The acquisition will be done through a joint venture in which OVL will hold 60% stake while OIL will have the remaining 40%
State-owned Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) will buy Videocon Industries' 10% stake in a giant Mozambique gas field for about $2.5 billion.
The acquisition of the stake in Mozambique's offshore Area 1, which may hold as much as 65 trillion cubic feet (tcf) of gas resources, will be done through a joint venture of OVL and OIL, the two firms announced.
OVL, the overseas arm of state-owned ONGC will hold 60% stake in the joint venture while OIL will have the remaining 40%.
OVL and OIL have signed a definitive agreement with Videocon Mauritius Energy to acquire 100% of (its) shares in Videocon Mozambique Rovuma 1 for $2475 million, the statements said.
The court said that it cannot decide the plea against the company on the basis of a judgment passed by a US court against Ranbaxy
The Supreme Court today dismissed a PIL (public interest petition) seeking a probe against Ranbaxy Laboratories for allegedly manufacturing and selling substandard medicines due to lack of evidence against the company.
A bench of justices AK Patnaik and Ranjan Gogoi, however, allowed the petitioner, advocate ML Sharma, to file a fresh petition if he finds some evidence against the company in support of his allegation that the company is engaged in manufacturing and selling substandard drugs.
The bench said that it cannot decide the plea against the company on the basis of a judgment passed by a US court against Ranbaxy.
“Your entire argument is based on proceedings in the US. We have no jurisdiction over it. Show us material that things are happening in India and it adversely affects right to life of people here,” the bench observed adding, “Where is the material against Ranbaxy.”
“No material has been placed to show that drugs manufactured by any unit of Ranbaxy are substandard, adulterated, spurious and that such drugs are prohibited under the law. In the absence of such material, we cannot entertain the plea,” the bench said.
The board of Tech Mahindra and Mahindra Satyam had approved the merger on 21 March 2012. After an approval from the Bombay High Court, the Andhra Pradesh High Court gave its nod for the merger on 11 June 2013
Software services firm Mahindra Satyam was on Tuesday formally merged with its parent Tech Mahindra to create the country's fifth largest software services company.
“Over the past four years we worked through the statutory and legal issues, our teams worked closely on the ground to integrate processes, eliminate overlaps, leverage best practices and deliver enhanced value to all our shareholders,” Tech Mahindra executive vice-chairman Vineet Nayyar said at a press conference.
The board of Tech Mahindra and Mahindra Satyam had approved the merger on 21 March 2012. After an approval from the Bombay High Court, the merger had been awaiting clearances from the Andhra Pradesh High Court, which gave the nod on 11 June 2013.
Nayyar announced that Milind Kulkarni will be the CFO of the combined entity.
On the path ahead, Tech Mahindra managing director CP Gurnani said: “We will continue to focus on telecom and manufacturing. And we strongly believe that by 2015 we will be a $5 billion company.”
The Mumbai-headquartered company now has an employee strength of 84,000 serving 540 clients across 46 countries. Its revenues are at $2:7 billion.
The combined entity now has 11 locations in India and 15 overseas for BPO operations and software development.