Business & Economy
ONGC begins deep
water exploration
What is India News Service, Thursday, 2 December 2004, 1700 hrs IST
The Oil and Natural Gas Corporation today kicked off an effort to tap oil and natural gas resources in the deep waters by awarding an exploration contract to Clough Engineering, an Australian corporation.
Under the $ 215.35 million contract, one million tonnes of low-sulphur crude oil and six billion cubic metres of natural gas in G1-GS15 field located 28 km offshore in the Krishna-Godavari basin would be recovered.
The reserves are located in depths ranging from 155-500 metres, according to the company.
GE India forays into housing finance: GE which is aiming Rs 1,000 crore business from home loans during the first year of operations will also enter into personal loan segment.
Reliance to make major investments in West Bengal: Reliance Infocomm plans to set up a services development centre and the second branch of the Dhirubhai Ambani Institute in West Bengal.
Nokia plans mobile handset unit: Nokia announced plans to invest up to $150 million in its first mobile handset manufacturing plant. Being designed to employ 2,000 people, the site of the plant has not been finalised.
We're not asking for the moon, says Left: The Left today endorsed a People's Declaration on Development, Displacement and Rehabilitation that called for "pro-people development" as opposed to "destructive development."
Karnataka NH projects will be completed during 2005: Union minister Oscar Fernandes said 32 Central projects costing Rs 9262 crore in various sectors were under implementation in the State.
Hyundai raises prices, Maruti to follow suit: Hyundai Motor India today raised prices of its two models while Maruti Udyog and Skoda announced plans to follow suit next month to meet the rise in input costs and new emission norms.
Chidambaram refuses JPC probe into GTB collapse: Finance Minister P. Chidambaram today rejected a demand made by the Left parties for initiating a probe by a Joint Parliamentary Committee on the issue of the collapse of Global Trust Bank even as he assured that the government would not hesitate to file a criminal case if any employee was found to be deliberately involved in bringing about its downfall.
MUL sales up, but 800 skids 39%: Car maker Maruti Udyog reported a 13% jump in sales in November, though its flagship model Maruti 800 saw a slump in numbers. Maruti’s total sales stood at 42,842 units in November 2004 as opposed to 39,745 units in the same month last year, a company press release said.
Microsoft to open research facility in India: Microsoft Corp is further expanding its presence in India with plans to open a research centre in Bangalore.
Dabur to set foot in Pakistan: Dabur India will soon have a foothold on the Pakistan soil for it will be setting up a manufacturing joint venture with a Pakistani firm by the next fiscal.
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