PSL's Second Pipe Mill in Sharjah by May

PSL is likely to operationalise its Second Pipe Mill in Hamriyah Free Trade Zone (FTZ), Sharjah in May 2011. The mill will have a capacity to manufacture 75,000 tpa taking the total pipe production capacity to 1,50,000 tpa in West Asia through its subsidiary PSL FZE, Hamriyah. Currently, it has a plant with 75,000 tpa capacity in Sharjah that includes a pipe mill, a three-layer polyethylene coating plant and an internal coating plant on 62,000-sq.m in Hamriyah FTZ.

Six entities in Fray for Mongolian Mine

A total of six entities ArcelorMittal, Vale, Xstrata, US coal miner Peabody, a consortium of China's Shenhua and Japan's Mitsui & Co, and a separate consortium of Japanese, South Korean and Russian firms have been short-listed to develop the Tavan Tolgoi coking coal mine in Mongolia. The companies are vying to develop the west Tsankhi block of the mine, which has 1.2 billion tonne of coal reserves and can produce 15 million tonne annually for more than 30 years.

Essar vies for Shell's stake in Nigeria Oil Fields

The Essar Group is among the four consortiums in fray to acquire Royal Dutch Shell Plc's stake in four oil fields in Nigeria. Four consortia shortlisted include a consortia led by Perenco (France) with the Addax & Oryx Group and Oando Plc (Nigeria); Heritage Oil Plc (UK) and Shoreline Energy International (Nigeria); Energy Equity Resources with SacOil Holdings (UK) and the Essar Group and, Vertex Energy Inc backed by Capital Alliance. Shell is divesting stakes in the onshore fields as part of its plan to sell $5 billion (approx Rs 22,500 crore) of assets during 2011. It is likely to name one preferred bidder for each of the development blocks OML 30, 34, 40 and 42, although some suitors bid for all four and others indicated a preference for two contiguous licences. The bidder will take over 45 per cent concession equity held by operator Shell along with junior partners Total and Azienda Generale Italiana Petroli. Nigerian National Petroleum Corporation will hold the remaining 55 per cent stake.

JSW & GVK to submit fresh bids for Hancock's Coal Assets

JSW Energy and GVK Power & Infrastructure will submit fresh bids for acquiring two coal assets put on the block by Hancock Coal. The Australia based company now wants joint bids for the assets and is selling Kevin's Corner and Alpha Coal, both located in Queensland province, as it expects good valuation for the assets. Some China and Japan based power generation companies are amongst the shortlisted bidders.

Essar arm in pact with ZISCO

Essar Africa Holdings (EAHL), a privately held company of the Essar Group, has signed a definitive agreement with the Zimbabwe Government to revive Zimbabwe Iron and Steel Company (ZISCO). As per the agreement, both plan to set two JV companies - one for taking over the steel operations and related assets and liabilities and the other to own the mining operations. The steel JV will be owned in a ratio of 60:40 between Essar and the Zimbabwe Government and the mining operations in the ratio of 80:20. Essar will retire the entire $340 million (approx Rs 1,530 crore) debt of ZISCO and a capital infusion of $400 million (approx Rs 1,800 crore) to revive the plant and make it operational.

Narayana Hrudayalaya plans Healthcare City in Cayman

Bengaluru based Narayana Hrudayalaya is likely to develop a healthcare city in Cayman Islands that would cost $2 billion (approx Rs 8,900 crore). The city to be developed in phased manner will include a hospital, medical university and assisted-living facility. Initially, the company would invest about $100 million (Rs 445 crore) to build a 200 to 300-bed facility. Work is likely to commence this year.