Cairn Energy Plc's deal to sell a majority stake in its Indian arm to Vedanta Resources for up to $8.48 billion is contingent upon the billionaire Anil Agarwal-led group completing an open offer to minority shareholders of Cairn India, a senior official said.
Market regulator SEBI has not yet approved the open offer made by Vedanta Group to Cairn India shareholders, even as the target company formed a two-member panel to look into the offer made to minority shareholders.
The company sent the reminder on September 10, ONGC said in a filing to the Bombay Stock Exchange. Vedanta is offering $8.48 billion to buy up to a 51 per cent stake in Cairn India, which has 10 oil assets in the country, including the giant Rajasthan oilfield.
While UK's Vodafone Group fights its tax liability in courts, British firm Cairn Energy Plc on Wednesday said it will pay all taxes due, both in India and the United Kingdom, on the $8.48 billion sale of a majority stake in its Indian arm to Vedanta Resources.
Burger King Holdings Inc is in talks with private-equity firms like 3i Group Plc over a possible sale of the second-largest hamburger chain, says a media report.
The UK-based Cairn Energy on Monday said it will sell 51 per cent stake in its Indian unit to mining firm Vedanta Resources Plc for $8.48 billion.
GlaxoSmithKline Plc's anti-migraine drug brand, Imitrex, is turning out to be a good revenue earner for Indian generic companies.
Vodafone Group Plc Chief Executive Vittorio Colao today said the company could list its Indian arm and was open to acquisitions when opportunities are available in the country. The head of the world's largest mobile company in terms of revenues suggested changes in the regulatory regime for mergers and acquisitions.
Former Telecom Minister Dayanidhi Maran, his brother Kalanithi Maran and four others were on Friday chargesheeted by the Enforcement Directorate in the Special 2G court.
India on Thursday won Vietnam's support for its bid for crisis-hit BP Plc's energy assets in the South Asian country, as Hanoi stressed BP must give priority to its partners in the stake sale.
Oil Minister Murli Deora flew into the Vietnamese Capital this morning with heads of bluechip Indian oil firms to lay a claim with Hanoi on BP's stake in two offshore gas fields, a pipeline and power project -- together referred as Nam Con Son, Vietnam's largest gas project.
The Royal Bank of Scotland Group Plc has been fined 28.59 million pound by the Office of Fair Trading (OFT) for breaching competition laws by some of its employees, who handed over price sensitive information to a rival.
The exploration company will buy back shares from January 23 and extinguish them.
Battling one of the worst oil spills in decades, British energy major BP Plc has so far shelled out $3.5 billion towards containing the disaster.
State-owned Indian Oil Corp and Oil India Ltd on Tuesday confirmed making an 'approach' to take over the Middle-East focussed oil firm Gulfsands Petroleum Plc for an undisclosed cash amount.
The price offered is about a quarter of the value set by the govt in an auction that was scheduled for March 2013 but never took place.
Warning that expenses could escalate, the oil major pointed out that it is too early to quantify other potential costs and liabilities associated with the incident.
BP Plc, the British energy company, has joined the race to acquire a majority stake in Canadian oil-sand major, Value Creation, with an offer of $1.2 billion. Though the offer is less than Reliance Industries' $2-billion acquisition proposal, given on February 5, agencies reported that BP might set up a joint venture with the Canadian group, and increase its oil-sand holdings by as much as 50 per cent.
The Indian firms will develop the Carabobo-1 block in Venezuela's Orinoco Belt with Spain's Repsol YPF SA and Malaysia's Petroliam Nasional Bdh, ONGC said.
BlackRock Inc has executed a purchase agreement to acquire Barclays Global Investors, including its market leading ETF platform, iShares, from Barclays Plc, the company said. The transaction would create an independent and fully integrated asset management firm named 'BlackRock Global Investors' with combined assets under management of over $2.7 trillion, bringing together market leaders in active and index strategies.
The survey report, titled Opportunities For UK Plc In Emerging Cities In India, also ranks eight other cities -- Ahmedabad, Chandigarh, Jaipur, Goa, Indore, Kochi, Nagpur and Vadodara -- as the most conducive destinations for UK investments in India. While its annexure lists 41 cities in the survey's ranking -- with Pune holding the top rank and Ranchi getting the lowest rank -- it provides a detailed study of nine cities that merit UK investment the most.
Standard Chartered Plc's Rs 2,760-crore (Rs 27.60 billion) maiden Indian depository receipt (IDR) issue got a robust demand from investors on the final day of the offer on Friday and got subscribed a good 2.19 times with most of the bids coming in from qualified institutional buyers (QIBs).
Spectrum auction ends, brings Rs 1.09 tln to govt kitty.
The group had reported a loss of pound 338 million in the previous fiscal due to its write-offs for its acquisition of Borsa Italiana SpA.
Overseas investors questioned the difference between the net asset value of Unitech's Alternative Investment Market-listed Unitech Corporate Parks Plc fund and what the traded price of the units reflected. Company sources, however, maintained that investors were merely seeking information to understand the variance between the NAV of the fund, which was about 140 pence, and what its unit's trading price of 11.5 pence reflected.
The country will be the new battleground for the world's largest and second largest food companies
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In the process, Vodafone India's valuation rose 48.39 per cent since February 2012, when Piramal Enterprises bought 5.5 per cent stake in Vodafone India for Rs 3,007 crore (Rs 30.07 billion).
The vehicle can rescue as many as 14 people in one dive.
A majority of shareholders of the British confectioner Cadbury Plc have rejected the initial hostile takeover bid from Kraft Foods Inc.
ONGC-Mittal Energy Ltd -- joint venture of ONGC Videsh Ltd and Mittal Investment Sarl -- had in 2007 won the offshore block North Coast Marine Area-2 (NCMA-2), that is estimated to hold in-place reserves of two trillion cubic feet, beating Britain's Centrica Plc.
The Indian mobile market has been witnessing a rate war with the entry of new players
Aiming for a work culture that helps balance work and family responsibilities, every three in five Indian companies plan to hire more mothers on a part-time basis over the next 24 months, a survey says.
Fifty-seven per cent of workers in the corporate sector in India reported an increase in stress over the last two years, a survey has said.
Financial services major Barclays Plc on Tuesday posted a robust profit of 6.87 billion pounds ($10.77 billion) for the three months ended December 31, 2009, driven by the sale of its Global Investors unit.
StanChart has got an approval from the RBI to list on the country's stock exchanges, but the bank is yet to approach SEBI for selling its depository receipts.
Nikos Kardassis will become the next chief executive officer of Jet Airways, taking over the reins from Wolfgang Prock-Schauer who will step down on October 15, 2009.
Confectionery maker Cadbury, which has agreed to be acquired by US-based Kraft Foods, on Tuesday said India will remain a key market for its business.
Hindustan Unilever Ltd, the Indian unit of Anglo-Dutch consumer group Unilever Plc, reported an 18 per cent rise in quarterly profit, beating estimates, helped by a revival in consumer spending.
Minister of State for Petroleum and Natural Gas Jitin Prasada, who led the roadshows in the US and Canada, said the roadshows for 70 blocks offered in NELP-VIII and 10 coal bed methane blocks received overwhelming response from investors.
Prime Minister Narendra Modi, who won a landslide election victory in May largely on a promise of economic growth, is expected to speed up divestments to bolster revenue generation.
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