Briefly Business

Aegis Logistics Ltd has announced a strategic alliance with Essar Oil Ltd wherein both the companies would sell each others fuels through their retail outlets.

Aegis,Essar Oil enter strategic alliance

Mumbai: Aegis Logistics Ltd has announced a strategic alliance with Essar Oil Ltd wherein both the companies would sell each others fuels through their retail outlets. The alliance will cover 7 states which include Gujarat,Maharashtra,Karnataka,Madhya Pradesh,Andhra Pradesh,Rajasthan and Tamil Nadu.

ITC open to additional stake in EIH

MUMBAI: Diversified conglomerate ITC on Wednesday said it is open to increasing its stake in the Oberoi Group;s hotel chain,EIH Ltd,but ruled out a hostile takeover. We are always open to increasing our stake in EIH but we are not in favour of a hostile bid, ITC chairman YC Deveshwar said. ITC,at present,holds 14.98 per cent stake in EIH.

RIL allots 1.71 lakh shares to workers

MUmBAI: The countrys largest company by market capitalisation,Reliance Industries RIL,on Wednesday said it has allotted 1.71 lakh equity shares to its employees. The company has allotted 1,71,049 shares on November 23 to its employees under the employees stock option scheme,RIL said in a filing to the BSE.

Oman Oil to buy 26 pc in BPCL refinery

MUMBAI: Oman Oil Company has paid a premium to pick 26 per cent stake in Bharat Petroleum Corporations Bina Refinery Project in Madhya Pradesh. The project is under construction. Oman Oil Company has paid Rs 15 for a share of Rs 10 for the stake, a source close to the development said.

Bajaj Hindusthan to set up 5 power plants

Mumbai: Indias largest sugar company Bajaj Hindusthan Ltd has announced its diversification into power business with plans to set up five plants having a total capacity of 400 MW at an investment of Rs 1,600 crore. At present,the company generates 430 MW using bagasse,of which 340 MW is for captive purpose while 90 MW is sold to the state grid,a company spokesperson said.

IDBI scouting for buyouts,two on radar

Mumbai: After acquiring United Western Bank three years ago,IDBI Bank is at it once again and has identified two domestic lenders as possible targets. Disclosing this,the public sector bank8217;s chairman and managing director Yogesh Agarwal told reporters here that talks were on with the two banks. He did not divulge the identities of the two banks.

Govt may cancel NTPCs Rs 2K-cr order

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New Delhi: In the face of alleged multi-crore rupee kickback,which is being probed by CBI,the government is considering cancelling power PSU NTPCs Rs 2,000-crore contract with a Russian equipment firm. When asked whether the contract for importing equipment to Russian firm TPE would be cancelled,Power Minister Shushilkumar Shinde said,I can not comment as the matter is with the Cabinet. PTI