1. Govt okays OVL’s 11% stake buy in Russian asset

Govt okays OVL’s 11% stake buy in Russian asset

The Cabinet Committee on Economic Affairs on Wednesday gave its nod to an acquisition by ONGC Videsh (OVL) of 11% stake in Russia’s Rosneft-operated Vankorneft.

By: | Published: October 6, 2016 6:33 AM

The Cabinet Committee on Economic Affairs on Wednesday gave its nod to an acquisition by ONGC Videsh (OVL) of 11% stake in Russia’s Rosneft-operated Vankorneft. OVL will be paying $930 million for the same.

Earlier in May 2016, OVL acquired 15% stake in the same asset for $1.284 billion, which is the Indian explorer share of 4.11 million tonnes of oil equivalent (mtoe). The additional 11% acquisition will provide another 3.2 mtoe to OVL by 2017. It will also provide an opportunity to Indian public sector oil and gas companies to acquire new technologies from Rosneft. Country’s first Medipark in TN

Country’s first Medipark in TN

The Cabinet on Wednesday also gave its approval to HLL Lifecare, a mini ratna PSU, to sub-lease around 330 acres of land at Chengalpattu on the outskirts of Chennai as part of setting up a medical devices manufacturing park (Medipark) through a special purpose vehicle (SPV). Following this go-ahead, HLL Lifecare can now sub-lease the land, through a transparent bidding process, to
desirous investors.

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