ONGC will submit a proposal to the Union government for acquiring Hindustan Petroleum Corporation Ltd's entire 16.97% stake in Mangalore Refinery & Petrochemicals Ltd at Rs 37.75 per share even though HPCL is not keen to divest its holding.
Gail to finalise HPL equity participation soon
A total of 16 secretaries have been appointed to various central government departments.
The US Export-Import Bank said on Tuesday that it will provide $75 million in loan guarantees for exports of US technology, equipment and services to build Indian Oil Corp's Rs 5104 crore (Rs 51.04 billion) integrated petrochemical complex at Panipat
The RIL-owned Indian Petrochemicals Corporation Ltd has shed its workforce by about 12 per cent as it gave voluntary retirement to 1,550 employees, which would cost the company Rs 120 crore (Rs 1.20 billion) during the current fiscal.
The Oil and Natural Gas Corporation plans to invest around Rs 750 crore (Rs 7.50 billion) on upgrading the product quality and debottlenecking in Mangalore Refinery and Petrochemicals Ltd.
State-run Indian Oil Corporation will import 31.41 million tonnes of crude oil this fiscal, 53 per cent of which would be on term contracts.\n\n\n\n
Mangalore Refinery and Petrochemical Ltd on Wednesday prepaid Rs 2,380 crore (Rs 23.80 billion) of rupee loans and said it plans to prepay the remaining Rs 257 crore (Rs 2.57 billion) of debt by January 19.
India's biggest petrochemicals maker Reliance Industries, whose shares hit a 15-month high earlier on Friday on a newspaper report it had struck gas at a new site, said it would make an announcement later.\n\n\n\n
Petroleum Minister Ram Naik said on Thursday that Mangalore Refinery and Petrochemicals Ltd will not merge with Oil and Natural Gas Corporation.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
S P Lohia group company Indo Rama Petrochemicals Ltd is set for expansion and plans to set up a 704,000 tonnes per year of purified terephthalic acid plant at an investment of $450 million in the Rayong province of Thailand.
One of the major advantages of buying Iran crude is the additional credit period of 90 days that the country gives to India, compared to 30 days by other countries.
India invited fresh bids on Tuesday for a stake of 51 per cent in state-run Fertilisers and Chemicals Travancore Ltd.
India's biggest petrochemicals maker, Reliance Industries, reported on Friday its past quarter's net profit was Rs 1,083 crore, beating market estimates.\n\n\n\n
Oil and Natural Gas Corporation may buyback within five years the 21 per cent equity lenders will have in the loss-making Mangalore Refinery and Petrochemicals Ltd after financial restructuring.
In a two-page letter written on December 12, 2017, the Reliance head said he was "personally saddened" by the "unfortunate statements" against him and his group by several functionaries of the Congress party.
The Industrial Development Bank of India has sold 7.56 crore shares (Rs 10 each) of Mangalore Refinery and Petrochemicals Ltd to ONGC Ltd for about Rs 81.5 crore (Rs 815 million).
State-run Oil and Natural Gas Corporation will buy 20.9 per cent stake held by banks and financial institutions in its subsidiary Mangalore Refinery and Petrochemicals Ltd for around Rs 370 crore.
Oil and Natural Gas Corporation is likely to buy 16.9 per cent stake of Hindustan Petroleum Corporation in loss-making Mangalore Refinery and Petrochemicals for close to Rs 550 crore.\n\n
A round-up of our favourite photographs of the week gone by.
India's biggest petrochemicals maker and a leading refiner, Reliance Industries Ltd, said on Monday it has raised product prices of polymers and key fibre intermediates by 2.4 per cent to 27 per cent for February.
Indian Petrochemicals Corporation of India Ltd posted a net profit of Rs 750 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 190 million in the corresponding period last fiscal.
Decks have been cleared for Oil and Natural Gas Corporation to take over the Mangalore Refinery and Petrochemical Ltd with Public Investment Board on Wednesday giving consent to the Rs 659.4 crore (Rs 6.59 billion) proposal.
Mangoes from India are popular in the Middle East, the Far East, the United States and European countries.
Move comes in view of big debt overhang in two sectors; companies unwilling.
Move comes in view of big debt overhang in two sectors; companies unwilling.
Whatever be India's course of action, it will have an impact on India-Iran ties, notes Aveek Sen.
