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.

Sobha Developers Ltd, Bangalore-based realty developer, is planning to raise Rs 350 crore through a rights issue.

According to sources, the company will conduct an extraordinary general meeting (EGM) on September 22 to get the required shareholders approvals for the rights issue. It plans to use the proceeds for general corporate purposes, including working capital, acquiring land and other needs.

DLF, the country's largest property developer, plans to seek shareholder approval to raise as much as Rs 10,000 crore from institutional investors for its development plans, over the next 12 months.

According to the company, the shareholders will pass an enabling resolution to this effect in the next annual general meeting which will be held on September 30. The company may sell shares to investors within 12 months of getting the approval.