Rising property prices have prompted State Bank of India, the country’s largest lender, to reassess its fixed assets, including some of the palatial office buildings that have been assessed at just Re 1 since the days of the Raj. The first-time move is aimed at unlocking value and strengthening its balance sheet. About half the gains post-revaluation will be added to the bank’s capital. Sources said nearly Rs 1,800 crore would be added to tier II capital.
RIL to surrender 3 blocks in Kerala-Konkan basin
On Government deciding against granting special status to the three blocks of RIL, it has decided to surrender these blocks in the Kerala-Konkan (KK) basin. Both RIL and ONGC had sought special R&D status for their blocks in region, which would have given them five additional years for undertaking exploration and production activities
Patel Engineering sets sights on expansion overseas
Patel Engineering, a leading player in the construction of dams, hydropower and sewage projects, is aiming to ramp up its presence in export markets such as US and Africa. Towards this end, the company plans to invest nearly $100 million (about Rs 400 crore) over the next two years, in equipment and allied areas. Patel Engineering aims to earn about 25 per cent of its turnover from foreign markets over the next two years, against about 10 per cent of its Rs 1132.87 turnover earned from foreign markets in the first nine months of fiscal 2007-08. The company’s total order book at the end of the December 2007 quarter was worth nearly Rs 5,500 crore.
RIL to surrender 3 blocks in Kerala-Konkan basin
On Government deciding against granting special status to the three blocks of RIL, it has decided to surrender these blocks in the Kerala-Konkan (KK) basin. Both RIL and ONGC had sought special R&D status for their blocks in region, which would have given them five additional years for undertaking exploration and production activities
Patel Engineering sets sights on expansion overseas
Patel Engineering, a leading player in the construction of dams, hydropower and sewage projects, is aiming to ramp up its presence in export markets such as US and Africa. Towards this end, the company plans to invest nearly $100 million (about Rs 400 crore) over the next two years, in equipment and allied areas. Patel Engineering aims to earn about 25 per cent of its turnover from foreign markets over the next two years, against about 10 per cent of its Rs 1132.87 turnover earned from foreign markets in the first nine months of fiscal 2007-08. The company’s total order book at the end of the December 2007 quarter was worth nearly Rs 5,500 crore.
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