India in deal with Syria for fertiliser plant

The Government of India has entered into an agreement with the Syrian Government. A pact was signed with the General Company for Phosphate and Mines (GECOPHAM) in October 2010 in this regard. As per the terms of the agreement, India will help GECOPHAM set up a plant with a production capacity of one million tonne of diammonium phosphate. As per sources, India is likely to provide Syria with an initial assistance of Rs. 100 crore and technical expertise as well. A feasibility study was conducted jointly by Projects and Development India and RITES at a cost of around Rs. 6.7 crore.

Amira to set up processing plant in Cambodia

The Amira Foods, basmati rice exporter, is planning to expand its presence in Cambodia.

The company plans to invest around Rs. 110 crore for setting up a rice processing plant and acquire agricultural land in Cambodia. The proposed plant is likely to have around 150,000 tpa rice processing capacity. Majority of the output will be exported. A Cambodia Government-owned firm will be roped in as a local partner with a minority stake of seven to eight per cent in the project.

Meanwhile, the company is holding discussions with the Cambodia Government to acquire 25,000 ha of agricultural land.

ONGC Teri in fray for Kuwait oil spill contract

ONGC Teri Biotech (OTBL), a venture of ONGC and The Energy and Resources Institute, is in race with 12 companies for Kuwait Oil Company's (KOC) $3 billion (approx Rs. 13,300 crore) contract to clean up a desert oil slick created in the Gulf war that followed Iraq's invasion of Kuwait in 1990.

The evaluation of the pre-qualification criteria (PQC) is under way for the project. The PQC is being evaluated for a 160 sq. km area that will need to be cleaned up. Once the PQC process is over, the selected companies will be given tender documents to submit commercial bids.

NMDC eyes coal mines in Russia

NMDC plans to buy four coking coal mines in Russia. The company is holding talks with Mikhail Prokhorov, owner of Intergeo, for the acquisition which is likely to cost about $400 million (approx Rs. 1,760 crore).

At present, CIC is developing the Mmamabula coal fields in Botswana which have reserves of around 2.6 billion tonne. As per sources, CIC is also in discussion with two other Indian companies that have a presence in power generation.

The Kolmar mines are estimated to have about 400 million tonne of coal reserves in Siberia's Yakutia region. NMDC wants to buy the coal mines to secure the fuel supplies for its two steel plants coming up in Chhattisgarh and Karnataka.

Adani plans outlay for mine in Australia

Adani Enterprises is expected to infuse $3.5-4 billion (approx Rs. 15,700-18,000 crore) on its coal asset in Australia. The funds will be utilised to develop the necessary mining infrastructure and logistics, including a rail link and a coal terminal in a port facility in the Galilee Basin of Queensland. It has high-grade thermal coal deposits estimated at 7.8 billion tonne. The company has received permission from the local port authority to do a feasibility study to construct its own port and coal terminal at Dudgeon Point, as part of an expansion programme of the port of Hay Point.

Bhutan to ink JVs with Indian PSUs

The Bhutan Government is in the process of finalising agreements with state-run Indian power companies for setting up JVs in the hydro power sector. Among the major Indian public sector undertakings (PSUs) include, NTPC, NHPC, and Tehri Hydropower Development Corporation.The proposed JVs would be set up with a 70-30 per cent debt equity ratio, wherein the Indian partners are supposed to hold a 51 per cent equity in the JVs.

Adani may bid for Brisbane port

Adani Group is reportedly planning to bid for the port of Brisbane that is being privatised by the Queensland Government. The Group is ready to pump in A$2-billion (approx Rs. 8,630 crore) for the development of the port. The Queensland Government is offering 99-year leases at the port under a landlord-style model. A group led by Morgan Stanley Infrastructure Partners and Unisuper, and a consortium of Global Infrastructure Partners, Queensland Investment Corporation and Macquarie Capital have also evinced inteest in the project

CIL eyes overseas acquisitions

Coal India (CIL) proposes to spend around Rs. 6,000 crore in foreign acquisitions during the current fiscal. CIL was looking at three proposals from the US, Australia and Indonesia. These proposals include buying stake in a company, setting up a project and a fuel supply agreement.

Also, US based Peabody Energy Corp is one of the companies which has offered to work in partnership with CIL, either through equity stake or forming a JV with an offtake contract.

NPCIL may export nuclear reactors to Kazakhstan

NPCIL has shortlisted Kazakhstan to export reactors. The proposed reactors are to be in the range of 220 MWe, 540 MWe and 700 MWe capacities. However, the details of the proposed deal are yet to be worked out. The move to shortlist Kazakhstan comes on the back of an MoU signed between the Union Government and the Kazakhstan Government in January 2010 to work towards a feasibility study on nuclear power projects in Kazakhstan on the basis of Indian pressurized heavy water reactor designs.

Essar in race for ZISCO stake

Essar Steel has reportedly emerged the front runner in buying stake in Zimbabwe Iron and Steel Company (ZISCO). Jindal Steel and Power had also submitted its bids for acquiring the company.

The one-million tonne ZISCO plant came to a halt in 2008 after the company accumulated debts in the range of $300 million (approx Rs. 1,320 crore). Hence the Zimbabwe Government invited bids from parties to buy up to 60 per cent of the company.

JSW Group in fray for major stake in CIC Energy

JSW Group has reportedly emerged as the frontrunner in the talks to buy a majority stake in Canada based resources company CIC Energy. If completed, the value of the acquisition could be at $500 million (approx Rs. 2,025 crore).

Bharat Forge to enter coal mining, power sector

Pune based Bharat Forge intends to foray into coal mining and power generation business. Currently, the company is evaluating a few mines in Mozambique, Indonesia and South Africa, which may then be purchased and developed for captive use. The company plans to set up around 10,000 MW of power generation capacity over the next 10 years.

Ajmera Mayfair plans projects in Bahrain Bay

The Ajmera Mayfair Group, a Mumbai based conglomerate, is likely to take up projects in Bahrain Bay. Ajmera Mayfair is a JV between the Ajmera Group of Companies and Mayfair Group. The consortium is likely to invest about $130 million (approx Rs. 572 crore) by 2013 in Bahrain Bay, a $2.5 billion (approx Rs. 11,000 crore) waterfront development set off the coast of Manama. The Group intends to develop a twin-tower building with an estimated 200 residential units. Work on the project is slated to begin in the second half of 2011. The project has been designed by architects Skidmore, Owings and Merrill LLP. Bahrain Bay is a mega real estate project in the Gulf state being developed in a phased manner. The mixed-used development will house up to 30,000 people on completion. Construction began in 2006 with completion slated for 2013.