Indian Oil to pick up stake in Haldia Petro
Calcutta: Indian Oil Corporation has decided to pick up 26 per cent stake of Haldia Petrochemicals Limited (HPL). West Bengal industry minister Nirupam Sen had a discussion with IOC chairman M.A. Pathan and, director, projects and business development, M.S. Ramachandran at Union petroleum minister Ram Naiks office in Delhi.

Indian Oil is offering to buy 26 per cent at Rs 10 per share. There is no question of paying a premium to HPL. Let the project be viable in the first place. The high-cost borrowings of the company have to be reduced immediately, a highly placed source in IOC said.

The paid-up equity of the project is Rs 1,010 crore and authorised share capital is Rs 2,000 crore.

Indian Oil will get an assured and a large customer base for naphtha once it enters the project.
Back to News Review index page  

TCS joins venture capital fund to promote technology
Mumbai: Tata Consultancy Services (TCS) has subscribed to venture capital fund Viventures to make venture capital investments in technology startups across the Asia-Pacific region.

TCS is also considering a couple of other venture capital funds for subscription.

Viventures has a presence in Europe and the US. TCS is mainly interested in investment in the Asia-Pacific region through Viventures.

TCS has also made an independent investment in a California-based startup, Innovatv, a video streaming company which already has 5 patents to its name.

Addressing the press conference TCS CEO Ramadorai also indicated that TCS would go in for initial public offering to tap the capital market but refused to disclose when it would be done.

The primary objective of IPO, he said, was to create a currency for acquisitions and to enhance employee compensations through stock options.
Back to News Review index page