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India In-Focus — Tullow Oil in talks with Indian groups; Yes Bank to raise $1.1 billion; Ola and Uber deny merger talks report

RIYADH: Executives from Tullow Oil have held talks with Indian ONGC Videsh Ltd. in Nairobi this week as the London-based company seeks a strategic investor for its onshore oil project in Kenya, the company announced on Saturday.

A senior Kenyan Ministry of Petroleum and Mines official tweeted earlier this week that ministry officials had met with the Indian High Commissioner to Kenya as well as representatives from ONGC Videsh, the overseas investment arm of Kenya. ‘Oil and Natural Gas Corp, and Indian Oil Corporation Limited.

“The meeting was positive and the parties agreed to hold further talks in the coming weeks,” Africa-focused Tullow said in a tweet about the meeting, adding that the talks were hosted by the ministry. Petroleum and Mining.

Tullow, who is focused on Africa, said earlier in July that he was confident he could make substantial progress in finding an investor for his onshore oil project in the East African country in the second semester.

Indian bank Yes Bank to raise $1.1 billion via stake sale

Indian bank Yes Bank said on Friday it would sell up to 10% of its stake in US private equity firms Carlyle Group Inc. and Advent International for $1.1 billion.

Yes Bank will raise the funds through a combination of approximately $640 million in equity and approximately $475 million in equity warrants, the private lender said in a statement.

Yes Bank will offer 3.69 billion shares to subsidiaries of Carlyle Group and Advent for 13.78 Indian rupees ($0.1737) each.

The company will also issue 2.56 billion equity warrants at a price of 14.82 Indian rupees per warrant to the two investors.

Earlier this month, Yes Bank said it would seek to raise around $1 billion this financial year as it emerges from a two-year rebuilding plan.

The company has also selected an asset reconstruction company owned by private equity firm JC Flowers as the base bidder for the sale of bad debts worth 480 billion Indian rupees.

Ola and Uber deny merger talks report

Uber Technologies Inc. and its Indian rival Ola on Friday denied a media report that the ride-sharing companies were in talks for a merger.

An Economic Times report said Ola CEO Bhavish Aggarwal met with senior Uber executives in San Francisco, US, citing two sources.

“This report is inaccurate. We are not, and have not been, in merger talks with Ola,” Uber said in a statement.

Ola’s Aggarwal tweeted: “Absolute rubbish. We are very profitable and growing well. If other companies wish to leave India, they are welcome! We will never merge.

(Contributed by Reuters)