Monday, November 29, 1999

Briefly business

News posted by www.newsinfoline.com

OIL-IOC pulls out of Gulfsands acquisitionNew Delhi: State-run Oil India Ltd and Indian Oil Corp (IOC) have pulled out of the race to acquire Gulfsands Petroleum Plc after the UK-listed firm refused the Indian firms' request for due diligence before making a firm offer. "The Board of Gulfsands has not agreed to OIL-IOC doing a focused due diligence (based on which a revised offer could be made). In view of this, OIL-IOC will not make a revised offer," OIL Director (Finance) T K Ananth Kumar said.NDTV terminating alliance agreementNew Delhi: New Delhi Television Ltd (NDTV) is terminating its agreement with US-based Scripps Networks Interactive Inc for a strategic alliance. In November 2009, Scripps Networks had signed an agreement for acquiring 69% stake in NDTV Lifestyle in a $55-million deal. In its communiqué to the Bombay Stock Exchange, NDTV has said the firm is in the process of terminating the deal. "NDTV Group has decided to exercise its right to terminate the definitive agreements and is in the process of terminating them," it said.India attracts $1.21 bn FDI in MarchNew Delhi: India attracted foreign direct investment of $1.21 billion in March, 2010, around 38 per cent lower than that in the same month last year, an official said on Tuesday. The foreign direct investment (FDI) in March, 2009, was $1.95 billion. For the whole fiscal 2009-10, FDI fell to 25.89 billion from 27.30 billion in the previous fiscal 2008-09, the official said, adding that overseas investment lowered due to the impact of the global financial crisis.BSNL, MTNL not yet ready for MNPNew Delhi: The Mobile Number Portability, a service that allows customers to retain their number while shifting to a new operator, may get delayed further as the two telecom PSUs, BSNL and MTNL, and a few new mobile operators are yet to put in place the required infrastructure. The telecom PSUs and at least two new private operators are yet to install an MNP gateway, according to sources in the know.FritoLays launches four new flavoursMumbai: Even as the strong global sales of PepsiCo Inc's snacks and drinks helped its profit go up by 26 per cent, its Indian arm also expects double-digit growth this year, a senior company official said on Tuesday. "We have already test-marketed some new flavours this season and the products are getting a good response," PepsiCo India Director Marketing (FritoLay India) Deepika Warrier said.Fitch upgrades RIL's debt programmesNew Delhi: Leading rating agency Fitch on Tuesday upgraded the long-term debt programmes of Reliance Industries on the back of its strengthening business profile and robust cash-flow from operations. Fitch said the upgrade reflects "Reliance Industries' strengthening business profile with increasing vertical diversification across the oil and gas supply chain." ENS & PTI

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