ESSAR DUO SET TO RAKE IN Rs534 CR FROM STAKE SALE

Article Abstract:

Essar Steel and Essar Oil may get cash inflows of Rs440 crore and Rs94 crore respectively through the sales of their equity stake in Essar Power Ltd (EPL). Essar Steel holds a 42 percent stake in the Rs524 crore equity of EPL while Essar Oil holds 9 percent. Prime Hazira of Mauritius, which holds a 49 percent stake in EPL at present, has been permitted by the Foreign Investment Promotion Board to acquire the entire equity stake of the company. (khr)

Comment:

Sells 9% stake in Essar Power to Prime Hazira of Mauritius for Rs94 crore

Asset sales & divestitures, Article, Essar Steel Ltd., Essar Power Ltd., Essar Oil Ltd.

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TNEB, TEXAS UTILITIES TO SIGN AGREEMENT

Article Abstract:

A memorandum of understanding is to be signed by the Tamil Nadu Electricity Board and Texas Utilities of the US to concentrate on demand-side management, restructuring, independent power and plant management. TNEB is to exchange technical personnel with the US company for training and cooperation under the energy partnership programme. (khr)

United States, Administration of General Economic Programs, Alliances, partnerships, Energy, Utilities, Foreign Aid-Technical Assistance, TXU Corp., TXU, Power resources, Foreign technical assistance

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