Thursday, September 10, 1998
Kakinada port project awarded to International Seaports-led consortium
The Andhra Pradesh government has decided, in principle, to award the Kakinada port project to a consortium of three companies led by International Seaports Ltd (ISPL). The other two companies in the consortium include the L&T and the Precious Shipping Ltd of Thailand. However, the agreement between the state government and the combine is yet to be signed as the latter has not yet responded to the draft agreement.
Total of France drafts billion dollar strategy for India
The 32-billion dollar French oil and gas giant Total has mapped an investment strategy of about $ 1 billion for India in the next three to four years with main thrust in the LNG sector, apart from interests in LPG and lubricants. Total currently has two joint ventures in the country for liquified natural gas (LNG) import -- with Tata Electric Company (TEC) and Hindustan Petroleum Corporation Ltd (HPCL).
BoB to buy out Union Bank, Indian Bank stakes in IBU International
Bank of Baroda (BoB) has decided to pay Rs 35 crore each to Union Bank India and Indian Bank to buy out their stakes in the Hong-Kong based IBU International Finance Ltd. Confirming the development, BoB chairman K Kannan said that the depreciation of the rupee will ensure Rs 10 crore to Rs 15 crore profit for the two sellers.
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