Corporate | RIL may spend $4.5 bn in FY10, says JPMorgan

Corporate | RIL may spend $4.5 bn in FY10, says JPMorgan
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First Published: Fri, Apr 24 2009. 10 26 PM IST
Updated: Fri, Apr 24 2009. 10 26 PM IST
New Delhi: Reliance Industries Ltd (RIL) plans to spend as much as $4.5 billion (around Rs22,450 crore) on projects this year, JPMorgan Chase and Co. said. Expenditure in the year that started in April will be on exploration and development of fields and the completion of a refinery owned by unit Reliance Petroleum Ltd, Pradeep Mirchandani and Adarsh Parasrampuria, analysts at JPMorgan, said in a note on Friday. RIL may spend $800 million on energy exploration, they said.
-- Bloomberg
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GE, Bhel plan to make locomotives in India
New Delhi:Bharat Heavy Electricals Ltd (Bhel) plans to make high-capacity diesel locomotives with General Electric Co. (GE) for Indian Railways, Bhel chairman K. Ravi Kumar said on Friday.
Bhel expects a purchase assurance from Indian Railways after the close of general election, following which it will form a venture with GE, Ravi Kumar said in an interview. Indian Railways will be our only customer, Ravi Kumar said.
GE and Bhel expect to sign an agreement with Indian Railways in the second half of this year, according to the US company’s 16 February release.
-- Bloomberg
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Shantha Biotech: French co to hold majority stake
Hyderabad: Shantha Biotechnics Ltd on Friday said France’s Mérieux Alliance Group would dilute some of its stakeholding in the Hyderabad firm but retain its majority interest.
“In our discussions with the Mérieux group, we have been given to understand that they are interested only in bringing in a minority stake holder who can bring in technology, intellectual property rights or access to new markets,” Varaprasad Reddy, the firm’s managing director, said after launching the country’s first vaccine for cholera.
Mérieux Alliance holds 79% stake in the firm, and Reddy holds 14%.
The firm’s cholera vaccine, Shanchol, was developed by Vietnam-based VaBiotech, which transferred the technology to Shantha. The drug has regulatory approval for marketing in India, Reddy said.
--Lison Joseph
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First Published: Fri, Apr 24 2009. 10 26 PM IST