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RPG dangles Balagarh stake before Enron
RPG Enterprises is negotiating with US energy-major Enron International to sell out a portion of its equity in Balagarh Power Company. The RPG group unit is setting up a 500-MW Rs 2,000-crore coal-fired project in West Bengal.
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India Cements to step up borrowing capacity via Rs 150-crore equity float
Cement major India Cements Ltd (ICL) has decided to come out with an equity offering aggregating Rs 150 crore to shore up its borrowing capacity. This move by the company, after maintaining all along that its expansion plans would be taken care of by debt and internal accruals, has led to further speculation in the market about the possibility of the company acquiring Raasi Cements.
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ONGC, Bharat Petroleum may shelve paraxylene plan
The proposed paraxylene venture between the Oil and Natural Gas Corporation (ONGC) and Bharat Petroleum Corporation (BPCL) is likely to be shelved. Although a final decision is yet to be taken, the high cost of the project, coupled with falling global prices of paraxylene, have discouraged the partners from going ahead.
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Hewlett Packard gets RBI nod to sell stake in HCL
Hewlett Packard (HP) has finally received the go-ahead to totally disassociate itself from its erstwhile joint venture partner, the HCL group. The Reserve Bank of India (RBI) has cleared HP's proposed sale of a final tranche of 10.5 lakh shares to the promoters of HCL Infosystems. HP had earlier offloaded 82.96 lakh shares in HCL Infosystems last year.
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