Bhel, NTPC form JV for power plant contracts

Bhel, NTPC form JV for power plant contracts

Mumbai: India’s biggest power equipment maker Bharat Heavy Electricals Ltd formed a joint venture with NTPC Ltd to win power-plant construction contracts.

NTPC, the country’s biggest power generator, and Bhel will operate engineering and construction business in the venture, Bhel said in a filing to the Bombay Stock Exchange .

The two companies will each own half of the joint venture, NTPC had said in September.

-Bloomberg

Oil India files share sale documents with Sebi

Mumbai: State-run oil and gas explorer Oil India Ltd has filed share sale documents with the stock market regulator, Securities and Exchange Board of India (Sebi).

The company, which plans to sell 26.4 million shares through an initial share sale, received government approval to sell shares in August this year. The explorer may sell a 10% stake in the public offering. Another 10% government stake in the company will be sold to three other state-run refiners, finance minister P. Chidambaram had said on 30 Aug.

-Bloomberg

Govt reduces fertilizer subsidy estimate

New Delhi: The government has reduced the fertilizer subsidy estimates to 45,500 crore for the financial year 2007-08 from 8,000 crore expected earlier . "The decision was taken while calculating the revised estimates along with the finance ministry. The fall in estimates is due to the rupee appreciation which has in turn made the fertilizer imports cheaper," said a fertilizer ministry official who did not wish to be identified.

-Udit Misra

ABG Shipyard wins Rs1,000 cr orders

Mumbai: India’s biggest shipbuilder outside state control ABG Shipyard Ltd won additional orders of more than Rs1,000 crore from customers.

ABG won $184.5 million (Rs726.9 crore) of orders from Thailand’s Precious Shipping Public Co. and ESLL of Cyprus to build five bulk carriers, the Mumbai-based company said in a statement to the Bombay Stock Exchange.

It secured contracts worth $34.2 million to build two ships for Lamnalco Ltd of Cyprus and a $46 million order for two vessels from Maridive and Oil Services SA.E of Egypt.

-Bloomberg

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