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Essar's Shell acquisition may cost $1.2 billion
Ruias-controlled Essar Oil (EOL) is looking to seal a deal with Royal Dutch Shell at $1-1.2 billion (between Rs 4,670 and 5,600 crore) for acquiring the global petroleum giant’s three refineries in Europe. EOL has presented its valuation of assets to the Shell management and the negotiations are on verge of completion, said banking sources close to the development.

Taro tells shareholders to keep Sun at bay
Ahead of its upcoming annual general meeting on December 31, 2009, Israeli drug company Taro Pharmaceutical has asked its shareholders to reject a takeover bid by Sun Pharmaceuticals.

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Indian eco may grow at 7% in FY09-10: PMEAC
On the back of robust economic growth at about 8 per cent in the second quarter of the fiscal, the Prime Minister"s economic panel today said the economy is likely to grow by 7 per cent in the current fiscal.
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Michelin inks pact for factory in Chennai

France’s Michelin, the world’s second largest tyre manufacturer, signed a memorandum of understanding with the Tamil Nadu government on Monday to set up a factory near Chennai. The project would attract Rs 4,000 crore investment over the next seven years. - FIPB to consider Jet"s foreign fund raising plans - FIPB to consider Rs 547 cr FDI proposal of Teesta Urja - FIPB defers decision on United Breweries warrants proposal - Govt clears 22 FDI proposals worth Rs 541 cr - Govt clears 29 FDI proposals worth Rs 616 cr - Indian promoter-run firms gain most from new rules The tyre major got Foreign Investment Promotion Board clearance in July for establishing a wholly-owned subsidiary and planning a manufacturing facility, plus a nod for investing up to Rs 11,000 crore in the country.


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