Ranbaxy launches in Yemen

Ranbaxy Laboratories has launched its operations in Yemen, through an alliance with Yemen-based Pharma company Natco, a pioneer in the healthcare sector. In this venture, Ranbaxy will develop therapies focusing on anti-infectives, gastrointestinal, cholesterol lowering and anti-allergic.

Lloyd Electric acquires Czech company

Lloyd Electric & Engineering (LEEL) acquired Czech company Luvata Czech s.r.o., through an SPV - Lloyd Coils Czech s.r.o. The deal took place in Prague, although the deal amount is not disclosed. Funds for the acquisition have come through a combination of debt and equity. Lloyd Coils Czech s.r.o. has raised necessary debt on its balance sheet. The deal will be advantageous to Lloyd Electric, as it can now utilise Czech's manufacturing base for cost control, technology absorption and a direct entry into the European markets. The consumer base of Czech including leading HVACR and OEMs like Lennox, Janka, Swegan, Cooling Solution, ETT, Chiller, Vesttherm and Hitecsa, will be accessible to Lloyd Electric.

BSEL Infra to invest Rs.18,000 crore in Malaysian project

Mumbai-based BSEL Infrastructure Realty has signed an MoU with Malaysia's Iskandar Regional Development Authority (IRDA) to develop properties in the Johar Bharu region of Malaysia. The new company will be formed as a subsidiary of either BSEL Infrastructure Realty, or of its UAE subsidiary BSEL Infrastructure Realty FZE. BSEL will divert proceeds worth Rs.18,000 crore from its UAE projects to fund the properties over 12 years. The company has outlined to develop a total of 70 million sq. ft. of space, in three phases at a total investment of Rs.18,000 crores. In Phase-I, 10 million sq. ft. will be developed and double the area will be developed in the subsequent two phases. Investment in Phase-I will be Rs.2,500 crore.

OVL to relinquish block in Libya

ONGC Videsh (OVL) plans to relinquish its onshore exploration block located in Ghadames basin of Libya, in favour of the National Oil. This move follows as OVL and its partner Turkish Petroleum Overseas (TPOC) were not confident of the prospects being commercially attractive. OVL has received its board's approval for the same. In the proposed onshore exploration block (Block NC 188), OVL holds 49 per cent stake. The remaining 51 per cent participating interest is held by TPOC, the subsidiary of Turkish National Oil, also the operator of the block. Post seismic surveys conducted in the area as per the programme, two exploratory wells were drilled in Block NC-188, which were plugged and abandoned as dry wells. Subsequently, the exploration phase has been extended till June 11 2009.

Essar Exploration reschedules Myanmar drilling programme

Essar Exploration & Production (Essar E&P), a wholly owned subsidiary of Essar Oil has rescheduled its drilling programme in Myanmar. Earlier, Essar planned to commence a two-well drilling campaign in the onshore L-block in early-2008, before the monsoon, whereas the drilling in the offshore block was slated to commence post monsoons. According to the revised plan, the company will start drilling in both onshore (L) and offshore block (A-2) in September-October 2008. However, the plan was delayed, due to delay in acquiring location clearances for onshore drilling, following the revision in locations. However, Essar E&P has completed the aero-magnetic survey in three onshore blocks in Madagascar, spread over 30,000 sq. km area.

Nalco eyes coal mines in Indonesia

National Aluminium has shortlisted two to three coal mines in Sumatra Island, to secure supplies for its proposed 750 MW power plant in Indonesia. The company had signed an initial agreement with the Indonesian government in January 2008, to build a 5-lakh tpa smelter in phases, with an investment of $3.4 billion.

