The state owned oil producer, Oil and Natural Gas Commission (ONGC) would go for acquisition of UK-listed Imperial Energy.

The Chairman and managing director of ONGC, R S Sharma said that there in no change in its earlier plans of USD 2.59 billion to bid for imperial. The company maintains a good balance sheet, and it has enough financial resources to fund the acquisition.
 
It is to be noted that crude oil rates are declining in the international market and some quarters expected scrap of bid by state owned oil giant.

Jaguar Land Rover is planning to shed around 200 jobs in its UK operations. Jaguar Land Rover is a leading automotive company owned by TATA group. The company wants voluntary layoffs of its production staff from its plants located in Merseyside in Northern England, Birmingham and Solihull in Central England. The company would provide nine months salary to retrenched staff and pension to over-sixty staff.

The Time

The letter of TATA group chairman, Ratan Tata surprised the political and business class of the country.

His “open letter to the citizen of West Bengal” is published in the leading newspapers of Kolkata. He has explained the circumstance under which TATA has to leave Singur in West Bengal. Ratan Tata strongly criticized the role of Trinamool Congress leader, Mamta Benergee and other vested interests.

Bangalore-based hospitality firm Phoenix Group Global has announced that the company has set aside Rs 450 crore to set up its branded luxury hotels and resorts and expand its floriculture business in India.

The group, which runs three hotels across the country, now proposes to come up with its own hotels and resorts, under the Zuri brand.

To expand its floriculture business in India, the company envisages pumping Rs 150 crore.