The five-way joint venture that also includes Hindustan Petroleum, Oil India Ltd and GAIL India, which had in October 2007 inked a preliminary MoU for the project, are looking at 4-5 year horizon from the zero date for commissioning the project. To start with, it will be an export refinery but in long-term some products will cater to Indian market.
The petroleum ministry has recommended a hike in the foreign direct investment cap in government-owned refineries to 49 per cent from the current 26 per cent.
The OVL-Mittal joint venture had also bagged two blocks in Nigerian deepwater, OPL 279, in which OMEL has 40 per cent stake, and OPL 285, in which the company owns 60 per cent, the other partners being French oil major Total, and Nigerian EMO. The Turkmenistan block covers an area of 5,663 sq km and is located close to discovered and producing fields.
LN Mittal, who is a frontrunner for acquiring a 51 per cent stake in Sesa Goa from Mitsui and has announced plans for projects in Jharkhand and Orissa worth Rs 40,000 crore each, is planning a $2 billion (Rs 8,600 crore) foundation.
Aditya Mittal, the son of LN Mittal, the family that pulled off the audacious Arcelor acquisition just last year proves that a businessman of Indian origin can actually rule the world.
Arcelor and LN Mittal will hold a press conference on Monday at Arcelor's headquarters in Luxemoburg at 5.30 pm (IST) on Monday to highlight the broader issues that led to one of the biggest mergers in the steel industry.
The LN Mittal-owned Arcelor-Mittal, the largest producer of steel in the world, is set to sign a memorandum of understanding with the Orissa government for its proposed 12 million tonne steel plant this week.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Spinner Mortaza Lodhgar put Bengal in a comfortable position by reducing hosts Andhra to 160 for 8 after the visitors scored 234 in their first innings.
'Looking at the Indian team, that (inexperienced bowling attack) is an area we are going to take advantage of just like I suppose, you look at opposing teams and at areas, which you can take advantage of'
Beyond the empty stands and coronavirus-induced delay, this year's Indianapolis 500 will see another profound change at the famed Brickyard on Sunday -- for the first time in 21 years, there are no female drivers on the starting grid.
Irdai to allow 12 minor changes including expansion of critical illness and day care procedure lists, premium payment in instalments, change sum assured, etc.
West Bengal Chief Minister Mamata Banerjee has left no stone unturned this year after big industrialists, along with Union ministers, skipped attending the BGBS 2017.
How does one measure the value of a 'like' in terms of two specific metrics, brand affinity/preference and brand purchase intent/loyalty?
Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
Taking exception to Health Minister Harsh Vardhan not mentioning the death of healthcare workers due to Covid-19 in his statement in Parliament, the Indian Medical Association has published a list of 382 doctors who died due to the viral disease and demanded that they be treated as "martyrs".
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The minister, who will also be meeting foreign institutional investors whose money is key to funding CAD in the afternoon, did not speak to reporters waiting outside.
If you want his advice on your mutual fund investments, please mail your questions to getahead@rediff.co.in with the subject line, 'Mutual Fund Query', along with your name, and Omkeshwar will offer his unbiased views.
Spruce up your CV and seek professional advise, says Prof RSS Mani of ITM Group of Institutions.
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