TOP CORPORATE NEWS - 14 SEP 2015

·BPCL to expand refining capacity with Rs40000 crore capex

BPCL has set a target of increasing its refining capacity to 50 million tonne per annum from the current capacity of 30 mtpa with an investment of Rs40,000 crore over the next five years as part of its overall Rs1 trillion capex plan under 'Project  Sankalp'. The Rs1-trillion capex includes Rs25,000 crore for upstream development, including developing its Brazilian and Mozambique oil and gas fields and buying more oil equity abroad.

                                                                                                                                                                                                                                                        

· Manali Petro signs MoU with Govt. of Tamil Nadu

Manali Petrochemicals announced that a Memorandum of Understanding ( MoU) has been entered into with the Government of Tamil Nadu to invest upto Rs500 crore over the next three to five years in projects for expansion of the Polyol capacity and a Power project with the facilitation and support from the Government.

                                                                                

· Rolta India wins 13 million dollar contract

Rolta India announced that it has received additional 13 million dollar contract for Engineering Information Asset Solution it has designed, developed and deployed for one of the world's largest petrochemical complexes.

· 69 small oil, gas blocks to be auctioned under revenue-sharing

69 small oil, gas blocks to be auctioned under revenue-sharing – Positive for ONGC & OIL India .Of the 69 idle oil and gas fields of state-owned by ONGC and Oil India Ltd which are to be auctioned, 27 are in Mumbai Offshore while another 15 are in the prolific Krishna Godavari (KG) basin. 10 discoveries in the Assam Shelf are also on offer. ONGC and OIL will be reimbursed the cost they had incurred on these 69 fields by the new operator. Potential value unlocking for ONGC & OIL India.

·Ashoka Buildcon allots 14,259 equity shares to employees

Infrastructure developer Ashoka Buildcon said that its Nomination and Remuneration Committee has allotted 14,259 equity shares to eligible employees under ESOP Scheme 2007. The company informed that Nomination and Remuneration Committee of the Board of Directors of the company has allotted 14,259 equity shares to eligible employees as per ESOP Scheme 2007 on September 12, 2015. The share capital of the company stands increased to Rs 93,54,59,000 divided into 18,70,91,800 equity shares of Rs 5 each fully paid, it added.

                                                                                                                                                                                                                                                    

·         Punj Lloyd units move Singapore High Court

Punj Lloyd and Semarang Engineers, the Singapore subsidiaries of Punj Lloyd group, have filed an application seeking approval from Singapore’s High Court to enter into a scheme of arrangement with their respective creditors to overcome the current short term financial constraint on account of losses suffered in its projects.

                                                    

·Oil India gets approval to produce 1 mmscmd gas in Jaisalmer

 Oil India gets approval to produce 1 mmscmd gas in Jaisalmer. The wells will be drilled in Dandewala, Bagitibba and Tanot mining lease blocks in Tanot village in Jaisalmer – Positive for Oil India.

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