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The Cabinet Committee on Economic Affairs (CCEA) approved ONGC Videsh's (OVL's) stake acquisition in an Azerbaijan oilfield and pipeline for a little over $1billion. The decision on Thursday allows OVL to acquire the US energy major Hess Corp's 2.7213% stake in the Azeri, Chirag and the deepwater portion of Guneshli fields in the Azerbaijan sector of the Caspian Sea and 2.36% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline.

Govt aims R27k cr via divestments

The government expects to raise R27,000 crore through the sale of its stake in state-run companies, 10% lower than the target for this fiscal year ending in March, said disinvestment secretary Ravi Mathur. The government had fixed a target of R30,000 crore in this fiscal year through partial privatisation of state-run companies.

PM forms panel on climate change

Prime Minister Manmohan Singh has constituted a high-level panel, including cabinet secretary and secretaries of various ministries and departments to assist the Prime Minister's Council on Climate Change. Chaired by the principal secretary to the PM, the Executive Committee on Climate Change will assist the council in evolving a coordinated response to issues relating to climate change at the national level.

Portal for trade, commerce issues

The commerce ministry on Friday launched a portal which will provide detailed information regarding the country's exports and imports with top 25 trade partners, besides SAARC and Asean. The portal offers exporters and importers a comprehensive guidance for concluding international trade transactions successfully with a specific focus on SAARC, Asean and top 25 trade destinations. It has been developed to facilitate exporters which may result in expansion of trade.

Global engg service centre in Chennai

L&T Technology Services, in association with Japan's Takata has opened its new global engineering service centre (GESC) in Chennai. Over the next five years, the GESC will focus on expansion and optimisation to provide value, efficiency and support, making it an advanced global development centre for Takata. During that period, L&T Technology Services will provide mechanical and electronics engineering services for Takata technical centres located in Japan, the US and Germany.

The centre will enhance global engineering R&D capabilities for next-generation automobile occupant safety and protection systems.

Ramanath is MSE executive director

KN Ramanath has assumed office as the executive director of Madras Stock Exchange. Prior to current appointment, he was the chief operating officer of Delhi Stock Exchange from October 2011 to december 2012. He held various positions in the sector such as CEO and wholetime director of BgSE Financials (a subsidiary of Bangalore Stock Exchange), AGM of Bharat Overseas Bank and Indian Overseas Bank, and fund manager with Canbank Mutual Funds, among others.

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