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Cairn
Energy raises Rajasthan oil reserve estimates
London:
Cairn Energy, the independent oil exploration group,
has raised estimates of the oil reserves in its key fields
in Rajasthan.
Cairn
said that the Mangala, Bhagyam and Aishwariya fields in
the north of Rajasthan were now independently certified
to contain 1.7 billion barrels of proven and probable
reserves, compared with a previous estimate of just over
1.6 billion barrels.
It
also raised its forecast of recoverable reserves from
just under 500 million barrels to 514 million barrels
- and potentially as much as 685 million barrels - using
enhanced oil recovery techniques.
Cairn
has said that production from its 12 discoveries in the
Rajasthan region would reach 150,000 barrels a day. According
to the company, Mangala, the biggest oilfield to be discovered
in India for 22 years, could produce 120,000 barrels on
its own.
Production
is scheduled to begin in mid-2007. Total investment to
bring the fields into operation will be US$750mn, of which
Cairn's share is US$500mn. The company expects to drill
a further 10 to 15 appraisal wells this year.
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OVL
acquires 30 per cent stake in seven Cuban oil blocks
New Delhi: ONGC Videsh Ltd, the overseas arm of state-owned
Oil and Natural Gas Corp, has acquired a 30 per cent stake
in seven oil and gas blocks in Cuba, holding more than
4 billion barrels of oil reserves.
"OVL
has entered into an agreement on September 15 with Repsol-YPF
of Spain to acquire 30 per cent participating interest
in the deepwater exploration Blocks 25, 26, 27, 28, 29,
36 and part of Block 35 in Cuba," a company press
release said in New Delhi.
The
acquisition awaits formalisation of the contract by the
Cuban government. This will be the company's first foray
into the Cuban oil and gas industry. The blocks are spread
over an area of nearly 12,000 sq. km in the Exclusive
Economic Zone of Cuba.
"The
hydrocarbon resource potential in the blocks is estimated
to be in excess of four billion barrels. One exploratory
well drilled in one of these blocks indicated presence
of hydrocarbons," the release said.
These
blocks are in the third exploration period. Work program
during this period includes acquisition of 3,000 sq km
3-D seismic data. Drilling wells on selected prospects
will be decided in the next exploration phase.
"With
proven presence of petroleum system in Exclusive Economic
Zone, Cuba, the area has drawn attention of many international
oil companies. The blocks have good potential and are
especially significant for OVL as they would open the
doors to other opportunities in the Latin American hydrocarbons
sector. With this acquisition, the company is now present
in 13 countries," OVL Chairman Subir Raha said.
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BCCL begins drilling
for coal-bed methane
New
Delhi: Drilling for coal-bed methane (CBM) began this
week at Moonidih mine in the Jharia coalfields of Bharat
Coking Coal Ltd (BCCL) in Jharkhand. Similar operations
will soon start at another mine at Sudamdih, according
to an official release.
Methane
gas produced from these two mines will be used in the
power plant at Moonidih mine and in dumpers of BCCL, the
release said.
The
Rs92.43-crore CBM recovery project is jointly financed
by the Global Environment Fund (GEF) of the UNDP and the
Ministry of Coal.
The
Moonidih project involves drilling seven wells of 300-1,000
meters depth. Scheduled in three stages with a targeted
production of 36,000 cubic meters per day, the project
is expected to fetch revenue of Rs2.16 lakh per day at
the present selling price of Rs6,000 per 1,000 cubic meters
of CBM.
The
Sudamdih project is expected to produce 21,000 cubic meters
of CBM per day.
The
benefits of CBM recovery include reducing greenhouse gases
in the atmosphere, improving the health and safety of
underground miners and promoting indigenous enterprises
engaged in recovery, transportation and use of CBM.
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Construction
of Tata Steel's ferro-chrome plant in S. Africa to start
in Dec.
New
Delhi: Tata Steel will begin construction of its ferro-chrome
plant at a new location in South Africa in December and
expects to commission it by the end of 2007 or the beginning
of 2008, according to managing director, B. Muthuraman.
The
company has finalised a new location for the unit, away
from the previous site, Richards Bay, after resistance
from local manufacturing units.
"We
will start construction from December and it would take
around two years. So by 2008, it would be on stream,"
Muthuraman said.
The
company is also planning to acquire coal mines in Australia
to increase its fuel reserve. "We are looking at
a few coal mines in Australia, but nothing has been decided
yet," Mr Muthuraman said.
The
ferro-chrome plant in South Africa will have a capacity
of 1.2 lakh tonnes in the first phase with an investment
of approximately Rs300 crore. The company will be setting
up two furnaces with a capacity of 60,000 tonnes each.
Ferro-chrome
is manufactured from chrome ore and is used for making
steel stronger and less corrosive. The company has decided
to put up its plant in South Africa to take advantage
of cheap power, which accounts for around 50 per cent
of the cost of production for ferro-chrome.
Last
year, the company sold 1.35 lakh tonnes of ferro-chrome.
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Tata's
DTH JV to launch April 01, 2006
Mumbai: The 80:20 joint venture between the Tata's
and Rupert Murdoch's News Corporation is gearing up for
its India launch. The five-year project disbursement outlay
has been hiked to Rs2,000 crore from the initial estimate
of Rs1,600 crore.
Tata
officials said that as per current plans the launch of
Space TV DTH services were scheduled for April 01, 2006.
According to the officials Space TV was targeted at the
middle class as a mass market service providing enhanced
digital TV viewing experience. They said that research
on the pricing was still on and finalization of rates
would take place thereafter.
