The Mint Report for 13 October 2011

The Mint Report for 13 October 2011

Government-run energy firm Oil India Limited. Mint has learnt the company is looking for advisors to help it scout for assets overseas. The company plans to list eight outfits that will advise it on securing oil fields in Africa. Advisors will include Goldman Sachs, Royal Bank of Canada and Royal Bank of Scotland. OIL has teamed up with ONGC to hunt for coal and gas assets abroad to help meet India’s growing demand. OIL is currently focusing on West African countries like Gabon and Nigeria.

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New data shows little respite in India’s food inflation in the last week of September. The country’s food price index rose 9.32% in the period to the first of this month. The week before, it was at 9.41%. Food inflation has stayed at over 9% for three weeks in a row now. Prices of food items have remained high despite a monsoon that’s estimated to have been 1% above average this year.

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