After Trading Hour News
Reliance wins 2 oil blocks in Yemen
Reliance Industries Ltd has won two oil exploration blocks in Yemen, but has denied of talks to acquire Premier Oil of UK.
"Yemen has awarded onshore exploration Blocks 34 and 37," a source said.
The source, however, said Reliance was not looking at acquisition of Premier Oil of UK."Reliance did have a look at Premier several months ago but pulled out of talks as it did not find the company attractive at current valuations," the source said.
The Mukesh Ambani group firm has taken local company Hood Oil as partner in the two Yemen blocks, but equity structure is yet to be agreed.Blocks 34 and 37, each measuring around 7500-sq km and located on the border with Oman, were among the seven blocks offered by Yemen in its second licensing round.
RIL, which also has exploration blocks in Oman, East Timor and Columbia, is likely to sign Production Sharing Contract (PSC) for Blocks 34 and 37 next month.
The company already partners Hood Oil in producing Block 9, where the two companies hold 25 per cent each. Calvalley Petroleum of Canada is the operator with 50 per cent stake. The block currently produces 7,500 barrels of oil per day and the output will go up to 10,000 barrels this month.
"Production is constrained by infrastructure to transport crude. Currently oil is trucked and the output will increase to 30,000 barrels per day once a pipeline is build," the source said.Calvalley plans to lay a 250-km pipeline to evacuate crude. The pipeline construction will take four months.
Hexaware completes acquisition of FocusFrame
IT and BPO service provider, Hexaware Technologies, on Tuesday said it has completed the acquisition of US software firm FocusFrame Inc, aimed at strengthening its testing services practice.
With the closing of this acquisition, FocusFrame Inc becomes a wholly-owned subsidiary of Hexaware Technologies Ltd, a company release said here on Tuesday."We will now be in a position to offer a complete lifecycle of testing service and would be able to achieve more than $ 100 million revenue from this practice in the next three years," said Hexaware Executive Chairman Atul Nishar.
The company had announced the $34.3 million acquisition in November. As per the understanding, Hexaware paid $25 million in cash towards acquisition of 100 per cent shares of FocusFrame along with its employees and consultant base of over 200 personnel.The balance amount of $9.3 million will be paid out over 24 months on achieving the projected revenue and margin targets.
HDFC allots equity shares under ESOS
Housing Development Finance Corporation (HDFC) allotted 2,07,669 equity shares of Rs 10 each under its employees stock option schemes (ESOS) on Dec. 05, 2006.
Recently, HDFC launched its operations in London. This move is to facilitate Indians in England with acquisition of property in India.It will provide advisory services on housing finance and property acquisition in India. HDFC`s office will be located at Northumberland Avenue, Trafalgar Square, London.
It is estimated that the total Asian population in the UK is around 3.5%, of which over 1.8% are Indians, with London having the largest concentration. This new office will provide the corporation an excellent strategic position in assisting Indians in owning a property in India.
HDFC has grown from Rs 71 million (GBP 8,33,000) in home-loan approvals in its first year of its operations to over Rs 1,272 billion (GBP 15.14 billion), as of Sep. 2006 in cumulative home-loan approvals.
Reliance Industries Ltd has won two oil exploration blocks in Yemen, but has denied of talks to acquire Premier Oil of UK.
"Yemen has awarded onshore exploration Blocks 34 and 37," a source said.
The source, however, said Reliance was not looking at acquisition of Premier Oil of UK."Reliance did have a look at Premier several months ago but pulled out of talks as it did not find the company attractive at current valuations," the source said.
The Mukesh Ambani group firm has taken local company Hood Oil as partner in the two Yemen blocks, but equity structure is yet to be agreed.Blocks 34 and 37, each measuring around 7500-sq km and located on the border with Oman, were among the seven blocks offered by Yemen in its second licensing round.
RIL, which also has exploration blocks in Oman, East Timor and Columbia, is likely to sign Production Sharing Contract (PSC) for Blocks 34 and 37 next month.
The company already partners Hood Oil in producing Block 9, where the two companies hold 25 per cent each. Calvalley Petroleum of Canada is the operator with 50 per cent stake. The block currently produces 7,500 barrels of oil per day and the output will go up to 10,000 barrels this month.
"Production is constrained by infrastructure to transport crude. Currently oil is trucked and the output will increase to 30,000 barrels per day once a pipeline is build," the source said.Calvalley plans to lay a 250-km pipeline to evacuate crude. The pipeline construction will take four months.
Hexaware completes acquisition of FocusFrame
IT and BPO service provider, Hexaware Technologies, on Tuesday said it has completed the acquisition of US software firm FocusFrame Inc, aimed at strengthening its testing services practice.
With the closing of this acquisition, FocusFrame Inc becomes a wholly-owned subsidiary of Hexaware Technologies Ltd, a company release said here on Tuesday."We will now be in a position to offer a complete lifecycle of testing service and would be able to achieve more than $ 100 million revenue from this practice in the next three years," said Hexaware Executive Chairman Atul Nishar.
The company had announced the $34.3 million acquisition in November. As per the understanding, Hexaware paid $25 million in cash towards acquisition of 100 per cent shares of FocusFrame along with its employees and consultant base of over 200 personnel.The balance amount of $9.3 million will be paid out over 24 months on achieving the projected revenue and margin targets.
HDFC allots equity shares under ESOS
Housing Development Finance Corporation (HDFC) allotted 2,07,669 equity shares of Rs 10 each under its employees stock option schemes (ESOS) on Dec. 05, 2006.
Recently, HDFC launched its operations in London. This move is to facilitate Indians in England with acquisition of property in India.It will provide advisory services on housing finance and property acquisition in India. HDFC`s office will be located at Northumberland Avenue, Trafalgar Square, London.
It is estimated that the total Asian population in the UK is around 3.5%, of which over 1.8% are Indians, with London having the largest concentration. This new office will provide the corporation an excellent strategic position in assisting Indians in owning a property in India.
HDFC has grown from Rs 71 million (GBP 8,33,000) in home-loan approvals in its first year of its operations to over Rs 1,272 billion (GBP 15.14 billion), as of Sep. 2006 in cumulative home-loan approvals.
posted by SY at 7:10 PM
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