ONGC to bid for BPCL, HPCL
Mumbai: ONGC is likely to bid for acquiring the government stakes in BPCL and HPCL, which are slated to be put on the block by June this year.

ONGC is exploring the possibilities of forward integration with forays into oil refining and marketing to compete with global majors after the complete deregulation of the oil sector from 1 April.
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Tatas keen on Mumbai's sky bus project
Mumbai: The Tatas have evinced interest in investing in the city's Sky Bus project being promoted by Konkan Railway Corporation Ltd (KRCL) and the Mumbai Metropolitan Regional Development Authority (MMRDA) with private sector participation.

The Sky Bus Metro project envisages setting up a rail-bus system above the existing road network. Light-weight coaches, suspended from bogies' running overhead, are remotely controlled.

The first phase of the project, covering a distance of nine km from Andheri to Ghatkopar in suburban Mumbai, is estimated to cost Rs 400 crore. The project will be implemented by a pecial purpose vehicle being set up for the purpose at a debt-equity ratio of 1:1. The Maharashtra government has agreed to invest Rs 100 crore.
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Administrator appointed for AP Bank
Hyderabad: The Reserve Bank of India has superseded the board of directors of the Charminar Cooperative Urban Bank (CCUB) and decided to appoint an administrator to run the bank and make payments to the depositors.

Banks chairman Syed Sajjad Aga had died under mysterious circumstances exposing the banks fragile financial condition.

The CCUB falls under the administrative control of the central registrar and registered under the multi-state cooperative society act.
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ONGC to acquire oilfields in Oman
New Delhi: ONGC Videsh is all set to acquire two oil producing fields in Sudan and Oman for Rs 3,200 crore.

The two oil fields are already under operation and can yield 0.5 million tonnes which, with further development, can go up to 1 million tonnes of crude. The Sudan oil field is being operated by a Canadian consortium led by CNPC, while the Oman field is being operated by Japans Japex.
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Ranbaxy sells lab firm to founders
Mumbai: Ranbaxy Laboratories has decided to sell its diagnostic laboratories firm Specialty Ranbaxy to Ranbaxy's founders for Rs 143.54 million.

Specialty Ranbaxy had incurred losses since its founding in 1995 and did not offer synergies with Ranbaxy's business.

Ranbaxy said it would gain Rs 7.82 crore on the sale.
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Govt divests Jessop, clears HZL selloff
New Delhi: The government has finalised disinvestment in Jessop & Co Ltd, approved the transaction document of Hindustan Zinc Ltd and decided the share price at which 26 per cent stake of Modern Foods will be sold to Hindustan Lever.

As much as 72 per cent of Jessop has been bagged by Ruia Cotex Ltd for Rs 18.18 crore.

The reserve price was Rs 12 crore.

In HZL, the government approved transaction documents and employees stock purchase scheme.

The shares would be offered to 8300 employees at one-third the listed market value or one-third of the strategic sale price per share, whichever is lower, subject to the minimum of par value of the share. Now financial bids will be invited and transaction will be over by March.

In the Modern Food, the government will sell 26 per cent stake at Rs 11,489 per share to the Hindustan Lever. This will fetch the government Rs 44 crore.
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BNP Paribas to exit retails
Mumbai: BNP Paribas has decided to exit its retail banking operations in India.

BNPs retail banking business employs 140 people across the country.

The bank may choose to stay on in the corporate and private banking businesses.

BNP has a retail portfolio of Rs 250 crore.

In November last year, BNP had decided to shutdown its investment banking arm - BNP Paribas Securities India. Over 40 employees at the investment bank have lost their jobs as a result of the closure.

BNP Paribas has only seven branches in India and 15,000 retail customers.
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Reliance, Essar get rights to market petro products
New Delhi: The governments decision to allow oil companies with Rs 2,000 crore investment in the sector to market petrol and diesel 1 April would confer the marketing rights on Oil and Natural Gas Corporation (ONGC), Reliance Petroleum (RPL), Gas Authority of India Ltd (Gail), Oil India Ltd, Mangalore Refineries and Petrochemicals Ltd (MRPL), Essar Oil Ltd (EOL), Cairns Energy of UK, Petronet LNG Ltd and Nagarjana Group.

Reliance Petroleum operates country's largest refinery of 27 million tonnes per annum capacity at Jamnagar in Gujarat while Essar is constructing Rs 9,000 crore refinery in adjoining Hazira.
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CSC to add 7,000 jobs in India
New Delhi: CSC India plans to increase its workforce to 7,000 in a five-year period.

CSC is planning to set up a fourth centre in India by November 2002, either at Bangalore or Hyderabad. At present, it has development centres at Indore and Noida. Its third centre at Noida is expected to be functional by March-end.
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HCL Info enhances authorised share capital
New Delhi: HCL Infosystems Ltd has said that its shareholders had approved an enhancement of the firm's authorised share capital to Rs 85.0 crore to help fund expansion plans.

HCL Infosystems had an authorised share capital of Rs 50.0 crore before the approval.
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Foster's to launch two new beer brands
Bangalore: Foster's is set to uncork two local beer brands in the Indian market. These original labels are likely to be launched in Maharashtra around April this year.

The new brands will be positioned in the lager and strong beer segments. The new brand launch will see Foster's foraying into the domestic strong beer segment, which accounts for nearly 60 per cent of the Indian beer business.

Foster's brand is currently available in nine markets across the country with Bangalore being the latest addition.
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