New Delhi: Billionaire Adi Godrej said his Godrej Consumer Products Ltd may raise as much as $150 million (Rs683 crore) selling shares to fund its purchase of Sara Lee Corp.’s stake in an Indian venture and other acquisitions.
The firm plans to sell shares worth more than half the €185 million (Rs1,043 crore) it agreed to pay for Sara Lee’s 51% stake in their joint venture, Godrej said.
“We might want to raise a little more equity this time so that later on we can raise a little more debt, if required,” he had said earlier.
RIL, RNRL begin talks on gas supply agreement
Mumbai: Executives of Reliance Industries Ltd (RIL) and Reliance Natural Resources Ltd (RNRL) have started discussions on how to forge a gas supply agreement in accordance with a recent Supreme Court ruling.
The apex court had in a 7 May verdict quashed RNRL’s claim to cheaper gas from RIL’s Krishna-Godavari basin. RNRL had pressed its claim on the basis of a 2005 family pact that divided the sprawling Reliance empire between the Ambani brothers.
The apex court had given both sides six weeks to renegotiate a gas supply agreement that will be in keeping with government regulations.
— Bhuma Shrivastava
ONGC to pay Rs4,999 cr as subsidy in Q4
New Delhi:Oil and Natural Gas Corp. Ltd (ONGC) has been asked by the government to pay Rs4,999 crore as a subsidy to cover refiners’ losses from selling auto fuels below cost in the fourth quarter (Q4) of fiscal 2010, chairman R.S. Sharma said on Tuesday.