Nalco to launch Rs 18,000 crore project by Jun 2011
Nalco has selected UAE-based RAK Minerals as JV partner for its Rs 18,000 crore aluminium-cum-powder project in Indonesia and is looking at commencing work on it by Jun 2011. The Company proposes to set up a 0.5 million tonne per annum aluminum smelter and a 1250 MW thermal power plant in east Kalimantan, Indonesia as part of its ongoing Rs 58,000 crore capacity expansion plan.
JV agreements will be finalized in next six months and the Company expects to start work on projects by Jun 2011. Nalco"s investment would be 15 percent of the total project cost, while JV partners would fund 15 percent and the remaining 70 percent will be funded through loans.
Ventureeast plans to launch $200-million fund in 2011
Ventureeast, a venture capital and private equity firm focusing on life sciences, technology and emerging sectors, is planning to launch a $200 million fund next year. It is looking in three areas, where, agriculture & food processing clean environment and health care.
Reckitt Benckiser all set to acquire Paras Pharma
Reckitt Benckiser India, the Indian arm of the UK based company, which makes Dettol antiseptic soap, Mortein mosquito repellent and Cherry Blossom shoe polish has set to acquire Paras Pharmaceuticals.
As per the Media sources, the deal size is likely to be between Rs 3000-3500 crore. The unlisted Reckitt Benckiser has been scouting for local acquisition. Paras promoters hold 30 percent in the Company, the remaining 70 percent stake is owned by private equity firms Actis Advisors and Sequoia Capital. The private equity players are looking to offload their stake for over Rs 3,200 crore.
OIL eyes Cauvery Basin for offshore plans
Oil India Ltd (OIL) has set its eyes on the Cauvery Basin to start its first offshore exploration activity as an operator under the NELP regime. OIL is making an entry into this area after almost two decades. The target is to start the seismic work before the onset of monsoon. The company has invited expression of interest for seismic contracts.
Seismic surveys help an exploration company to identify a favorable location to start the drilling activity. The Block CY-OSN-2009/2 was won by OIL in NELP VIII, where ONGC is OIL's partner with 50 percent stake. OIL has 65 exploration and production blocks, of which 30 are NELP blocks. Of this, in 12, OIL is an operator. The company's focus will remain in enhancing the production of crude oil on a sustainable basis and to discover hydrocarbons in the NELP blocks.
(An article by DAS CAPITAL MANAGEMENT AND ADVISORS Pvt Ltd)