Mumbai: The country’s second largest private oil firm, Essar Oil Ltd, plans to raise up to $2 billion (Rs7,880 crore) to fund expansion and expects its expanded 210,000 barrels per day Vadinar refinery to be ramped up to full capacity by March.
It will use the proceeds for exploration and expansion of its refinery and marketing network as well as working capital needs, the company said in a statement.
Essar will seek shareholder approval to issue shares and/or convertible debentures in the domestic market or an issue of share and/or convertible bonds in the overseas market. Reuters
Bric countries to help VW set new sales record
Frankfurt: The biggest European car maker, Volkswagen AG (VW), is banking on emerging markets to help set a new sales record this year, a top executive said in an interview to appear on Thursday.
“In 2008 we expect a strong boost from Bric countries, that is Brazil, Russia, India and China,” distribution director Detlef Wittig told the specialized weekly ‘Auto Motor und Sport’.
VW was aiming “prudently for a growth figure at the top of our range,” of between 5% and 9%, Wittig said. AFP
Foreign law firms entry plea decision in Feb
New Delhi: The Bombay high court on Wednesday fixed 26 and 27 February for the final disposal of the petition that questions practice of foreign law firms in India. The petition was filed by Lawyers Collective, a legal service provider, in 1995, challenging a few foreign firms that were holding licences with the Reserve Bank of India that granted them permission to have liaison offices in India. Malathi Nayak
Rel Power to complete refund process by 1 Feb
Mumbai: Anil Ambani group’s Reliance Power Ltd, which saw demand worth about Rs7.5 trillion in India’s biggest initial public offer earlier this month, will refund close to Rs1 trillion to investors for unallotted shares.
The company is aiming to complete the refund process by 1 February, officials familiar with the development said. PTI
Wockhardt lowers IPO price band
Mumbai: Health care services firm, Wockhardt Hospitals Ltd, on Wednesday revised the price band for its initial public offering (IPO) of 25.08 million equity shares.
The IPO has now been priced between Rs225 and Rs260 per equity share, a company statement said. This is lower than the Rs280 to Rs310 price band announced earlier. Staff Writer