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Peerless focus on new biz
In keeping with the Reserve Bank of India (RBI) guidelines for the Residuary Non-Banking Finance Company to exit deposit-taking business by March 2011, Kolkata-based Peerless General Finance & Investment Company scaling down its RBFC operations, while focusing on new business lines like asset and wealth management.

Rice procurement up despite low kharif output
In spite of a 15 per cent decline in the kharif rice output, the government’s rice procurement in the ongoing kharif marketing season is marginally up at 14.85 million tonnes due to an increase in purchase from the ‘grain bowl’ states of Punjab and Haryana even though procurement is down in states like Uttar Pradesh (UP), Andhra Pradesh (AP).

News of the day

Godrej Consumer Products' net triples
Godrej Consumer Products Ltd (GCPL), the fast moving consumer goods (FMCG) company, showed a consolidated net profit of Rs 93 crore for the quarter ended September, almost three times the Rs 34.7 crore figure posted in the corresponding quarter last financial year.
Corporate

Mittal opts out of Kazakh oilfield JV

Steel magnate Lakshmi Mittal has pulled out of a project involving development of an oilfield in Kazakhstan in partnership with Oil and Natural Gas Corporation (ONGC). It is now looking for buyers for its stake in another company in the Central Asian nation. - 25 more billionaires in India"s rich list - Mukesh tops Forbes India list with $32 bn fortune - L N Mittal opts out of Kazakh oilfield JV with ONGC - Selective fashion, please - ONGC-Mittal joint ventures to be merged - Mittal daughter-in-law snaps up ailing Escada Mittal Investment Sarl (MI), the holding company of Mittal family, had used the Kazakh government to muscle its way into the Satpayev oilfield in the Caspian Sea where ONGC Videsh Ltd (OVL) was shortlisted for a stake. However, just on the eve of signing an agreement for the field, MI decided to pullout, sources in know of the development said. OVL, which had in 2007 relented to the Kazakh condition of getting Mittal in the highly prospective field, has written to Almaty, saying the 25 per cent stake in Satpayev would now be acquired by it and not by ONGC-Mittal Energy Ltd — the joint venture it had with Mittal. Mittal had dumped OVL in April 2007 after it acquired 50 per cent stake in Caspian Investments Resources (CIR) from Russian oil firm LUKOIL for $980 million. Sources said it is now looking at selling its interest in the company. CIR acquisition was originally to be done by OMEL but the India-born billionaire went ahead on his own, citing opposition to OMEL from LUKOIL. Mittal now wants to exit from all oil and gas projects in Kazakhstan.


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