Briefly Business

The countrys largest iron ore producer NMDC expects the proposed merger of secondary steel maker SIIL with itself to take...

NMDC-SIIL merger likely by January

NEW DELHI: The countrys largest iron ore producer NMDC expects the proposed merger of secondary steel maker SIIL with itself to take place in January,after it gets the corporate affairs ministry8217;s clearance. I am hopeful that the merger will take place by January as the hearing for it by the ministry of corporate affair will take place on November 17, NMDC chairman Rana Som said.

ONGC-Mittal merge JV with exploration

NEW DELHI: Oil and Natural Gas Corp on Thursday said its energy trading joint venture with steel tycoon Lakhsmi Mittal will be merged with their exploration tie-up,but did not tell why it failed to make equity contribution in the venture. ONGC had in 2005 formed two joint ventures with Mittal ONGC Mittal Energy Ltd for acquisition of oil properties and ONGC Mittal Energy Services Ltd for trading and shipping of oil and gas,including liquefied natural gas.

OVL to invest 70 mn more in Brazil

NEW DELHI: The government on Thursday allowed ONGC Videsh Ltd,the overseas arm of state-run Oil and Natural Gas Corp,to invest an additional 70 million in an oilfield in Brazil,taking its total investment in the project to 748 million. The Cabinet Committee on Economic Affairs CCEA has authorised OVL to make an additional investment of 70 million,taking the total cash put in BC-10 project to 383 million,home minister P Chidambaram said.

ArcelorMittal buys 14 pc stake in Czech arm

NEW DELHI: The world8217;s largest steel maker,ArcelorMittal,on Thursday said it would acquire additional 13.8 per cent stake in its Czech arm ArcelorMittal Ostrava for 404.3 million around Rs 1,900 crore. ArcelorMittal8230;has signed an agreement to acquire a 13.881 per cent stake in ArcelorMittal Ostrava from a subsidiary of PPF GROUP,an international financial and investment group in Central and Eastern Europe,for approximately 404.3 million, the company said in a statement here.

Kirloskar Oil to exit six JVs; earn Rs 250 cr

MUMBAI: Kirloskar Oil Engines on Thursday announced its exit from its six joint ventures,by selling its entire holdings to Kirloskar Systems for Rs 250 crore. The proposal is subject to necessary shareholders approvals,Kirloskar Oil Engines said.

Digitalised cable TV operations

NEW DELHI: Two years after TRAI submitted its recommendations,the government on Thursday gave its nod to a policy to digitalise cable TV operations throughout the country,including remote areas. Under the Headend in the Sky or HITS policy,the operator uplinks signals of TV channels of different broadcasters to their satellite,enabling cable operators to downlink these signals for further distribution to subscribers through their cable network in digital form.