According
to the officials, the vast expertise and domain knowledge
gained from Newscorp's DTH operations in countries like
the United Kingdom (BSkyB), Australia (Foxtel), Italy
(Sky Italia), Brazil (Sky Brasil) and in the US (DIRECTV)
will help Space TV in India. The service was currently
working on a service bouquet to offer movies, cricket,
interactive services and serials built around the theme
of high quality digital picture and sound.
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Tatas,
Fiat mull global alliance
Mumbai: Tata Motors and Fiat are considering a
global alliance that will see the two automobile majors
cooperating in a wide range of areas, including joint
research and development for cars for overseas markets
and the use of Fiat's retail presence abroad for marketing
Tata cars.
If
an agreement should materialize, it will mark the first
time an Indian automobile company will have joined hands
with a foreign peer in global markets. Tata Motors officials
have thus far offered no comments on the reports.
The
agreement will be along the lines of agreements being
currently made across the globe, where carmakers are looking
for synergies and are entering into strategic alliances.
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Emirates
contract worth Rs.499 crore for Voltas
Mumbai:
The Tata group air conditioning and engineering services
company, Voltas Limited, has bagged two major mechanical
and electrical contracts worth Rs499 crore, including
one for the upcoming tallest skyscraper in the world.
Voltas
has, jointly with Emirates Trading Agency (Dubai) and
Hitachi Plant Engineering & Construction Company Ltd.
(Singapore), won a sub-contract for mechanical, electrical
and plumbing work for the world's highest skyscraper,
Burj Tower, to be developed by EMAAR Properties, Dubai,
the company said in a release.
The
overall sub-contract value is Rs974 crore and the company's
share works out to be Rs365 crore. The work is scheduled
to be completed by December 2008.
Voltas
has bagged a Rs34 crore sub-contract for the mechanical
and electrical work of the Hyderabad International Airport
from the main contractor China State Construction Engineering
(Hong Kong) Ltd.
The
scope of work would comprise HVAC, electrical, plumbing
and drainage systems, building automation system, fire
fighting system, fire detection and suppression system,
visual docking guidance system and access control systems
and would have a completion period of 30 months.
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Newbridge
Capital to invest US$100mn in Shriram Holding's trucking
operations
Bangalore/Chennai:
Shriram Group, Chennai, on Tuesday, announced that Newbridge
Capital has offered to invest US$100 million (Rs448 crore)
in three of its truck financing companies - Shriram Investments
Ltd (SIL), Shriram Transport Finance Co Ltd (STFC) and
Shriram Overseas Finance Ltd (SOFL).
The
finance will be effected through Shriram's holding company
for truck finance companies, Shriram Holdings (Madras)
Private Limited, subject to regulatory and shareholder
approvals. Newbridge Capital will subscribe to 49 per
cent equity stake of Shriram Holdings (Madras) Private
Limited.
The
investment by Newbridge will help augment the Tier I capital
of the truck finance companies and will help Shriram in
building the transportation infrastructure and modernization
of the trucking fleet of the country.
The
truck finance companies are already in the midst of a
merger process and it is expected that the merger of SIL
into STFC, will be completed by November 2005 and the
merger of SOFL into STFC will be completed during fiscal
year2006-07. STFC, the ultimate merged entity, will then
be the largest listed NBFC in India.
Shriram
Board of Directors has also decided to tap the GDR market
to raise US$60 million "at an appropriate time"
after merging the three truck finance companies into one
entity. The holding company would hold about 45 per cent
stake in the merged entity Shriram Transport Finance.
The
public holding in the merged entity would be at around
30 per cent.
Other
stakeholders (in the three truck finance companies) including
Citicorp Finance (India), UTI Bank, Reliance Capital,
FMO (a Netherlands-based development financial institution)
and Chrys Capital would hold the remaining stake.
The
equity infusion by Newbridge Capital into the holding
company would be channeled into the three truck financing
companies, helping these entities to increase their lending
activities.
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Matrix
acquires 43 per cent stake in Swiss firm Explora Labs
Hyderabad:
The Hyderabad-based Matrix Laboratories has announced
that it has acquired a 43 per cent stake in Explora Laboratories
SA, a research and development-focused company based in
Mendrisio, Switzerland.
Explora is a closely-held company and expects to record
revenues of 2 million Swiss francs for calendar 2005.
Matrix, which ended 2004-05 with net sales of Rs641.31
crore and profit after tax of Rs131 crore, has acquired
the stake in Explora in an all-cash deal.
Explora Laboratories is into R&D of active pharmaceutical
ingredients (APIs) and intermediates through chemical,
biochemical and fermentation processes. Its expertise
in bio-catalysis is useful in development of high-potency
APIs such as anti-cancer molecules. It is also into development
of specialised and modified release dosage forms.
Managed by a team of scientists, Explora also possesses
know-how in the chemistry of nucleic acids (DNA and RNA
derivatives) that are mainly used in the development of
anti-viral and anti-cancer drugs.
Explora has filed two patents to cover its inventions
in enzymes immobilisation. The company is pursuing third-party
research work for a group of generic and branded pharmaceutical
companies, including Matrix.
Access to Explora's scientific team would accelerate the
entry of Matrix into high potential growth and niche areas
such as corticosteroid and anti-cancer segments.
Explora's technology platforms would also provide a unique
opportunity to Matrix in the area of contract research
and manufacturing for the multinational branded pharmaceutical
companies.
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