Falling oil rates have made rigs available for hire at a cheaper rate. Oil and Natural Gas Corporation planned to foray into building rigs in June 2008 owing to its short supply as crude oil prices zoomed northwards.
For instance, Indian Oil Corporation, the nation's biggest marketer and refiner, doubled its R&D spend from Rs 30 crore to Rs 60 crore (Rs 600 million) this year. The company is conducting research in areas like biodegradable lubricants and oil refining technology. The company will shortly commission a pilot at its Faridabad centre, where it will install technology for coal gassification and production of ethanol from biomass.
Many domestic and foreign companies in banking and financial services, consulting and consumer goods are believed to have written to the Indian Institutes of Management, requesting them to waive participation and recruitment fees.
With 4,00,000 sq km in acreage and over 100 blocks to be awarded, Nelp VIII is touted as India's biggest-ever auction of oil and gas blocks. Industry observers say there is a strong case for the government to postpone the Nelp VIII, keeping in account the present liquidity situation and low crude oil prices. "It will make sense to postpone Nelp VIII as a lot of exploration and production companies are re-looking at their investment strategies," said a sector expert.
Oil sector officers, who brought the country to a grinding halt, by going on strike for nearly three days, will appeal to their respective management to reinstate the employees sacked by the companies.
This follows a letter written by eight US Congressmen to that country's Export-Import Bank (Exim Bank) asking it to immediately suspend all financial assistance to RIL until the company agrees to stop selling gasoline to Iran.
Tata Power Company, the largest private sector power player in the country, plans to divest part of its stake in group companies Tata Teleservices and Tata Teleservices (Maharashtra) to raise about Rs 2,000 crore for funding its ongoing projects, said informed sources.
The Wadia group is looking to renegotiate the price of Groupe Danone's stake in Britannia Industries following the market slump and the credit squeeze in the global markets.
Sterlite's revised offer to acquire Asarco may see fresh rival bids as the valuation of the bankrupt US copper miner fell in line with the commodity prices.
After a gap of five years, Hindustan Unilever has bagged slot zero position on B-school campuses. In 2007, the company had slipped to number 14 on the recruiters' list of B-schools. "It's an improvement of our brand value and affirmation of our employer brand," says Leena Nair, executive director HR, Hindustan Unilever.
Tata Steel's $5 billion steel project in Vietnam has hit a roadblock, thanks to a delay in land allocation.
The situation at various second-run management and engineering institutes is no different, courtesy the slowdown that has impacted even their better-known counterparts like the Indian Institutes of Management and Indian Institutes of Technology.
The Foreign Investment Promotion Board has cleared a proposal by German plastic moulding major Ralf Schneider to set up a wholly-owned subsidiary in India, setting aside objections raised by its former Indian partner Larsen & Toubro under Press Note 1 of the Foreign Direct Investment policy.
Around 8 IT firms have withdrawn from partnering 11 out of the 20 IIITs, says govt.
As many as 70 restaurants in Mumbai have shut shop in the past six months, owing to spiralling costs, high taxes and a downturn in the economy.
The Federation of Hotels and Restaurants Association of India has made a presentation to the government, requesting certain tax exemptions.
Hotel expects 25-30 per cent occupancy on December 21 when it throws open its doors. Trident regulars are preparing to return to the hotel sooner than later.
Sources familiar with the developments said the government will file an application in the Bombay High Court by the end of December or early January. RIL on its part has already appealed against the order.
Additional solicitor general Mohan Parasaran talks about the logic behind withdrawing the government affidavit in the RIL-RNRL gas dispute in the Bombay high court.
The retail arm of the Mukesh Ambani-led group had almost halted its expansion plans as a credit crunch roiled markets across the globe forcing companies to withhold new projects. The company also froze fresh recruitment.
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