Mumba: Faze Three Ltd (FTL) has bought 76 percent stake in German company, Pana Textil GmbH for around Rs 33.33 crore.

After getting hold of major stake in Pana Textil GmbH, FTL would have access to the constructing facilities of Pana situated in Germany and Hungary.

Faze Three said, “This acquisition will bring the company closer to its customers and also enable it to increase its footprint in the European market.”

The company also said that it would add up more printed bathmats and nano technology to its subsisting product range that are the requirements of major European, UK and American retailers.

Pana Textil GmbH is more than 50 years old company and one of the leading makers of bathmarts in the European market.

Mumbai: Pratibha Industries has received a Rs 41.35 crore de

Sterlite Technologies Ltd, optic fibre cable manufacturer, is all set to spend around Rs 140 crore to double up its yearly optic fibre capacity to 12 million kms from the existing capacity of 6 million kms.

The recent development would take place at the company’s subsisting plants in Aurangabad, and the commercial production is expected to start by June 2009.

Anand Agarwal, Sterlite’s CEO and Director said, “With the strong outlook by the Indian and Global Optical Fibre Industry, we are poised to take our place within the top five manufacturers in the world and we believe that this capacity expansion would give us the strategic advantage to capitalise on the available opportunities.”

New Delhi: Reliance Industries Limited

Reliance Industries Ltd (RIL) has pocketed two oil blocks in Iraq’s Kurdish region.
RIL has signed up a deal for the blocks ‘Rovi’ and ‘Sarta’ in northern Iraq with the autonomous Kurdish Regional Government (KRG).
The blocks measuring 450-500 sq km have an oil-bearing structure of around 80%, and Reliance is confident of making a discovery soon. RIL paid a signing amount of $15.5-17.5 million for the two blocks.
According to the deal, the RIL’s wholly owned arm Reliance Exploration and Production DMCC would be served as an operator.

Due to strong demand, large volumes of CTC tea were sold at high rates, during last week, in Coonoor.