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The Mint Report for 16 June 2010

The Mint Report for 16 June 2010
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First Published: Wed, Jun 16 2010. 09 38 PM IST
Updated: Wed, Jun 16 2010. 09 38 PM IST
American mobile phone chipmaker Qualcomm is looking to strengthen its Indian presence. It’s in talks to sell a twenty six percent stake in its Indian subsidiary to a local partner. The Indian ownership will make the subsidiary eligible to apply for an Internet service provider license.
ONGC’s overseas subsidiary may have struck less oil than previously thought. We’ve learnt that its biggest acquisition, the Russia-focused Imperial Energy, is expected to see a peak production that’s a little over half the original estimate. When it first made the deal, ONGC’s overseas unit OVL expected a peak production of eighty thousand barrels of oil a day. But a review meeting in March cut that estimate down to forty five thousand barrels by 2015. OVL completed its $2.1 billion acquisition of Imperial Energy back in 2009.
Singapore has given Fortis Healthcare a deadline. Securities regulator SIC has given it until 30 July to decide if it wants to make a full offer for Parkway. Fortis currently owns about 25% of Parkway. But it’s also facing competition from Maylasian sovereign fund Khazanah, which recently made its own bid for the Singaporean company.
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First Published: Wed, Jun 16 2010. 09 38 PM IST