Author: CP

The Kurdish Regional Government (KRG) announced seven new production-sharing contracts (PSCs), of which Reliance Industries Ltd got Rovi and Sarta in northern Iraq. The blocks measuring 450-500 square kilometer have an oil-bearing structure of almost 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.

Also RIL made new gas discovery in a block in the Krishna Godavari offhsore basin. The company is still evaluating the commerciality of the discovery.

Firstsource Solutions has launched US $ 275 million FCCBs at an conversion price of Rs 92.2933 per share.

The issue of FCCBs is firmly underwritten and is subject to approval of shareholders of the company at the extra-ordinary general meeting to be held on 22 November 2007.

Larsen & Toubro has priced its US$ 400 million GDS offering represented by GDRs at US$ 100 per GDS. Each GDS represents one equity share of the company of nominal value of Rs 2 each. The issue was priced after market hours on 06 November 2007. The GDS are proposed to be listed on the Luxembourg stock exchange. Lehman Brothers International (Europe) and UBS are acting as the joint global co-ordinators and joint bookrunners for the offering.

Amtek Auto has acquired one of the largest automotive precision machining companies Triplex- Ketlon Group, which was also Amtek’s strongest competitor running close to 185 different machining lines and a multi-location presence in the UK. Triplex-Ketlon manufacturing facilities are located in Paddock Wood, Stratford-upon-Avon and Hereford all in UK.

At sales revenue of $152 million per annum, Triplex-Ketlon was one of UK’s large but independent precision machining companies. This acquisition further consolidates the position of Amtek presence in Europe’s automotive scene and makes Amtek’s combined precision machining operations the largest in the UK and probably one of the largest in Europe as well.

This acquisition comes as an expansion for Amtek’s precision machining operations, which currently comprises of two large precision machining facilities in Coventry and Letchworth in the UK besides their machining operations in India and Germany.

This acquisition will be another milestone for the Amtek Group and a step forward in direction of consolidating its customer and product portfolio as well as attaining world class technological edge in automotive manufacturing.