September 6: News Pics for the Day
September 6: News Pics for the Day
Mukesh Ambani, chairman of Reliance Industries, speaks during a news conference in Mumbai
Indian billionaire Mukesh Ambani's Reliance Industries, which has struck three shale gas joint ventures with US firms this year, may make a full buyout next as the cash-rich firm builds the knowledge it needs to run such operations.
Reliance has received about 20 to 25 pitches from investment bankers for shale assets, Reliance Chief Financial Officer Alok Agarwal said recently.
Bankers say potential targets include Fort Worth, Texas-headquartered Quicksilver Resources Inc Denver, Colorado-based Enduring Resources and companies with assets in the Horn River shale formation in Canada.
Another firm on Reliance's radar may be Houston, Texas-based EOG Resources, which said in early August it plans to sell about 180,000 acres in US shale plays -- underground rock formations that hold reserves of oil and natural gas.
Shale gas accounts f
A worker leaves the AstraZeneca research facility in Loughborough
AstraZeneca stepped up its drive into emerging markets on Monday by striking another licensing and supply deal with an Indian generic drugmaker, this time Aurobindo Pharma.
The move highlights the growing importance of emerging markets to international drugmakers, many of which have set up similar deals with Indian suppliers in the past couple of years. Aurobindo already has a large deal with Pfizer.
Emerging markets are a priority area for Western drug companies, as sales in home markets stall, and cheap off-patent medicines that can be sold in high volumes under a multinational brand name are an attractive market opportunity.
The Indian company said it would supply AstraZeneca with anti-infective, cardiovascular and central nervous system (CNS) generic drugs that the London-based company would sell under the AstraZeneca brand. Financial terms were not disclosed.
An engineer of Oil and Natural Gas Corp (ONGC) works inside the Kalol oil field in Gujarat
India is considering selling 10 per cent in Indian Oil Corp and 5 per cent in Oil and Natural Gas Corp in the March quarter, a deal that could fetch the government about $5.6 billion at current prices.
\"The oil ministry has taken an in-principle decision, we have to go to the cabinet now,\" Oil Secretary S Sundareshan told reporters on Monday.
The sales will be part of a government plan to sell stakes in about 60 state-run firms over the next few years, as India moves to cut a stubbornly high fiscal deficit and garner funds to spend on schemes for the poor.
The government expects to raise about $8.6 billion in the current fiscal year that ends next March through such sales.
Sundareshan said the oil ministry had also allowed refiner Indian Oil Corp to sell an additional 10 per cent of the expanded share capital.
Asked if the sh
An empty bank counter is seen in Mumbai January 25, 2008. About 1 million employees of Indian banks plan to go on a one-day strike on Tuesday to protest a host of issues including foreign direct investment in public sector banks and entry of foreign banks amongst others
About 1 million employees of Indian banks plan to go on a one-day strike on Tuesday to protest a host of issues including foreign direct investment in public sector banks and entry of foreign banks amongst others.
The strike has been called by the All India Bank Employees Association (AIBEA) in support of the strike call given by the National Convention of Central Trade Unions, AIBEA said in a press release.
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