Business, Energy, World

ONGC Videsh updates from Middle East

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is likely to invest .45 billion in an oil block in Iraq that was awarded to it by the erstwhile Saddam Hussein regime.

“The service exploration and production contract for Block-8 have been concluded and the agreement is likely to be signed in the next couple of months,” an official said.

Block-8, located in the western desert in southern Iraq bordering Saudi Arabia, was awarded to OVL in November 2000 by the then Saddam Hussein government. However, the government formed after the US invasion of the oil-rich country, sought re-negotiation of the contract which has now been concluded. The block already has a discovery and is estimated to hold 645 million barrels of reserves, of which 54 million are recoverable, he said adding OVL has committed investing million in two phases of explo ration and .45 billion in development of the reserves thereafter.

The contract would be a service contract wherein OVL will be paid about 18 per cent rate of return on its investment. The official said OVL was also considering bidding for the six producing oilfields Iraq has put on offer in its first licensing auction.

The official said Iraqi law allows foreign firms to hold a maximum of 75 per cent stake in the oilfields put on offer. The six producing oil fields on offer are: Kirkuk and Bai Hassan in the north, North and South Rumaila, West Qurna-I, Zubair and the three Meissan fields in the south. Besides, two gas fields — Akas in the western Anbar desert and the Mansooriya field in northeast of Baghdad, are also on offer.

Business

Reliance Communications Results: Q4 FY2009

Reliance Communications (RCOM) Q4 FY09 Results and Highlights

  • consolidated net profit went up 3.12% at Rs 1,454.3 crore from Rs 1,410.3 crore (QoQ).
  • consolidated net sales increased 1.5% to Rs 5,522.8 crore vs Rs 5,441.5 crore (QoQ).
  • Q4 other income up at Rs 325.9 crore vs Rs 178.42 crore.
  • RCOM added 11 million subscribers in Q4.
  • RCOM now has total subscriber base at 73 million (second behind 94 million of Bharti Airtel)
  • Low cost service will help margin despite competitive tariffs.
  • Wireless market share has increased from 18% to 19% in Q4.
  • Communication Towers (Passive Infrastructure) : RCOM added 5,000 towers in Q4; total tower base is 48,000
  • RCOM launched Net Connect broadband programme with speed at 3.1 mbps
  • Capex intensity is to reduce substantially in FY10.
  • FY10 capex guidance at Rs 10,000 crore; lesser than preliminary guidance of Rs 15,000 crore.

We believe RCOM offers a good long term India investment opportunity despite near term problems in revenues, because it has been building an infrastructure with latest technologies, for economies of scale, and has lined-up diverse services for stability in revenue sources, and actively acquired other companies where RCOM did not have depth. Therefore, we believe in the growth potential of RCOM, and the buisness will generate cash flows in the coming years.

Business, Finance

ICICI Bank needs to raise $1bn for FY2010 liabilities: Chanda Kochhar

ICICI Bank needs to raise $1 billion to meet the liabilities at the bank’s global operations due this year, said new CEO Chanda Kochhar. Out of the total $2 billion due to repay, half of the amount will be met through the assets maturities while the rest could be through deposits. ICICI will fund growth in the overseas businesses through raising retail deposits and avoid sales of bonds and interbank borrowing, said Kochhar.

“The rate of growth of that business is definitely going to be very different; in the past, that business has grown 50-60% for us,”‘ said Kochhar. “In the coming year, the growth rate is going to be very moderated” as Indian companies pare back their plans of overseas expansion as well as acquisition, she said. [source : Asian Cerc]

Heritage, Travel

Akshardham Temple in Delhi

Akshardham Temple built in New Delhi by Mskadu.
Akshardham Temple Delhi at Night by ramesh_lalwani.

Image source: flickr.com/photos/ramesh_lalwani/3784131664

The Swaminarayan Akshardham Temple in New Delhi, India was constructed by the BAPS foundation, who are the builders of the various Swaminaryan Temples across the world. The temple went live in 2005.

Swaminarayan Akshardham Temple in New Delhi symbolizes 100 centuries of Indian culture in breathtaking grandeur. The temple showcases the essence of India’s ancient architecture, traditions and timeless spiritual messages.

Swaminarayan Akhshardham Temple in Delhi, which was originally a pilgrimage place, is also becoming a major tourist attraction for the India tourists today. Entry to the complex is free however entry into the theater and exhibition has a nominal fee.

Swaminarayan Akshardham temple is located in the eastern part of Delhi, India with its monumental creations and breathtaking grandeur stands apart amongst the country’s most fascinating structures of all time, with intricately carved pillars, statues of deities and divinites adorned on its walls.

The temple is constructed with pink sandstone from Rajasthan and white marble from Italy. The pink stone symbolizes Bhakti (Devotion) in eternal bloom while the white marble stands for absolute purity and eternal peace.

Constructed under the patronage of Bochasanvasi Aksharpurushottam Swaminarayan Sanstha (BAPS), the temple is a tribute to the glorious culture of India while, at the same time giving a unique glimpse of Hinduism as well.

Heritage, Travel

Jama Masjid in Delhi

http://farm3.static.flickr.com/2048/2423323058_6132a8445d.jpg

Image Source: www.flickr.com/photos/sanzen/2423323058/

Built in 1656, the Jama Masjid in Delhi, India is an eloquent reminder of the Mughal cultural heritage. Its spacious courtyard holds thousands of the faithful who offer their prayers here. Built by Shah Jahan, Jama Masjid was begun in 1650 and it took hard work of six years of more than 5000 workers to build the largest mosque in India.

It was customary for the emperor and his courtiers to go to the mosque every Friday for attending ‘Jumme ki namaaz’, the congressional prayers. Built by a workforce of 5,000 people, the mosque’s three gateways, four towers and two minarets are testimony to the fine architecture of that period. The slender minarets grace the facade, one on each side, rising to a height of 130-feet.

Built between 1644 and 1658, Jama Masjid is one of the last architectural works of the Mughal emperor Shah Jahan. The spacious courtyard of the Jama Masjid holds thousands of faithful. Built of red sandstone, the Jama Masjid faces towards west. The mosque measures 261 feet (80 m) in length and 90 feet in width.

Tourists are permitted to enter the mosque arena through the northern and the southern gates. The mosque is about 80 meters long and 27 meters wide and 130 feet in height. Tourists from All over the world come to India to explore its beauty. These places are full of with captivating and natural beauty.

India blog