Cochin Shipyard Gears Up for IPO
India’s biggest shipbuilder under state control, Cochin Shipyard Ltd (CSL) is looking to file documents for its initial public offering (IPO) with the markets regulator by the end of this month, reports Live Mint. According to sources, CSL is all set to file documents for its IPO of Rs 600 crores ($90 million) with the Securities and Exchange Board of India (SEBI). The plan is part of its effort to expand and construct larger vessels and also undertake ship repair and fabrication. In addition, the government will sell 10% of its stake through the IPO.
GAIL, Gazprom Renegotiating LNG Deal
As weak demand in India forces it to stall some contracted supply, GAIL India Ltd (GAIL) is in talks with Russia's Gazprom to delay and renegotiate a 20-year gas purchase deal undercut by low spot prices, reports Reuters. GAIL and Gazprom had earlier signed a deal for two decades at a price linked to oil, adding to contracts to buy the fuel from GDF Suez SA and Gas Natural Fenosa this year. Accordingly, GAIL will buy 2.5 million tonnes (3.5 billion cubic metres) a year of liquefied natural gas from Russia’s monopoly gas exporter starting in 2018 and 2019.
GTT Grants License to India's CSL
GTT grants a License Agreement to Cochin Shipyard Ltd. GTT (Gaztransport & Technigaz) announced it has granted a License Agreement to Cochin Shipyard Ltd. (CSL) for the construction of LNG carriers using GTT's membrane containment systems. CSL, the first Indian shipyard to be licensed by GTT, received this license after completing the GTT qualification process including membrane tank mock-up installation. Commodore K Subramaniam, Chairman and Managing Director of CSL, declared…
Gail to Sell LNG Supplies from US to Shell?
GAIL (India) Ltd has signed a preliminary deal with Royal Dutch Shell for the potential sale of liquefied natural gas (LNG) supply sourced from its portfolio, made up of US production, says Reuters and local media reports. Gail, a Maharatna public sector company, has signed preliminary agreements with other companies also, one report said, adding that the talks with Shell were at an advanced stage. Shell's offer was among the most attractive received said sources. The Indian state-owned company revealed plans to sell 1 million tons per year in 2013.