RIL, GAIL signs MoU for petrochemical units abroad.

On 04 December 2007, Reliance Industries and GAIL (India) together, signed another MoU for joint co-operation in petrochemicals. Accordingly, Reliance and GAIL will set up a joint working group to explore opportunities in the Middle East, Russia and countries in the former Soviet Union. The two companies will also set up a SPV to develop petrochemical complexes overseas.

Nalco to sign MoU for Indonesian aluminium smelter.

Nalco intends to build an aluminium smelter plant in South Sumatra province by January 2008, for which it plans to sign a MoU with the Indonesian government. The project will be implemented in phases, with an initial capacity of 2.5 lakh tpa. The capacity would further be doubled to 5 lakh tpa, at an investment of $3 billion. Nalco is expected to conduct a feasibility study on the project, after signing the MoU. The alumina, raw material required for the smelter, will be supplied by Nalco's parent company in India.

L&T inaugurates valve facility in China.

Larsen & Toubro (L&T) inaugurated its state-ofthe- art facility to manufacture industrial valves in Yancheng, located in the Jiangsu Province of China. The new facility developed over 30,000 sq.m, will manufacture gate, globe, check and ball valves.

‘Coal Ventures International' to scout coal properties abroad.

Five public sector companies - SAIL, RINL, National Mineral Development Corporation (NMDC), NTPC and CIL have formed a new SPV to acquire coal properties abroad.

The SPV namely, 'Coal Ventures International' will have a total authorised capital base of Rs.10,000 crore and a paid up equity worth Rs.3,500 crore. While SAIL and CIL will contribute Rs.1,000 crore each, the other three companies will add the balance.

Two routes will be adopted to acquire the stakes. Through the prospecting route, the SPV will acquire stakes in coal fields of Zimbabwe, Russia, Indonesia and Mozambique. The second option of the equity route will be explored for stakes in Australian, Canadian and Brazilian companies. The SPV will have a three-tier structure, with SAIL's Chairman appointed as its first Chairman. The management will also include functional directors and a business development group with officials from all five companies.

Livewel Aviation signs pact for MRO facility at Dubai Airport.

Mumbai-based Livewel Aviation Services and the Jebel Ali Airport in Dubai have signed an agreement to set up a maintenance, repair and overhaul (MRO) facility over 24,000 sq.m. at the Dubai World Aviation City. The facility will entail an investment of $80 million (approx.Rs.316.7 crore) and will primarily focus on cabin interior refurbishment, aircraft painting, c-check and line maintenance.

TPC, REL in race for Singapore power company.

Tata Power Co (TPC), REL and GMR Infrastructure have submitted non-binding bids to acquire Singapore- based Tuas Power, one of the three power firms owned by Temasek Holdings.

It is learnt that altogether 15 companies and funds have submitted bids, including international firms like China Light & Power, Hongkong Electric, Japan's Marubeni, Malaysia's YTL Corporation, Singapore's two state-linked conglomerates Keppel Corporation and Sembcorp Industries. Tuas Power's assets include oil-fired plants of 1,200 MW capacity and a capacity of 1,470 MW in gas-fired electricity plants.

RIL signs exploration contracts for Colombia offshore blocks.

On 10 December 2007, Reliance Industries (RIL) signed hydrocarbon production and exploitation contracts with Agencia Nacional de Hydrocarburos (ANH) of Colombia, for two offshore blocks - Borojo North and Borojo South at Bogota.

The blocks are located west of Colombia in the Pacific Ocean with water depths reaching up to 1,500 metre. The contract has allotted a six-year exploration period, in which four phases are of 18 months each. During the four phases, Reliance will drill two wells in each block, besides conducting seismic, multi-beam and heat-flow surveys, at an investment of $50 million.

Tata Steel signs JV for development of Mount Nimba iron ore.

Tata Steel and SODEMI (state owned company for mineral development) have decided to jointly develop the Mount Nimba Iron ore deposits in Ivory Coast of West Africa. To implement this, the two entities have formed a JV on 11 December 2007.

Tata Steel will hold a majority stake in the JV. The initial phase will involve exploration and detailed feasibility assessments followed by construction of the mine and beneficiation facilities. The iron ore from this project will be supplied to Tata Steel Group facilities especially those located in the United Kingdom and Netherlands.

L&THE signs pact with Oman company.

Larsen & Toubro Heavy Engineering (L&THE), a JV formed between L&T and the Zubair Corporation of Oman, has entered into an agreement with Oman-based Sohar Industrial Port Co. (SIPC) to set up an equipment manufacturing plant at Sohar in Oman. The JV will make an initial investment of $50 million (approx Rs.197 crore). The proposed facility to be spread over 3 lakh sq.m, will manufacture equipment for refineries, petrochemicals, fertilisers and other process industries.

VSNL to develop $ 250 million TGN Eurasia cable system.

VSNL is constructing a $259 million (approx Rs.1,024.3 crore) TGN Eurasia cable system linking Mumbai to Paris, London and Madrid via Egypt. It is being built in partnership with SEACOM and Telecom Egypt (TE). The system will offer express connectivity between India and Europe, and later expand connectivity in the Gulf region and multiple locations across Europe. It will serve the increasing demand for bandwidth and offer options for route diversity and redundancy.

RCOM to invest Rs.800 crore in Uganda.

Reliance Communications (RCOM) will invest Rs.800 crore to roll out a telecom network (fixed and mobile) in Uganda, Eastern Africa. It has bagged two licenses titled as Public Infrastructure Provider (PIP) and Public Service Provider (PSP)-to offer mobile, fixed, internet, national and international long distance services, in addition to WiMax and Wifi services in Uganda. RCOM will launch mobile services on the GSM platforms in the first phase of its venture, further expanding them to other communication related services.

Approval for Delaram-Zaranj road in Afghanistan.

On 13 December 2007, the Union Cabinet approved the upgradation and construction of a road connecting Zaranj to Delaram in Afghanistan. This is to facilitate communication to reach the remote parts of India, India's improved access into Afghanistan and Central Asia, and Afghanistan gaining an alternate route to an Iranian sea-port. The project will be implemented by Border Roads Organisation, at an estimated cost of around Rs.746.79 crore (Rs.7.5 billion approximately).

NALCO to invest Rs.11,000 crore in Indonesian smelter.

NALCO had placed forth its Board of Directors, a project plan to set up a 5 lakh tpa aluminium smelter and a 1,250 MW thermal power project in Indonesia. Investment is marked at Rs.11,000 crore. Of the total investment, around Rs.4,000 crore will be allocated to smelter plant and Rs.7,000 crore to the power plant. The Board of Directors approved the proposal on 19 December 2007.