IOCL forms JV with MCPI 

Indian Oil Corporation Limited (IOCL) has accorded investment approval for setting up of a Yarn project consisting of 900 TPD Continuous Polymerization (CP) unit with downstream units of Draw Textured Yarn (DTY), Fully Drawn Yarn (FDY), Polyester chips & associated facilities at Bhadrak (Odisha) at an estimated cost of Rs. 4,382.21 crore through (50:50) Joint Venture with MCPI Pvt. Ltd. with IndianOil’s equity contribution of Rs. 657.33 crore.

GAIL (India) froms subsidiary for finance company 

GAIL (India) Limited has accorded approval for formation of wholly owned subsidiary of GAIL to operate as a finance company in International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City), Gujarat for undertaking ship leasing activities and/or global/regional corporate treasury centres activities or any other permissible activities under the regulatory frameworks.

Manali Petrochemicals enters into MoU with Fermenta Biotech

Manali Petrochemicals Limited has executed a Memorandum of Understanding (MoU) with Fermenta Biotech Limited (FBL) to acquire lease and related rights of FBL, through assignment, on the leased premises situated at Saykha Industrial Estate, Gujarat admeasuring at an extant of 40,000 sqm for a consideration of Rs. 18.70 crore, on the terms and conditions specified in the said MoU, subject to execution of further definitive agreements and approval of Gujarat Industrial Development Corporation.