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Posted On:
20-07-2024

ONGC Videsh to pay Equinor $60 million for stake in Caspian Sea oil assets

India ONGC Videsh has signed a $60 million deal with Norwegian energy giant Equinor to raise its stake in the offshore Azeri Chirag Gunashil (ACG) oil field in the Caspian sea and linked pipeline, the Indian company said on Friday. OVL, the overseas investment arm of India's top explorer, will buy a 0.615% stake in the oilfield and a 0.737% share in the Baku Tbilisi Ceyhan (BTC) pipeline from Equinor, it said in a stock exchange filing.The BP-operated ACG field is the largest oilfield in the Azerbaijan sector of the Caspian basin and the BTC pipeline is used to transfer crude oil to the Turkish Mediterranean coast. The other partners in the field are Azerbaijan state energy company SOCAR, Hungarian energy firm MOL, Japan's Inpex and Itochu, and Turkey's TPAO.
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Posted On:
20-07-2024

PNB, UCO Bank submit Rs 1,527 crore dividend cheques to Finance Ministry

Two public sector lenders, Punjab National Bank and UCO Bank, submitted dividend cheques worth Rs 1527 crore in total to the Finance Ministry on Friday. PNB submitted a dividend cheque of Rs 1208.11 crore for FY 2023-24, while UCO Bank submitted one of Rs 319.33 crore for the same year. Managing Director and Chief Executive Officer (MD & CEO) of PNB, Atul Kumar Goel, and Ashwani Kumar of UCO Bank presented these cheques to Finance Minister Nirmala Sitharaman. Earlier, four public sector banks, including Canara Bank and Indian Bank, presented dividend cheques worth Rs 6481 crore to Finance Minister Nirmala Sitharaman for the financial year 2023-24. Last month, the country's biggest lender, State Bank of India (SBI), paid a dividend of Rs 6959 crore for the financial year 2023-24 to the government. The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi.
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Posted On:
20-07-2024

Reliance Retail opens thirty Metro stores in Q1, total count crosses 200

The country's leading retailer Reliance Retail has added 30 new stores of Metro in the June quarter, taking the total count of the Cash & Carry outlets to over 200. Reliance Retail had acquired the Indian operations of German firm Metro AG's wholesale operations in December 2022 in a Rs 2,850-crore deal. At the time of acquisition, Metro was operating 31 large formats located in prime locations across key cities. "Grocery New Commerce business continued to expand its kirana partner base as Metro format scaled with 30 new store openings taking the count to over 200 stores with presence across 180+ cities," according to the earnings statement from Reliance Industries. Metro stores come under the grocery division of Reliance Retail Ventures Ltd (RRVL), which delivered another quarter of "steady growth", led by expansion in Tier-2 and beyond cities.
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Posted On:
22-07-2024

Purabi Dairy inks pact with Assam to run 5,000 litre daily capacity plant

West Assam Milk Producers' Co-operative Union Ltd (WAMUL), known under the brand Purabi Dairy, on Sunday said it has joined hands with the Assam government to operate a 5,000-litre daily capacity plant in Dhemaji district. Purabi Dairy has signed a Memorandum of Understanding (MoU) with the Directorate of Dairy Development (DoDD), enabling WAMUL to operate the DoDD's 5,000-litre per day capacity dairy plant at Dhemaji, the company said in a statement. The tie-up is also expected to provide significant income opportunities to farmers by opening new markets and offering comprehensive training and growth opportunities, it added. Commenting on the development, WAMUL Managing Director Sameer Kr Parida said: "This MoU is a significant step towards enhancing the dairy sector in upper Assam. By operating the Dhemaji dairy plant, we will increase the availability of Purabi milk and milk products in the region." The operations at the Dhemaji dairy plant are set to commence soon, providing a crucial boost to the development of the dairy sector in upper Assam, the release added.
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Posted On:
22-07-2024

Poonawalla Fincorp top deck sees rejig, 5 seniors opt for early retirement

The brass at Poonawalla Fincorp Ltd (PFL) is going through a major rejig with five senior executives in compliance, risk management, and internal audit verticals opting for an early retirement, the Pune-based non-banking financial company (NBFC) informed the exchanges. The move comes a month after Arvind Kapil took charge as the managing director and chief executive. PFL’s board of directors at its meeting on July 20, 2024, considered and approved the early retirements and appointment of new persons for the position, it said in a filing to the BSE.
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