Kolkata based Stone India, a leading multi-product engineering company, has informed that it has entered into an agreement with US based RailRunner Inc.

In order to enhance flexibility to increase finances, Reliance Industries (RIL), announced on Tuesday about it plans to transfer 80 per cent of its holding in its prolific eastern offshore D6 block to four wholly-owned subsidiaries.

According to a spokesperson of the company, “The proposal has been submitted to the regulatory authorities and approval is awaited. Reliance wants to transfer 80 per cent of its holding in D6 to four wholly-owned subsidiaries. There will be no loss of RIL shareholder value. This is common global practice and would enable the company to enhance its financial flexibility as the company builds its exploration and production portfolio.”

President of Global Markets Ravi Uppal who had bee a member of the ABB Group Executive Committee since July 2007, has all of a sudden decided to give up his post due to some personal reasons. He presently is planning to return back to India and start off a new carrier but outside ABB.

However it was revealed in the company’s statement that he will remain non-executive chairman of ABB in India, with the aim to ensure continuity in the business in the competitive and ever expanding market.

The statement said, “A successor for his Zurich-based role as head of Global Markets will be announced in due course.”

Cairn India would engage in oil production in the fields of Rajasthan. It will produce up to 71 per cent more oil as per the statement of a top company executive. Cairn India is a subsidiary of the UK-based Cairn Energy which is operating in Indian region. Cairn Energy is also keen to expand its business in new territories such as Greenland. It has 50,000 square kilometers in Greenland and expecting more number of blocks in forthcoming months.

The government of India ruled out any case of letter issued to the Chinese firm Huawei regarding violating labour, visa rules and other employment regulation in India. The union minister for Labour and Employment said that the department has not sent any letter to Huawei. However, the company had acknowledged communication with government yesterday. The Chinese company said that it has received a letter from the government issued on August 25.

ONGC Videsh (OVL) is all set to acquire British oil firm Imperial Energy. Imperial Energy explores oil in western Siberia. OVL is a foreign investment arm of Oil and Natural Gas Commission. OVL managing director RS Butola said that the acquisition would help to grow the business in the Tomsk region.