Tata Communications (Hong Kong) Ltd, a wholly-owned indirect subsidiary of Tata Communications Ltd and the shareholders of China Entercom Communications Ltd (CEC) have jointly withdrawn their equity joint venture application with the Chinese government. Both organisations have mutually agreed to terminate the various agreements memorialising Tata Communications' equity investment in CEC.
CEC and Tata Communications will continue with their existing network services co-operation relationship and have also entered a new co-operation agreement whereby Tata Communications and CEC will work together on a commercial basis to allow Tata Communications to benefit from access to CEC's network and assets in China, as Tata Communications continues to focus on this key market.
The companies mutually agreed to withdraw the equity joint venture application due to the uncertainty of whether any regulatory approvals from the Chinese authorities were forthcoming. While the equity joint venture has been called off, the Tata Communications will continue to work with CEC to further their plans in China.Through the co-operation with CEC, Tata Communications will provide virtual private network (VPN) services to the main cities of China.
On Thursday, Tata Communications' shares ended 4.03% up at Rs250 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.59% up at 16,922 points.
JSW Energy Ltd has entered a memorandum of understanding (MoU) with Osho Venture FZCO, Dubai (Osho) and Indian Ocean Mining (Pty) Ltd, South Africa with an intention to acquire 70% equity interest in Indian Ocean Mining from Osho.
Indian Ocean Mining has certain coal prospecting rights in north west region of South Africa. The aforesaid MoU is part of the strategy to enhance fuel security for which the company is continuously evaluating various strategies and proposals to secure long term imported coat linkages.
The MoU is subject to company carrying out due diligence, execution of definitive agreements and compliance with regulatory requirements.
On Thursday, JSW Energy's shares ended 2.35% up at Rs121 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.59% up at 16,922 points.
Reliance Power Ltd has said that its wholly owned subsidiary, Reliance Coal Resources Ltd, has entered share purchase agreements to acquire the entire share capital of two coal companies in Indonesia.
These two Indonesian companies own three coal mines in Indonesia.
The coal from these mines will be used in the Krishnapatnam Ultra Mega Power Project and other power projects of the group.
On Thursday, Reliance Power's shares ended 2.76% up at Rs156 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.59% up at 16,922 points.