Reliance finds gas in two blocks
Mumbai: Reliance Industries has discovered natural gas in two blocks, one off the east coast of India in the Krishna-Godavari basin, and another on the west coast, in the Gujarat-Saurashtra basin.

On the east coast, the new discovery, named Dhirubhai 34, is the 18th in the KG D6 block - the same in which the world's largest gas find of 2002 was made by RIL. It is the 23rd well drilled in the block, and also RIL's 50th exploratory well. It is in the deepest location drilled to date, at 4,860 metres, said a statement from the company.

This block has been awarded to a consortium of RIL (90 per cent) and NIKO (10 per cent).

The joint venture is currently developing the deepwater gas production facility for the Dhirubhai 1 and 3 fields targeting production in the second half of 2008.

The west coast discovery was in block GS-OSN-2000/1. The well, called GS01 B1, was the 51st exploratory well drilled by the company and has a depth of 2,282 metres. Named Dhirubhai 33, it is RIL's first discovery in the west coast reservoirs, said the company.

Under test conditions, this well produced gas at the rate of 18.6 million cubic ft a day together with 415 barrels of condensate a day, said the company.
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Indian Airlines to acquire wide-bodied aircraft
Mumbai: Indian Airlines is planning to acquire wide bodied aircraft for international operations, while its subsidiary Alliance Air is planning to buy seven small turboprop aircraft that will ply on regional routes. The PSU airline has floated global tenders to lease up to ten wide-bodied Airbus aircraft. This is in addition to the purchase of 16 50-seater turboprobs, and six 70-seater regional jets.

Indian Airlines will go for A330-200 or A330-300 aircraft with Pratt & Whittney's PW4000 series engines on dry lease basis for five years, which can be extended to another five years.

Indian Airlines is planning to begin flying to South Africa and other destinations, besides other international routes, he said.

Alliance Air, a subsidiary of Indian Airlines, has also floated tenders for leasing seven ATR 42-320 fitted with PW 121 engines.

The airline is planning to deploy small jets on point-to-point services in the regional market.
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UB acquires Whyte & Mackay
Bangalore: The UB Group is acquiring Whyte & Mackay and a formal announcement about the deal size, along with the acquisition details, will be made at a press conference today.

Reports say the UB group was asked to pay £700 million for the acquisition, the Vijay Mallya company is said to be considering two options. One of the options is to take the Scottish company for a listing with the London Stock Exchange and divest up to 49 per cent stake to the public and institutions. This option would be considered if the UB Group has to shell out more than what it had earlier envisaged. Another option would be to fund it through a clutch of financial institutions. According to a major US-based fund, the first option will allow the Vijay Mallya-owned Group to get a foothold in a key European stock exchange, which will help it raise more funds for future acquisitions. Whyte & Mackay accounts for about 9 per cent of the global whisky market. Some of Whyte & Mackay's brands include Isle of Jura and Dalmore single malt whiskies, Vladivar Vodka and Glayva liqueur. More than 50 per cent of the volumes come from its private label Scotch.
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Motherson Sumi acquires Australian company
New Delhi: Motherson Sumi Systems through its subsidiaries, Motherson Elastomers Pty Ltd and Motherson Investments Pty Ltd have acquired the business and assets of Australian firm Empire Rubber from Huon Corporation Pty Ltd, which is currently under liquidation. The acquisition amount was not revealed. The Australian company is engaged in rubber mixing and manufacture of rubber-extruded components, and supplies to companies such as Ford Motors and Fenner.

According to the company, the acquisition is expected to generate annual business of about A $35 million, giving the company an access to rubber extruded components for automotive OEMs and Tier I suppliers as well as non-automotive customers. Motherson will also take on Empire's business under the trading name `SilentBloc' in Australia. The deal is subject to approval of agreement by the Australian Industrial Relations Commission.

Founded in 1975, Sumi Motherson Group has an overseas presence in the United Kingdom, Austria, Germany, the US, Czech Republic, Singapore and Australia. Its greenfield facilities are based in Sharjah and Sri Lanka.
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Italian brand Diesel comes to India
Bangalore: The Italian luxury denim and casual fashion brand Diesel has entered into a joint venture agreement with Arvind Mills to create a new company called Diesel India Fashion Arvind Pvt Ltd.

Diesel will have 51 per cent stake in the joint venture while Arvind Mills will hold the remaining 49 per cent stake.

The joint venture company will set up two flagship stores in New Delhi and Mumbai by the end of this year and is targeting to open 15 stores in three years in Hyderabad, Chennai and Chandigarh. These will be a combination of large flagship stores (5,000 sq feet) and smaller ones (3,000-3,500 sq ft). The stores will sell all product lines of Diesel — jeans and other casual apparel for men and women, bags, women's lingerie, innerwear for men, watches, jewellery, shoes and glares. The pricing will be premium with a pair of jeans costing about Rs8,000.
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Infosys BPO to begin operations in Manila in Q2
Pune: Infosys BPO will start operations in Manila in the second quarter of this fiscal. The company already has two centres in China and one in the Czech Republic. As Infosys does not have a presence in the Philippines, Infosys BPO would go solo for the Manila operations.

Infosys BPO has an employee strength of around 11,000 currently and expects to add another 4,000 during the year. The company has also undertaken a Disability Hiring initiative and targets to have disabled people forming 2.5 per cent of its total workforce.
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Bharti Airtel enters Sri Lanka; plans $150 million investment
Colombo: Bharti Airtel has entered Sri Lanka by signing an agreement with the country's main foreign investment promotion body. The company has announced an investment of $150 million in rolling out operations.

Bharti is currently scouting for locations to set up base stations and is talking to equipment vendors to rollout its network here. If all goes as planned the company hopes to launch services here by the end of this calander year company officials.

Airtel had recently got the permission from Sri Lankan Telecom Regulatory Commission to start 2G and 3G services. It bagged the license competing against Reliance Communications and Maxis Telecom.

The Sri Lankan operation would be the first international foray for the Indian company, with the Bharti hoping to use it as a base to expand into the South Asian region. The Sri Lankan market is dominated by Telekom Malaysia's Dialog Telekom with over 3.3 million subscribers on its network, distantly followed by Mobitel, Celltel Lanka and Hutchison.
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