Areva T&D India, the Indian subsidiary of Areva France SA, has formed a strategic alliance with GE Consumer and Industrial, to focus on turnkey electrical solutions.

Under the arrangement, the alliance would focus on turnkey electrical solutions in the power generation, metals, mining, minerals and materials handling markets. The main aim of this latest tie-up is to provide one-stop solution for customer needs like power distribution, control and automation.

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Oil prices declined further on Friday (Sep 26) as US authorities failed to come out with a decision on the $700 billion plan to bailout its financial sector.

For next month (November) delivery, light, sweet crude dropped $1.13 to settle at $106.89 per barrel on the New York Mercantile Exchange (NYMEX).

Gasoline futures declined 3.22 cents to end at $2.6651 per gallon. The retail price of a gallon of regular gas was $3.686.

Heating oil futures plummeted 3.09 cents to settle at $3.0174 per gallon at the New York Mercantile Exchange.

Washington - The troubled automakers General Motors, Ford and Chrysler got a lift Saturday from the US Congress, which gave the final green-light for 25 billion dollars in loans to the auto industry to help develop fuel-efficient cars.

Congress also lifted an offshore oil-drilling ban and approved 602 billion dollars for the departments of defence, homeland security and veterans affairs.

The final approval came from the Senate after the House of Representatives gave approval earlier this week.

Global wire and cable solutions provider for the power and telecom industry, Sterlite Technologies Limited, has received an order worth Rs 254 crore from Power Grid Corporation of India (PGCIL).

Under the contract, the company will supply Sterlite's ACSR Moose power conductors to Power Grid Corp.

As per PGCIL's requirement, about 60% of the contract value would be executed within this year.