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Deep water blocks for oil MNCs
India will soon be opening up deep water blocks in its exclusive economic zone (EEZ) to the multinationals for oil exploration. The announcement was made by the Petroleum Minister. Mr. Satish Sharma, while addressing the World Petroleum Congress at Stavanger, Norway, on Wednesday. Mr. Sharma also promised to offer more oil fields to the private sector for oil exploration. He said vast areas in India were yet to be explored fully. This required enhancement of both the quality and quantity of seismic data in these basins.
Cos skirt SEBI cap
Corporates, aided by domestic institutions, are entering deals to beat the 15 per cent cap on private placement with foreign institutional investors imposed by SEBI and the 2 6-week-high price regulation. With the RBI having cleared over 20 applications for preferential allotment to FIIs, filed before April 30, company managements, aggressive investment bankers and finance companies are finalising several back-to-back deals. Through these, several medium-sized companies place their equity with a domestic institution, which in turn, places it with FIIs.
Ramifications not comprehended by unions
The ramifications of Mukand giving up its bid to acquire the Indian Iron & Steel Co., after patiently waiting for over a year since the acceptance of its offer by the Centre, will be clear, gradually. And, as the ramifications unfold, there may be a few lessons to learn for many of those who became a party to the unsavoury episode. At this point of time, it would appear that the Steel Ministry has failed to realise its objective of privatising IISCO to facilitate the modernisation of the Burnpur Works.
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