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ArcelorMittal on Thursday said it has reached a pact to sell its 50% stake in South African miner Kalagadi Manganese for $447 million to chairperson of joint venture partner Kalahari Resources. “A definitive agreement has been reached whereby Mashile-Nkosi, or her nominee will acquire ArcelorMittal’s 50% interest in Kalagadi Manganese,” ArcelorMittal said in a statement. The company said it will receive “a cash consideration of not less than R3,900 crore, or $447 million, on closing of a sale and purchase agreement.”

RIL gets nod to drill a well in D-19 field

Upstream oil regulator DGH has given nod to Reliance Industries (RIL) to drill a well as part of the $1.529 billion plan to develop four satellite gas fields around the now flagging main fields in the eastern offshore KG-D6 block. The Directorate General of Hydrocarbons (DGH) on November 2 wrote to the Joint Secretary (Exploration) in the Ministry of Petroleum and Natural Gas that one development well KG-D6-G2 in the Dhirubhai-19 or D-19 field may be agreed. D-19 is one of the four satellite gas field whose optimised field development plan was approved in January this year, the DGH wrote.

Audi to hike price of cars by 5% from January

Close on the heels of BMW announcing a 10% hike in prices of its cars from January 1, rival luxury carmaker Audi has also said that it will increase prices by 5% across its entire model range from the same date. “The overall market

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