JSW warrants were purchased in an preferential allotment worth INR 22 bln or $ 367 mln of which $92 mln odd has already been paid. JSW warrants are now at a purchase price double that of current market price so if Sajjan Jindal opts out that is a $92 mln hit to his personal net worth

in the mean time, Mr Ambani's Reliance has agreed apparently to surrender the expired oil and gas blocks in D6 while the jpoint venture is hoping for quicker action fromt he government on new fields within D6 for exploration. in the latest deployment of strategy, would be partnering  with ONGC giving it a 20% stake

ONGC in the mean time has got itself out of the Cairn wrangle paying only its 30% share(possibly the share has yet to be finalised)  of royalty  with a fresh agreement with new promoters for the earlier assets to ONGC and cess being borne by Cairn/Vedanta at $42 per tonne. Vedanta of London got a nod for 40% stake in the $2 bln purchase ( INR 87 bln) and Sesa Goa owns another 20% 

Posted via email from The India Investment Post