GE, Bechtel get an award of $28.57 million each
Mumbai: An independent arbitration panel has determined that the Indian government and its agents violated international law through an unlawful taking of GE and Bechtel's investments in Dabhol Power Company, while ordering an award of $28.57 million each to GE and Bechtel, to be paid to them by their political risk insurer, the Overseas Private Investment Corporation, an agency of the US Government.

GE and Bechtel said in a joint press release: "The companies also reported that under the terms of their insurance contracts, this action would likely to trigger US government claim against the Government of India for recovery of the companies' investments in DPC under an investment treaty between both governments."
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Mallya's counter-offer for Herbertsons today
Mumbai: Vijay Mallya-owned UB Group companies McDowell & Co, along with Phipson Distilleries Ltd and UB (Holdings) Ltd as persons acting in concert, has made a counter offer for around 45.2 per cent stake in Herbertsons Ltd at Rs 200 per share. This is more than double the price offered by Kishore Chhabria.
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Infosys bags $50-million order from Telstra
Bangalore: Infosys Technologies Ltd has bagged a $50-million order from Australian telecom group Telstra Corp. Infosys sources were quoted as saying that the order, to be executed over five years, entails development of IT applications and providing maintenance services to Telstra, in which the Australian Government has 50.1 per cent stake.

As part of the deal, Telstra is expected to pay Australian $15 million every year to maintain its business systems. Infosys will be taking over work which was earlier carried out by IBM Global Services Australia, formerly a joint venture between Telstra, IBM and Land Lease. The deal is said to involve a shift of close to
180 jobs from IBM to Infosys.
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Shell to set up Rs 1,000-crore multi-cargo port
Ahmedabad: Shell Hazira Gas Pvt Ltd (SHGPL), the wholly owned subsidiary of Shell India Pvt Ltd, which is setting up its Rs 3,000 crore mega-LNG terminal project at Hazira on the outskirts of Surat city, is setting up a non-LNG multi-cargo port near the LNG terminal. SHGPL officials said that this port, which will be in addition to the state-of-the-art port within the LNG terminal for handling liquefied gas, will be developed with an investment of Rs 1,000 crore.

"Preliminary work has been initiated and we have made a budget allocation of Rs 1,000 crore. The project is expected to be completed in the next three years. We are also looking for partners from India and abroad to take part in this project," said Nitin Shukla, the director and group chief executive officer (CEO) of the company.
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Jindal Iron eyes global alliances
Mumbai: Jindal Iron & Steel Company (Jisco), India's largest exporter of galvanised steel, is looking at strategic alliances with companies in the United Arab Amirates (UAE), Iran and Ethiopia. "As part of our capacity expansion plans in the next two-three years, we are also planning equity partnerships to enhance our presence in the overseas markets," said Raman Madhok, joint managing director and chief executive officer, Jisco.

The company is also eyeing operating and managing contracts in the global market. "We would like to concentrate on the emerging markets, especially the UAE as the margins are the best in the Middle East countries," said Madhok.
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