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Logistics |
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Logistics |
Mumbai based Leading real estate developer K Raheja Corp and US based ProLogis, a leading developer of distribution facilities, have entered in a 50:50 development joint venture agreement for warehousing and logistic infrastructure development in India.
Under the terms of the agreement, the joint venture will acquire the land, develop the properties and manage the assets, and will initially focus on securing development opportunities in the cities - Mumbai, Chennai, Delhi, Bengaluru, Kolkata, and Pune. The JV will invest around Rs 23 billion over the next 3 years.
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Mining |
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Australian firm wins $900 mn coal mine contracts in India |
Australia's largest construction company, Leighton Holdings' subsidiary Thiess Pty Ltd, has won two contracts worth a total of Australian $1 billion ($900 million) over 20 years to develop and operate an open cut coal mine in India's Jharkhand state. Leighton subsidiary Thiess will build the infrastructure, then operate the Chitarpur coal project in Jharkhand for 20 years.
The open cut coal mine would have a maximum capacity of 6.75 million tones a year and would supply coal to the steel plants and nearby 1100 MW power station.
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Petroleum |
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Hardy Oil and Gas adds onshore exploration licence to its portfolio |
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Hardy Oil and Gas plc, the oil and gas exploration and production company with assets in India and Nigeria, has just added its first onshore exploration license AS-ONN-2000/1 in Assam, India. Hardy holds a 10% participating interest in the block with the operator Reliance holding the remaining 90%. |
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The AS-ONN-2000/1 block covers an area of approximately 5,754 square kilometers and is located north of the Brahmaputra river in Northeast India. Hardy and Reliance Industries Limited signed a joint operating agreement on March 31, 2008, and the parties are in the process of finalizing the work program and budget for the coming year. The current proposed work program consists of the reprocessing of 1,020 line kilometers of existing 2D seismic data and the acquisition of an additional 500 line kilometers of 2D seismic.
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Jindal buys Singapore based company |
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Offshore oil services provider Jindal Drilling & Industries Ltd has bought 49 percent in Singapore-based Virtue Drilling Pte Ltd for 400 million rupees. Jindal Drilling bought the stake from Jindal Pipes, to consolidate its drilling business. |
Pursuant to this acquisition, Virtue Drilling Pte Ltd (VDPL), Singapore has become a joint venture Company (JVC) of the Jindal Drilling.
The acquisition will be funded from the proceeds of a 10.5 percent stake sale to Citigroup for 1.54 billion rupees in December 2007. VDPL has ordered construction of one cantilever offshore jack-up rig (350" ft) (Virtue-I) to Keppel fels, Singapore, whose delivery is scheduled to be in December 2008. JDIL has been awarded order for charter hire of the same rig from ONGC Ltd for 5 years valued at Rs 10.80 billion (approx.). The rig shall be deployed for operations under ONGC-JDIL contract immediately after completion of construction.
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Leighton wins $720 million pipeline construction contract |
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Australia's biggest construction company, Leighton Holdings Ltd, has won a $US720 million ($A795 million) contract to build a pipeline in India for Asia's largest oil and gas producer. Leighton International, one of the company's subsidiaries, said it will instal more than 200 kilometres of fixed and flexible pipelines for India's Oil and Natural Gas Corporation in the Mumbai High field, about 80 km off the coast of Mumbai. The work will take place over the next three years. |
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Petron Engineering bags contract from BORL |
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Petron Engineering Construction on Monday said it has bagged a Rs 842.7 million contract from Bharat Oman Refineries (BORL) for mechanical work at Bina Refinery in Madhya Pradesh. Petron Engineering has received a Letter of Intent from BORL for mechanical works at the Bina Refinery site. BORL, which is setting up the Rs 104 million Bina refinery, is a joint venture of Bharat Petroleum Corp Ltd (BPCL) and Oman Oil Company. |
The refinery is designed to have a crude oil processing capacity of six million tons per annum and a higher complexity factor of 9.1, as measured using the Nelson Complexity Index. The project also includes a crude oil importing and storage system in Vadinar in Gujarat, consisting of a single-point mooring facility that can receive crude oil shipments from very large crude carriers in sizes of up to 320,000 dead weight tonnage and a crude.
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Pharmaceuticals |
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Dr Reddy's buys Italian pharma company |
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Indian drug maker Dr Reddy's Ltd has acquired Italian generics firm Jet Generici Srl for an undisclosed amount. The deal, done through an Italian subsidiary of the Indian firm, "provides access to an essential product portfolio, a pipeline of registration applications, and a sales and marketing organization", Dr Reddy's said in a statement. The Indian drug maker is alos buying a plant and research centre from aunit of Dow Chemical Co in the UK. |
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Fresenius buys Dabur Pharma |
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Fresenius Kabi (Singapore) Pte Ltd, the Singapore firm is a unit of European healthcare firm Fresenius SE, is buying 73.27 per cent stake in the drug maker Dabur Pharma Ltd for Rs 8.7 billion . Last year, the company had sold its non-oncology drugs business to local rival Alembic to focus on cancer treatment drugs. |
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Power |
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PowerGrid gets $600 m loan from World Bank |
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Transmission major Power Grid Corporation of India Ltd (PGCIL) has bagged a $600 million loan from the World Bank to strengthen its electricity transmission system. The loan is for the Fourth Power System Development Project (PSDP IV) aimed at reducing transmission losses and cutting the cost of energy through further investments in the utility's systems. The project is part of the Bank's long-term partnership with PGCIL, initiated when the firm was formed in 1989, and would finance the strengthening of five transmission schemes - East-West Transmission Corridor, Western Region System Strengthening Scheme II, Eastern Region System Strengthening Scheme I, Balia-Bhiwadi HVDC Bipole System, and North-West Transmission Corridor. The loan has a 20-year maturity, which includes a 5-year grace period and is backed by a Government of India guarantee. |
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Retail |
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Tesco identifies partner |
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British retail giant Tesco has identified a 'preferred partner' for entering the Indian retail market. The partner is likely to be among a group that includes Mahindra and Mahindra, Bombay Dyeing and the National Dairy Development Board. |
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Shipbuilding |
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India's L&T wins $240 mn for building four ships |
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The country's biggest engineering firm Larsen and Toubro Ltd (L&T) has won a contract valued at about $240 million (Rs962.4 crore) to build four specialized ships for Dutch company RollDock BV. Each ship will cost about $60 million to build. These will be built at L&T's shipyard at Hazira in Gujarat and would take the firm's order book to 12 ships. |
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ABG to set up 3rd shipyard in Gujarat; to raise $200 mn |
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ABG to set up 3rd shipyard in Gujarat; to raise $200 mn
Private sector firm ABG Shipyard will be setting up a third shipyard in Gujarat and is exploring options to raise $200 million for capacity expansion. The new shipyard would be an integrated one that can make ships up to a maximum length of 350 metres. |
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Transport |
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Volvo Sells 240 Buses to India |
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Sweden Swedish bus and truck maker AB Volvo has received an order for 240 buses from the city of Bangalore. The company said the 240 buses are set for delivery during 2008 and 2009, and will add up to 70 Volvo buses already running in the city. |
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