Garware Offshore Services, a leading shipping firm has announced that the company has bagged a contract worth 15 million dollar (about Rs 69.29 crore) for delivering a vessel in South Africa. 

The source close to the company revealed that the proposed three-year contract has been secured for providing its new anchor handling tug cum supply vessel (AHTSV). 

While commenting on the order, Mr. Aditya Garware, Vice Chairman and Managing Director of Garware Offshore Services stated, “With the delivery of this vessel the fleet size will touch nine vessels inching us closer to our target of 13-14 vessels by FY 2010.”

The delivery of AHTSV will commence in the last quarter of this fiscal.

State-owned PSU Oil India Limited (OIL) would soon launch an IPO to raise debts. The company recently got the approval of Security and exchange Board of India (SEBI) in this regard. It has said, in a statement, that the company would generate funds from the market if the IPO fails to generate required debts. 

Kolkata-based Himadri Chemicals, a leading maker and exporter of chemical products, has annunciated that the company through its wholly owned subsidiary named Himadri Global Investment (HGIL) has inked a joint venture pact with a chinese company.

Under the terms of the deal, the company will acquire existing coal tar distillation plant in Xiaoyi, Shanxi. 

According to the sources, HGIL will be the owner of 90% equity interest in the JV company and the balance 10% will be owned by the Chinese conglomerate.

Patel Engineering Ltd, a leading civil-infrastructure construction conglomerate, has informed that it has secured order worth Rs 695.57 crore from the Andhra Pradesh State Government for the modernization of the Krishna Delta System. 

According to the sources, the project will execute massive modernization programme of the major river delta systems to enhance irrigation potential along the development of Bantumilli Canal, Polarj Canal, Campbell Canal, Dosapadu Channel, Kunderu Channel, East Bank Canal, Gudivada Channel and their distributaries. 

NIIT Technologies, a leading Software services provider, announced that it has bagged a worldwide sourcing contract from US-based American Safety Insurance Services Inc.

The source close to the company said that under the terms of the order, New Delhi headquartered NIIT will offer migration, configuration and customization support for American Safety's suite of applications.

The source also revealed that the work will be executed cooperatively in an onshore - offshore model between India and the United States. 

Jindal Steel and Power (JSPL) has made announcement that the company envisages to float a wholly-owned subsidiary company, named Jindal Petroleum.

According to the sources, the proposed unit of the JSPL would look after the domestic and international oil and natural gas operations of the conglomerate.

Also, the company has take over exploration rights to one oil block in Rajasthan, four blocks in Georgia and three blocks in Peru, which will form part of its new arm. 

Recently, the company along with Namibia-based Enigma Oil and Gas Exploration (EOGE), secured exploration rights to three onshore oil blocks in the Maraon and Huallaga basins in northern Peru.