(This story originally appeared in on Nov 28, 2013) NEW DELHI: The Egyptian government is tightening the screws on projects worth $1.5 billion by two private companies – Sanmar and Aditya Birla group – in that country to pressure a consortium of Indian state-run oil companies to sign agreements for two exploration blocks they had won in 2008 but want to exit. Sanmar has a PVC/caustic soda plant in Port Said and the Aditya Birla group has carbon black and polyfibre facilities in Alexandria. Both are under the purview of the Egyptian petroleum ministry and have been increasingly facing administrative, regulatory and gas supply issues. Sources said efforts by India’s ambassador Navdeep Suri to intercede with the authorities for resolving the issues have been frustrated by the Indian oil consortium’s dealings with Egypt’s national oil company, Ganope (Ganoub El-Wadi Petruleum Holding Company) regarding exploration Block 3 in South Quseir and Block 4 in...

As co-promoter, Birla and the group companies are to contribute Rs 7,250 crore to the rights issue. MUMBAI: Ahead of Vodafone Idea’s $3.6 billion rights issue, Kumar Mangalam Birla is reorganising unlisted group companies to raise funds, said people with knowledge of the matter. SKI Carbon Black Mauritius Ltd (Birla Carbon) is set to buy a controlling interest in Swiss Singapore Overseas Enterprises Pte Ltd for $450 million. Both are promoter companies of the Aditya Birla Group chairman. Birla owns 100% of Kiran Investments, which owns these entities. Carbon Black is said to be in talks with banks to raise short-term debt of $300 million and $150 million. It has also sought a relaxation in loan covenants from 3.5 times debt to Ebitda (earnings before interest, taxes, depreciation, and amortisation) to 4.1-4.2 times, said the people cited above. BIRLA CARBON RAISED DEBT FOR TELECOM VENTURE DURING MERGER Axis Bank, Standard Chartered Bank, Bank of America Merrill Lynch and Citi are be...

ThinkStock Photos WASHINGTON: Consuming honey after accidentally swallowing a button battery has the potential to reduce serious injuries in small children, a study has found. Based on findings in laboratory animals, the research suggests that this common household product may significantly reduce morbidity and mortality from highly caustic batteries. “Button batteries are ingested by children more 2,500 times a year in the United States, with more than a 12-fold increase in fatal outcomes in the last decade compared to the prior decade,” said Ian N Jacobs, from Children’s Hospital of Philadelphia (CHOP) in the US. “Since serious damage can occur within two hours of ingesting a battery, the interval between ingestion and removal is a critical time to act in order to reduce esophageal injury,” said Jacobs. Due to their size, candy-like shape and shiny metallic surface, button batteries have posed a risk for toddlers for decades. When the battery re...