Five firms' divestment plans cleared
The union cabinet has cleared disinvestment in five entities -- Engineers India (EIL), Indian Petrochemicals (IPCL), Hindustan Teleprinters (HTL), Ranchi Ashok Bihar Hotel Corporation and Utkal Ashok Hotel Corporation.

Panel may moot Madras, Cochin refineries tieup with Bharat Petroleum
The Nitish Sengupta committee on restructuring the downstream oil sector is likely to suggest an alliance of both Madras Refineries and Cochin Refineries with Bharat Petroleum Corporation. This, according to top industry sources, would ensure that there is a "sense of equality" in the oil sector as regards market share.

ONGC Videsh-Reliance put in joint bid for Iran oil plans
ONGC Videsh, the overseas arm of the Oil and Natural Gas Corporation (ONGC), has bid for four oilfield development projects in Iran along with Reliance Industries (RIL). Reliance Industries will be a 50% partner in the buyback contract, which will allow investors to recover their costs with interest from the oil produced at the fields.

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