A day after the government referred its $9.6 billion deal to a panel of ministers; UK's Cairn Energy Plc on Thursday said it has extended the deadline for completion of the sale of a majority stake in its Indian unit to Vedanta Resources by over a month to May 20.
More than three weeks after it announced the sale of a majority stake in its Indian arm to Vedanta Resources, UK's Cairn Energy Plc has formally applied to the government for approvals, saying it will meet all contractual requirements needed to fructify the deal.
More than three months after announcing the sale of its up to 51 per cent stake in the Indian unit to Vedanta, Cairn Energy Plc on November 23 last year had made a conditional application to seek government's nod but refused to accept partner ONGC's rights.
Cadbury Plc on Tuesday rebuffed US-based Kraft Food's "derisory" takeover offer, citing "outstanding" financial performance in 2009 and reiterated that shareholder value will be maximised if it remains an independent entity.
The Renault Formula One team will race as Lotus Renault GP next year under a long-term partnership with the Malaysian-owned sportscar company, who will also become co-owners, both sides announced on Wednesday.
The six-year-old Tesco Hindustan Service Centre, the Bangalore-based support centre of Tesco Plc, the world's third largest retailer, is gearing up for the retail giant's cash-and-carry outlet opening by year-end.
The Edinburgh-based firm's current application seeking the nod for sale of 40 to 51 per cent in Cairn India, for up to $8.48 billion, has left out three producing properties, including the giant Rajasthan oilfields.
Technology outsourcing and consulting firm Accenture Plc on Sunday said it was ending its six-year sponsorship arrangement with golfer Tiger Woods, who is embroiled in a scandal involving extra-marital affairs with numerous women.
The government nod to Reliance Industries selling 30 per cent stake in its oil and gas blocks such as eastern offshore KG-D6 to London-based BP Plc for $7.2 billion hinges on no-objection certificate (NOC) from Canada's Niko Resources and UK's Hardy Oil and Gas.
BP will pay $7.2 billion for 30 per cent stake in exploration blocks.
In one of the country's biggest energy deals, Reliance Industries on Monday announced sale of 30 per cent stake in its 23 blocks including the giant KG-D6 gas fields to the United Kingdom's BP Plc for $7.2 billion.
London-listed mining group Vedanta Resources is running against time to close a USD 9.6 billion deal to acquire majority stake in Cairn India as government approval for the transaction is held up due to issues raised by state-owned ONGC.
The rating affirmation reflected RIL's strong business profile - a large-scale refinery with a capacity of around 1.2 million barrels a day and dominant market position in petrochemicals.
The $9.6-billion deal is contingent upon government nod as the deal involves change of ownership of strategic assets like the giant Rajasthan oilfields.
Attributing to people close to the situation, the Financial Times said the failed sale of AIA has strained relationships at the top levels of the US insurer and tensions are growing between Benmosche and Golub.
Whereas, the group is offering Cairn India's parent Cairn Energy Rs 405 a share, which includes a fee for not competing with it in India, Sri Lanka and Bhutan for the next three years.
Under pressure from the US administration to speed up efforts to contain the oil spill and compensate victims, BP had announced a $20-billion claims fund.
ONGC Videsh Limited, overseas investment arm of state-run Oil and Natural Gas Corporation, wants to buy BP's 35 per cent stake in the $1.3 billion Nam Con Son gas project in Vietnam.
Media firm New Delhi Television (NDTV) today said Malaysia-based Astro All Asia Networks will acquire 49 per cent stake for $40 million (about Rs 182 crore) in its lifestyle subsidiary NDTV Lifestyle.
Telecom Egypt, which already owns a 45 per cent in Vodafone Egypt, approached UK-based Vodafone about buying the remaining stake.
The government has written to market regulator SEBI saying Cairn Energy Plc's deal to sell majority stake in its Indian arm to Vedanta Resources does not yet have its approval, a condition contingent for the $8.48 billion deal to consummate.
Singapore Telecommunications is considering a bid for UK- based telecom Cable & Wireless Worldwide Plc, says a media report.
With Cairn Energy Plc voluntarily offering to meet government conditions, the Oil Ministry may find it difficult to nix its deal to sell majority stake in Cairn India to Vedanta Resources.
Reliance hold 90 per cent interest and is the operator of the deep-sea block KG-DWN-2001/1 (D9).
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Auto giant Mahindra & Mahindra on Friday said it has agreed to acquire 5.5 per cent of IT firm Tech Mahindra's stake from UK-based British Telecommunications Plc (BT). UKs largest fixed-line phone company BT holds 30 per cent stake in Tech Mahindra.
Billionaire Anil Agarwal-owned mining firm Vedanta Resources on Thursday said it is in talks to buy a stake in Cairn India, the company that owns the nation's largest onland oilfield.
British energy major BP Plc has spent $6.1 billion in the aftermath of the devastating oil spill in the Gulf of Mexico, resulting in leakage of millions of barrels of its oil into the sea.
Under the 2007 agreement between Vodafone and Essar, the latter has a put option of divesting its stake in the telecom venture.
Campaigners from Hamburg-based (Germany) think-tank World Future Council, along with British charity ActionAid, protested against the Church of England and Middlesbrough Borough Council on Monday for investing their pension funds in UK-based metals and mining company Vedanta Resources Plc (with an $8-billion group turnover), whose reputation for trampling human rights and alleged unclean mining practices has been questioned before.
ONGC, which is 30 per cent partner in Cairn India- operated Rajasthan oilfields, is obliged to pay royalty on entire crude oil produce from the blocks, even though its share is just 30 per cent.
Billionaire Mukesh Ambani-run Reliance Industries Limited began gas production from the Krishna-Godavari basin in April, 2009, and its 60 million standard cubic metres per day output led to a 75 per cent jump in natural gas availability in the country to 140 mmscmd.
BP Plc's response to the devastating Mexican Gulf oil spill is growing more expensive by the day, with the British energy major revising its costs upward to a whopping $2.65 billion.
The government was planning to come up with a new fiscal model giving 'special incentives' for fields that were given out on nomination to ONGC and Oil India, reports Shine Jacob.
On his first visit to India after taking over as BP Plc Chief Executive Officer (CEO), Bob Dudley met Prime Minister Manmohan Singh, but what the CEO of the most talked petroleum company of the year did in his less than a day trip was to present "his credentials".
Aviva tries a new tool with Sachin Tendulkar to grab a bigger share of the life insurance market.
ONGC sought opinion from the second highest law officer of the country after its partner Cairn Energy Plc stated that the UK firm's sale of majority stake in Cairn India to Vedanta Resources will not trigger pre-emption rights of the state- owned firm, a top oil ministry official said.
ONGC, which is a 30 per cent partner with Cairn India in the giant Rajasthan oil field, had claimed that it had preemption or right of first refusal in Cairn India assets, like the Rajasthan block.
State-owned Oil and Natural Gas Corp has bid for Russia's Trebs and Titov oilfields and is pitted against local giant LukOil and a venture owned by energy major BP Plc for rights to develop the giant reserves.
Following the October 24 Supreme Court order, the department of telecom estimated that the total liability of 15 telecom companies, including penalties and interest, would be Rs 1.47 lakh crore.
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