joint venture agreement with Jiangsu Jingke Smart Electric Company (Jingke), a company incorporated under laws of People's Republic of China (PRC) for purpose of starting the business of manufacturing and marketing of GIS/HGIS/TGIS systems and products for 220kV and below and distribution products of 40.5 kV and below in India. TRIL will hold majority of 60% of share of joint venture and balance will be held by Jingke. The company neither has any interest in Jingke nor fall within related party transactions. The announcement was made after market hours yesterday, 5 October 2016.

TRIL is leading manufacturer of transformers and reactors upto 765 kV. The utilities find increasing usage of GIS as space becomes restriction and technology is getting advanced. This is logical foray for a TRIL for diversification in transmission & distribution (T&D) Segment.

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