Gail buys 20% in US shale asset for $95 million
Gail India has acquired 20% interest in a US shale gas asset operated by Texas-based Carrizo Oil & Gas for $95 million, in a deal that marks Gails entry into North Americas shale gas business. Gail would invest around $300 million in Eagle Ford shale acreage, described as the most economically attractive unconventional resource play in North America over the next five years. This includes the upfront payment of $ 63.7 million and a carry amount of $31.3 million linked to Carrizos future drilling and development costs, Gail stated here. Most of the investments will be funded by the US arm of Gail from its earnings.
M&M launches XUV500 at R10.80 lakh
Mahindra & Mahindra ( M&M) on Thursday, launched sports utility vehicle XUV500. The SUV will cost between R10.80 lakh (ex-showroom Delhi) for the base W6 model and R11.95 lakh for the top-end W8 2WD model. It will begin bookings from Saturday. Anand Mahindra, vice chairman, M&M said this vehicle would redefine M&M as the Scorpio did nine years back. The XUV500 will be produced at the companys Chakan plant in Pune. This is an attempt to create a new segment. The company is positioning the vehicle between the Scorpio and other high-end SUVs such as Chevrolet Captiva, Pawan Goenka, president (automotive and farm equipment), M&M, said. XUV500 will be launched in South Africa on Friday. In next six months, it will be launched in Australia, South and Central America, Western Europe and Saarc countries, Goenka said. M&M also said it intends to use its association with Korean vehicle maker Ssangyong to develop more variants and new products.
HCC Concessions sells stake to Xanders Group
HCC Concessions sold 14.5% stake to British private equity fund Xanders Group for R240 crore, the company officials said on Thursday. HCC Concessions is laying 6 toll based roads won from National Highway Authority of India. We are excited about the potential of the build operate and transfer concessions business and have created a vertical to capitalize on the opportunity, HCC CMD Ajit Gulabchand said. The money will be used fund its existing projects and also grow the portfolio in partnership with Xander. HCC Concessions may look at further stake dilution, Gulabchand said.
Rane Holdings acquires 26% in SasMos HET Tech
Marking its entry into defence and aerospace, auto component maker Rane Group has acquired 26% equity stake in SasMos HET Technologies, a company engaged in manufacturing interconnection systems for various applications in the defence and aerospace industries, for an undisclosed amount. The $500-million group acquired the stake through one of its group companies, Rane Holdings. Rane Group has been exploring opportunities to go beyond its current presence in automotive industry.
Kalpathi Group buys out Rantech IT Park for $10 m
Chennai-based Kalpathi Group, which has interests in private equity and entertainment, has acquired the ready-to-occupy Rantech Towers, an IT Park located on the IT corridor in Sholinganallur on the outskirts of Chennai for close to $10 million. Kalpathi S Suresh, chairman, Kalpathi Group said, With the six-laning of the OMR, increasing number of companies are opting to expand their presence in south Chennai. We will see an entirely new OMR in the coming years.
USL to invest R350 crore in glass plant
United Spirits (USL) is investing R350 crore in a glass bottle manufacturing facility for its captive requirement, in a bid to drive down the companys input costs. The first plant is intended to come up in Vijayawada in Andhra Pradesh. We are finalising the capacity, Vijay Mallya told reporters. The facility, expected to come up in two years, would meet at least 20% of the companys requirement, said Ashok Capoor, MD, USL. The company is looking at a capacity of around 600 tonnes per day, he said.