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Sunday, December 29, 2013

TOP FIVE CORPORATE NEWS


ONGC to offer 10% stake in Tripura Power.

The government has given nod to ONGC proposal to offer 10% equity stake to Bangladesh in ONGC Tripura Power Company. ONGC owns 50% shares in the consortium while IL&FS and the state government hold 26% and 0.5% stakes

DIPP gives nod for Tesco proposal to invest in Trent Hypermarket.

The Department of Industrial Policy and Promotion has approved Tesco's application to invest in Trent Hypermarket. The company plans to invest $110 mn and will put at least 50% of the first tranche of $100 million in back-end infrastructure.

Sesa Sterlite gains on resumption of mining operations at Karnataka.

Sesa Sterlite has rallied after the company has received permission from the Supreme Court appointed Monitoring Committee to resume mining activities at its Karnataka mine.

NTPC expects to begin coal mining at Dulanga block.

NTPC Ltd is expecting to start coal production from Dulanga block by March 2015. The project is scheduled to be commissioned by 2018. The green clearance is expected after receipt of Stage-I forest clearance.

Welspun Corp announces sale of its stake in Leighton Welspun India.

Welspun Corp Limited announces that its subsidiary, Welspun Infra Projects Private Limited has entered into a Share Sale agreement with Leighton Group to sell Welspun's entire 39.88% stake in Leighton Welspun Contractors India Private Limited (LWIN) for the net cash consideration of US$99 mn. With this sale, LWIN will be renamed as Leighton India.

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