20 years ago today

Twenty Years ago today

June 29 | Updated on June 28, 2021

Batata, BPL in mega cell venture

The two cellular giants — Birla-Tata-AT&T and BPL Communications — today announced they were entering into a deal to form a joint venture whose enterprise value they put at over $2 billion (Rs 9,400 crore). Birla-Tata-AT&T would have an equity stake of 50.68 per cent in the joint venture, and the BPL consortium would hold 49.32 per cent. In one stroke, they would also garner almost one- fourth, (or 24 per cent, numbering one million) of the total cellular subscribers in the country.

GE Shipping in race for Essar drilling business

Great Eastern Shipping Company Ltd is in the race for acquiring the drilling business of Essar Oil Ltd. A company source said GE Shipping is among the four parties which have shown interest in the drilling division. Others include two international operators of which one is an Egyptian company. Essar had mandated global consultants KPMG for valuing and identifying a buyer for the business as an on-going concern. The company owns 11 land rigs which are currently employed in the Gulf countries. According to company sources, the division is a profit-making one with several contracts under its belt.

States willing to buy only 700 MW surplus from DPC

The Central Electricity Authority (CEA) has told the Power Ministry that the neighbouring States will be willing to purchase only 700 MW of surplus power from the Dabhol project. Some States have said that they are interested in peak power. Karnataka, Delhi, Gujarat, Haryana and Madhya Pradesh have suggested an average contract period of two years. Karnataka is the only State which has shown interest in picking up power round the clock, throughout the year.

Published on June 28, 2021

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