Thursday, October 1, 1998
ONGC, Reliance jointly bid for Iraq's oilfield
The overseas exploration arm of the Oil and Natural Gas Corporation (ONGC), ONGC Videsh and Reliance Industries have jointly submitted a commercial bid for the lucrative Tuba oilfield in Iraq. The joint venture was approved by the Centre some time ago and the two companies were expected to submit the commercial bid in July.
Dr Reddy's Labs pares Sol Pharma stake to 2.5%
Dr Reddy's Laboratories has offloaded over five lakh equity shares of the ailing Sol Pharmaceuticals to a clutch of investors, bringing its holding in the company to less than 2.5 per cent from almost 7 per cent. Dr Reddy's move, analysts say, is aimed at consistently flushing out unproductive investments. This is probably the second major block of Sol Pharma shares that has been offloaded/attempted to be sold in the recent past.
RPG shortlists 3 banks to tie up overseas debt portion for Dholpur project
The RPG group has shortlisted Commerzbank, Dresdner Bank and Banque Paribas to arrange the foreign debt portion for its Rs 2,350-crore Dholpur power project in Rajasthan. The three banks have given an undertaking to syndicate $207 million for the project. ANZ Grindlays, the financial advisors to the project, may finally tie up one of the three banks as a co-lead arranger.
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