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AKER Kvaerner, the Norway based engineering design major, has increased its stake in its Indian joint venture Kvaerner Powergas India (KPIL) by 15%, taking its holding in the Indian firm to 64%. Kvaerner Powergas was a 49:51 JV (before the stake increase) between Aker Kvaerner and Indian directors of KPIL. Kvaerner Powergas India CMD S Rama Iyer said, " KPIL is focusing on upstream and downstream oil and gas projects in India in a big way and Aker Kvaerner is a specialised in oil and gas projects. It makes sense to Aker to increase its holding in its Indian subsidiary." The company, which has traditionally focused more on petrochemicals ,copper smelters, and international projects has completed engineering, procurement and construction work on Reliance gas fields on the eastern offshore, which has proven reserves of seven trillion cubic feet. Kvaerner has also bid for developing projects on the western offshore.
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| Posted : 2/17/2006 |
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