BEML Midwest acquires mine in Mozambique

Hyderabad-based BEML Midwest, a joint venture of Bharat Earth Movers (BEML), Midwest Granite and Sumber Mitra Jaya (SMJ) of Indonesia, has acquired its first mine in Mozambique. BEML holds 45 per cent stake in the joint venture, while Midwest Granites and SMJ hold 55 per cent. Following this, BEML is also close to taking over its second mine in Indonesia, and the coal produced from these mines will be imported to India. The company is exploring the possibility of tying up with Coal India and Singareni Collieries (SCCL) to market the coal.

CVI fails to acquire Mozambique coal blocks

Coal Ventures International (CVI), an SPV formed by companies - Coal India, SAIL, Vizag Steel, NTPC and NMDC, has failed to acquire a coal block in Mozambique, due to delay in decision making. In January 2008, two coal assets were on offer, but the CVI diligence found one of the blocks to have commercially exploitable coal reserves. The SPV had reserved a $2.7 billion fund to acquire thermal and metallurgical coal assets abroad. A technical evaluation of the identified asset was undertaken in February, for the joint venture to arrive at a decision. However, before it could make its decisions formal, the asset was taken over by a Mozambique-based company.

IOC, Calik Energy plan refinery complex in Turkey

Indian Oil Corporation and Turkey-based Calik Energy plan to set up a 15 mln tpa refinery and a petrochemical complex in southern Turkey. Investment is marked at $6 billion. Calik Energy is likely to form a new company - 'Eastern Mediterranean Petrochemicals and Refining Company' for the project. In the meantime, Kaz MunayGaz of Kazakhstan and Eni SpA of Italy have vested their interest in the project. The equity to be shared between all the participants in the new company is expected to be of 26 per cent.

NTPC eyes coal mine abroad

Taking corrective measures to solve the short fuel supply from domestic sources, NTPC is scouting for coal blocks in Indonesia, Mozambique and South Africa. The company current requires a total of 110 mln tpa to fuel its thermal power plants, whereas, it currently imports about 2 mln tpa. It has floated a joint venture firm - Coal Ventures International - together with Steel Authority of India, Rashtriya Ispat Nigam, Coal India and NMDC to secure coal mines abroad. It is looking at such mines abroad which can deliver an output upto 20 mln tpa of coal. For its already planned projects, NTPC requires about 5 mln tpa of coal, while the remaining needs will be met through fuel requirement of future projects.

Rohit Ferro acquires stake in Indonesian coal mines

A pact between Rohit Ferro-Tech's Singapore division - SKP Overseas Pte and Indonesia's PSP Group (PT Pacific Samudra Perkasa), was recently signed to acquire 60 per cent stake in two Indonesian coal mines. At the mines, Rohit will manufacture ferro alloys and employ it at its proposed captive 110 MW power plant. The plant is expected to be commissioned by June 2009. Part of the coal generated will be used for external sales. The company currently uses over 1,25,000 tpa of coking coal and will require about 3,00,000-4,00,000 tpa of thermal coal, for the power plant.

PGCIL plans transmission lines in Myanmar

Power Grid Corporation India (PGCIL) intends to expand operation in neighbouring countries. Identifying to initiate its expansion at Myanmar, PGCIL has proposed to set up transmission lines, while it will bid for electricity distribution networks in Turkey. The company plans an investment worth Rs.75,000 crore during the XI Plan period. It has set a target of Rs.250 crore from the consultancy projects for 2008-09. To fund its expansion plans, it intends to raise a Rs.1,600 crore loan, each from the World Bank and the Asian Development Bank.

PGCIL plans transmission lines in Myanmar

On 09 May 2008, Philips Carbon Black signed a joint venture agreement with the Vietnam National Chemical Corporation subsidiaries - Casumina, Danang Rubber and Sao Vang Rubber, to develop projects in Vietnam. The alliance will set up 1 lakh tpa carbon black facility and a 16 MW co-generation power plant in southern Ba Ria-Vung Tau Province of Vietnam. Investment is marked at $65 million (approx.Rs.260 crore) of which, the subsidiaries will contribute about 22 per cent. Carbon black manufacturing is expected to begin by 2009.