Oil India (OIL) and Videocon Industries will be in focus after OIL, along with ONGC Videsh (OVL), completed the acquisition of 100% shares in Videocon Mozambique Rovuma 1 from Videcon Mauritius Energy. Videocon Mozambique Rovuma 1 held a 10% participating interest in the Rovuma Area 1 Offshore Block in Mozambique (Area 1).
Area 1 covers approximately 2.6 million acres in the deepwater Rovuma Basin offshore Mozambique and represents the largest gas discovery offshore East Africa with estimated recoverable resources of between 35 and 65 TCF as per operator's estimates. Partners in Area 1 include Anadarko, operator of the project, ENH, Mitsui, BPRL and PTTEP. Area 1 has the potential to become one of the world's largest LNG producing hubs with first LNG expected in 2018, OIL said in a statement.
The Area 1 LNG project is strategically located to competitively supply LNG to India, and OIL's and OVL's participation in the project will fadlitate access to the growing Indian gas market, which will supplement the country's energy security endeavour. OIL and OVL will also devote significant financial and technical resources to the development of the project. This investment is expected to further enhance the strong business and cultural links between Mozambique and India. This acquisition marks OIL's entry into the global LNG industry, OIL said.
In a separate announcement, Videocon Industries said it continues to hold oil and gas assets in Brazil, Indonesia, East Timor and Australia through its Cayman Island based subsidiary Videocon Hydrocarbon Holdings.
Upon completion of 100% stake sale in Videocon Mozambique Rovuma 1, Kuldeep Drabu, Director, Videocon, stated, "Videocon is pleased with the outcome of its investment in Mozambique and is committed to continue to explore more investment opportunities in Mozambique and continue its contribution in its development. Videocon is also pleased that India's participation in this world-class asset continues through OVL and OIL and it will continue enhancement and strengthening of relationship between the Government of Mozambique and the Government of India in mutual interest. Videocon is very impressed and satisfied with guidance, cooperation and assistance by the Government of Mozambique and its various authorities to create a very conducive environment for foreign investment and therefore Videocon will continue to explore more investment opportunities in Mozambique. Videocon shall also continue to explore more opportunities in energy sector elsewhere in pursuant to its corporate objective and strategy to remain actively invested in E&P activities worldwide."
Maruti Suzuki India said after market hours on Tuesday, 7 January 2014 that its production fell 6.8% to 80,698 units in December 2013 over December 2012. The company had said last week its total vehicles sales declined 4.4% to 90,924 units in December 2013 over December 2012.
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IFCI said at the fag end of the trading session on Tuesday, 7 January 2014 that for the first time it has introduced an IFCI Benchmark Rate (IBR), the lowest rate at which it can lend, similar to the base rate of banks. The board of the company approved the same at its meeting held on 6 January 2014. The IBR would be reviewed quarterly (or earlier, if required). The current IBR is fixed at 12.7% per annum with monthly rests. The rate comes into force from 7 January 2014. The IBR is exclusive of risk premium to be charged to the borrowers based on credit rating, tenor premium and additional interest to be charged for exposures to certain sectors. Revisions in the IBR, if any, shall be communicated to all the concerned borrowers from time to time through appropriate channels, including display on IFCI's website. All future fresh loans would be at floating rates, linked to IBR and the existing borrowers with interest rate linked to external benchmark rate would also be given an option to shift to interest rate linked to IBR, at the time of next reset of interest rate.
The company also said that consequent to stepping down of Shri P. G. Muralidharan, Independent Director, as Chairman of the board, the board of directors elected Shri S. V. Ranganath, Independent Director as the Chairman of the board of IFCI from 6 January 2014. Shri Ranganath is the former Chief Secretary of Govt. of Karnataka.
Technofab Engineering said after market hours on Tuesday, 7 January 2014 that the company is participating in executing two new orders, both of which are for Rural Water Supply Schemes being undertaken by the Government of Rajasthan through its Public Health Engineering Department. The scope involves water treatment, water pumping stations, storage reservoirs / elevated storage and pumping & distribution network that will benefit over 285 villages. Technofab Engineering's share of the two orders is approx. Rs 320 crore and is to be executed over 3 years followed by 10 years of operation and maintenance that will fetch additional revenues to the tune of Rs 43 crore.
Talwalkars Better Value Fitness is pre-paying 250 - 11.50% secured, taxable, redeemable, non-convertible debenture's (STRNCs) of Rs 10 lakh each allotted to Axis Bank out of 300 - 11.50% STRNCs of Rs 10 lakh each.
GHCL said that GHCL Employees Stock Option Trust has further sold 14,339 equity shares of the company in the open market in trenches between 30 December 2013 to 3 January 2014.
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