ONGC signs framework agreement with Sistema

Oil and Natural Gas Corporation Ltd’s subsidiary, ONGC Videsh Ltd (ONGC) has signed a “Framework Agreement on Cooperation in Hydrocarbon Sector” in Delhi with Sistema, a public financial corporation in Russia and CIS.

According to the agreement, the two companies will consider opportunities for a potential transaction involving (i) Sistema’s majority stake in JSC Bashneft and 49% stake in RussNeft, each of which owns and operates numerous fields and refining assets in Russia, (ii) ONGC Videsh’s 100% stake in Imperial Energy Corp, which owns and operates fields in Russia, and (iii) Any other oil and gas assets which the aforesaid companies may acquire before definitive agreements are signed. The parties further agreed to consider joint investments in each other’s existing and future exploratory assets in certain third countries. ONGC proposes to lead a consortium of Indian oil sector PSUs to consider acquiring the stake offered by Sistema under the agreement.

The provisions of this agreement are intended solely as the basis for further discussions between the parties on the scope, timeline and valuation parameters of a potential transaction. The parties will formulate the terms for potential transaction on 30 June 2011.

On Tuesday, ONGC declined 0.26% to Rs1,301.60 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.86% up at 20,060.32 points.

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Moser Baer India subsidiary commissions India’s largest grid-connected solar farm in Tamil Nadu

Moser Baer India Ltd’s subsidiary Moser Baer Clean Energy Ltd said that it has commissioned the country’s largest and the first 5MW solar farm at Sivaganga in Tamil Nadu.

The technical expertise for commissioning was provided by the engineering, procurement & commissioning (EPC) arm of Moser Baer Solar Ltd.

The International Finance Corporation and the IDBI bank has provided debt for the project.

The solar farm has been commissioned using amorphous silicon thin film technology which is best suited for the Indian climatic conditions and is connected to the 110KVA local grid. The project had been awarded by the Tamil Nadu Energy Development Agency and is being implemented under the generation based incentive scheme of the Ministry of New & Renewable Energy, Government of India.

On Tuesday, Moser Baer India gained 0.98% to Rs56.80 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.86% up at 20,060.32 points

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India for deepening economic ties with Singapore

Singapore: India plans to deepen its economic ties with Singapore as part of its ‘Look East policy’, with bilateral trade expected to touch SGD30 billion this year, reports PTI.

Bilateral trade between India and Singapore is expected to touch SGD 30 billion this year, recovering strongly from the recession hit 2009, Indian High Commissioner to Singapore, Dr TCA Raghavan said here on Tuesday.

Bilateral trade between the two countries dipped to SGD 22 billion last year due to the global recession but was SGD 28 billion in 2008, having surged from SGD 12 billion in 2005 following the implementation of the Comprehensive Economic Cooperation Agreement.

“Singapore is a very important partner of India,” he told a Singapore press conference for ‘The India Show 2011’ to be held January 14-16, 2011 in the city.

“We have seen a very good recovery from 2008 and a good financial investment climate,’ said Dr Raghavan.

Meanwhile, India’s commerce and industry minister Anand Sharma would be leading a high level ministerial and CEOs delegation to Singapore for ‘The India Show’.

Some 80 Indian corporations will be exhibiting at the show which would also have a symposium aimed at further nurturing the good relationship between India and Singapore.

Dr Raghavan said the show is part of the Indian government’s ‘Look East Policy,’ and would acquaint business visitors with the latest in Indian products and technology, help them understand the trends and offer opportunities in various sectors of the Indian economy as well as have the corporate worlds of the two countries discuss business co-operations.

The 14th January ‘India Symposium’—themed ‘Indovations: Ideas for the World’, would highlight the innovation in the Indian manufacturing, services and infrastructure sectors.

The Indian businesses participating in the show would be seeking to establish partnership and strategic links with Singapore's small and medium enterprises as well as major corporations in the infrastructure sector, especially seeking out water-technology and urban development expertise, he said.

Though the show would focus on Singapore companies, a number of regional businesses have registered to participate in the show, the largest ever of its kind in Southeast Asia.

ANTRIX, the Indian space research organization, would also be participating in the show.

ANTRIX physicists would join counterparts from the National University of Singapore in a day-long conference focusing and exploring the potential of development in the science fields between the two countries.

ANTRIX would be launching Singapore’s first commercial satellite in about a month, said Dr Raghavan.

The highlights of the show would include Tata Technologies’ ‘Nano’ car and Indian wines as the Indian business put in aggressive efforts to promote ‘Brand India’.

Indian wine producers have some 700 Indian restaurants in Singapore, to exploit the city’s market, he pointed out.

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