NMDC-SIIL merger likely by January

NEW DELHI: The country’s largest iron ore producer NMDC expects the proposed merger of secondary steel maker SIIL with itself to take place in January, after it gets the corporate affairs ministry's clearance. “I am hopeful that the merger will take place by January as the hearing for it by the ministry of corporate affair will take place on November 17,” NMDC chairman Rana Som said.

ONGC-Mittal merge JV with exploration

NEW DELHI: Oil and Natural Gas Corp on Thursday said its energy trading joint venture with steel tycoon Lakhsmi Mittal will be merged with their exploration tie-up, but did not tell why it failed to make equity contribution in the venture. ONGC had in 2005 formed two joint ventures with Mittal — ONGC Mittal Energy Ltd for acquisition of oil properties and ONGC Mittal Energy Services Ltd for trading and shipping of oil and gas, including liquefied natural gas.

OVL to invest $70 mn more in Brazil

NEW DELHI: The government on Thursday allowed ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, to invest an additional $70 million in an oilfield in Brazil, taking its total investment in the project to $748 million. The Cabinet Committee on Economic Affairs (CCEA) has authorised OVL to make an additional investment of $70 million, taking the total cash put in BC-10 project to $383 million, home minister P Chidambaram said.

ArcelorMittal buys 14 pc stake in Czech arm

NEW DELHI: The world's largest steel maker, ArcelorMittal, on Thursday said it would acquire additional 13.8 per cent stake in its Czech arm ArcelorMittal Ostrava for $404.3 million (around Rs 1,900 crore). “ArcelorMittal...has signed an agreement to acquire a 13.881 per cent stake in ArcelorMittal Ostrava from a subsidiary of PPF GROUP, an international financial and investment group in Central and Eastern Europe, for approximately $404.3 million,” the company said in a statement here.

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