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ArcelorMittal on Thursday said it has reached a pact to sell its 50% stake in South African miner Kalagadi Manganese for $447 million to chairperson of joint venture partner Kalahari Resources. "A definitive agreement has been reached whereby Mashile-Nkosi, or her nominee will acquire ArcelorMittal's 50% interest in Kalagadi Manganese," ArcelorMittal said in a statement. The company said it will receive "a cash consideration of not less than R3,900 crore, or $447 million, on closing of a sale and purchase agreement."
RIL gets nod to drill a well in D-19 field
Upstream oil regulator DGH has given nod to Reliance Industries (RIL) to drill a well as part of the $1.529 billion plan to develop four satellite gas fields around the now flagging main fields in the eastern offshore KG-D6 block. The Directorate General of Hydrocarbons (DGH) on November 2 wrote to the Joint Secretary (Exploration) in the Ministry of Petroleum and Natural Gas that one development well KG-D6-G2 in the Dhirubhai-19 or D-19 field may be agreed. D-19 is one of the four satellite gas field whose optimised field development plan was approved in January this year, the DGH wrote.
Audi to hike price of cars by 5% from January
Close on the heels of BMW announcing a 10% hike in prices of its cars from January 1, rival luxury carmaker Audi has also said that it will increase prices by 5% across its entire model range from the same date. "The overall market scenario is challenging. The rise in input cost, depreciating rupee as well as continuous increase in fuel prices have made us re-evaluate our pricing strategy in India," said Michael Perschke, Head, Audi India. However, the third major player in the segment, Mercedes-Benz, is yet to announce any such price increase.
Volvo earmarks 30% of India engines for export
Volvo aims to eventually export 30% of the capacity at its Indian engine plant opening next year as the world's No.2 truck maker looks to leverage cost-efficiencies from its operations in Asia's third-largest economy. Volvo will also increase the annual capacity of the plant by 25% from 80,000 engines by 2016, CEO Olof Persson said on Thursday. "The long-term capacity of the engine factory is 100,000 engines," Persson said. "Around 30% of that is going out of India into the European system." The automaker will work with Eicher to accelerate localisation of parts in the engines produced at the plant in Pithampur, central India, Persson said.
Airtel African customers need not pay roaming fee
Bharti Airtel has made international roaming on incoming calls free for all its African subscribers when they roam on Airtel's Southern Asia network of India, Bangladesh and Sri Lanka. A statement released by Airtel explained that currently the value of trade between the two trading partners, India and Africa stands at $60 billion and India is the main destination for most of African travellers for trade, tertiary educational institutions and affordable medical facilities, a reason that prompted the company to make roaming free.
TCS collaborates with SAP for app development
Tata Consultancy Services (TCS) has collaborated with SAP AG on the development of their retail execution mobile app version 3.0. The new version will improve productivity of CPG sales representatives during store visits and to provide merchandisers and promotions planners with critical insights on product placement and distribution and promotional impact. It integrates mapping, phone, camera and e-mail features on a mobile device, enabling sales teams to drive business processes and initiate business events from any location.
Monnet Ispat Q2 net down 7% to R71.29 cr
Steel and power producer Monnet Ispat and Energy's standalone net profit declined by 7.34% at R71.29 crore in the second quarter of the current fiscal on higher finance costs and tax expenses. The company had reported R76.94 crore net profit in the July-September quarter of the last fiscal, it said in a filing to the BSE. Net income of the company during the quarter, however, went up to R549.40 crore compared with R458.55 crore in the year ago period.
Vedanta seeks Moily's nod for exploration
Vedanta Resources chairman Anil Agarwal has sought intervention of the new oil minister M Veerappa Moily to help his group firm Cairn India raise output from the Rajasthan oil fields by allowing further exploration the prolific block. Cairn India is looking to increase Rajasthan field output from current level of 175,000 barrels per day (bpd) to 300,000 bpd (15 million tons per annum) and had several months back made an application to the oil ministry seeking permission to explore within the ring-fenced development area that contains 25 oil and gas finds.
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