ArcelorMittal to sell 50% in Kalagadi Mang for $447 m
ArcelorMittal on Thursday said it has reached a pact to sell its 50% stake in South African miner Kalagadi Manganese for $447 million to chairperson of joint venture partner Kalahari Resources. “A definitive agreement has been reached whereby Mashile-Nkosi, or her nominee will acquire ArcelorMittal’s 50% interest in Kalagadi Manganese,” ArcelorMittal said in a statement. The company said it will receive “a cash consideration of not less than R3,900 crore, or $447 million, on closing of a sale and purchase agreement.”
RIL gets nod to drill a well in D-19 field
Upstream oil regulator DGH has given nod to Reliance Industries (RIL) to drill a well as part of the $1.529 billion plan to develop four satellite gas fields around the now flagging main fields in the eastern offshore KG-D6 block. The Directorate General of Hydrocarbons (DGH) on November 2 wrote to the Joint Secretary (Exploration) in the Ministry of Petroleum and Natural Gas that one development well KG-D6-G2 in the Dhirubhai-19 or D-19 field may be agreed. D-19 is one of the four satellite gas field whose optimised field development plan was approved in January this year, the DGH wrote.
Audi to hike price of cars by 5% from January
Close on the heels of BMW announcing a 10% hike in prices of its cars from January 1, rival luxury carmaker Audi has also said that it will increase prices by 5% across its entire model range from the same date. “The overall market scenario is challenging. The rise in input cost, depreciating rupee as well as continuous increase in fuel prices have made us re-evaluate our pricing strategy in India,” said Michael Perschke, Head, Audi India. However, the third major player in the segment, Mercedes-Benz, is yet to announce any such price increase.
Volvo earmarks 30% of India engines for export
Volvo aims to eventually export 30% of the capacity at its Indian engine plant opening next year as the world’s No.2 truck maker looks to leverage cost-efficiencies from its operations in Asia’s third-largest economy. Volvo will also increase the annual capacity of the plant by 25% from 80,000 engines by 2016, CEO Olof Persson said on Thursday. “The long-term capacity of the engine factory is 100,000 engines,” Persson said. “Around 30% of that is going out of India into the European system.” The automaker will work with Eicher to accelerate localisation of parts in