IOC has decided to join hands with the Ahmedabad-based Rs 5,000-crore Adani Group for a Rs 320-crore gas distribution project in Gujarat. Shell has also opened talks with the group for a stake. The IOC-Adani deal envisages selling LNG from Petronet and other indigenous natural gas in and around Ahmedabad and Baroda. The Indian Oil board will take a minority stake, ranging between 11 per cent and 49 per cent, in the project. The size of the equity investment by the partners was yet to be firmed up, as a lot of it would be funded by the deposits made by the prospective clients of the gas.The project will be promoted by IOC, BPCL, ONGC, GAIL and Gaz de France. The sale would include supplying piped gas to households and commercial consumers like big hotels as well as industrial units. The principle issues of the project will be clarified by the end of the month.
Russia has left the list of 33 largest holders of US government bonds, after the country disposed of at least a third of remaining bonds