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Power Finance Corp has received shareholders’ approval for raising up to INR 44,000 crore through issue of securities in the current financial year. Through a postal ballot, shareholders have also authorised the PFC board to mortgage or create charge on assets of the company for securing loan. The company had sought approval to raise funds through private placement of non-convertible debentures.

OVL in pact with Turkish firm for joint bidding of oil assets ONGC Videsh Ltd has inked an agreement with Turkish petroleum firm TPAO for jointly bidding for oil assets in other countries. OVL managing director SP Garg and Turkish Petroleum Corp (TPAO) president & CEO Besim Sisman signed the MoU in Moscow recently. The MoU envisages the two working together for E&P activities in Turkey, joint participation in bidding opportunities, including exploration bid rounds in third countries, and pursuit of hydrocarbon related R&D activities.

Power Grid okays over INR 5,500 crore investments in four years.Central transmission utility Power Grid Corporation has approved investments of INR 5,500 crore for upgrading its network in about four years. The company’s board has approved investments of INR 5,151.37 crore for strengthening the transmission corridor for independent power producers in Chhattisgarh and INR 400.47 crore for upgrading the transmission system for the Lara project of NTPC.

Oil minister approves appointment of new IOC chairman Petroleum minister Dharmendra Pradhan has approved appointment of B Ashok as the head of Indian Oil Corporation, in what will be the first top-level PSU appointment by the new government. B Ashok, executive director (retail sales) at IOC, was chosen to head the company by the Public Enterprise Selection Board on 09.10.2013, , the previous UPA government could not appoint him before its tenure ended.

Govt initiates valuation process for selling residual stake in Balco Going ahead with the residual stake sale in Balco, the government has started the process of valuation of its 49 Percent  stake in the company. The department of divestment (DoD) has invited proposals from merchant bankers or chartered accountant firms in this regard.

Air India inducted into Star Alliance, expects increase in revenue Air India was inducted into the Star Alliance, an exclusive club of 26 major global airlines, which would enable seamless travel for the airline’s passengers to over 1,300 destinations and may increase its revenues by 5 Percent. The airline would formally join the grouping from July 11.

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