Tata stake in IFL

Mumbai, July 2: The Tata group has acquired a 70 per cent stake in Innovative Foods Ltd (IFL), an Amalgam group company, for an undisclosed sum. The deal, which marks the Tatas’ foray into the processed food business, was inked through Residency Foods and Beverages Ltd — a subsidiary of Indian Hotels. IFL sells frozen ready-to-eat and ready-to-cook products under the Sumeru brand.

ONGC chief

New Delhi, July 2: The Prime Minister’s Office has approved the appointment of R. S. Sharma as the chairman and managing director of ONGC. Sharma, who was the acting cmd of ONGC since May 25 last year, will head the company till 2011.

Petrol price

New Delhi, July 2: The government is mulling ways, such as increasing petrol and diesel prices, to tackle the spurt in international crude oil prices. A hike of Rs 2 in petrol and Re 1 in diesel prices is being considered.

Sasan bid

New Delhi, July 2: The empowered group of ministers has deferred a decision on the 4,000mw Sasan power project to July 24 and extended the bid validity by one month to August 5.

Hindalco JV

Mumbai, July 2: Hindalco Industries has entered into a joint venture with Mahanadi Coal Ltd and Neyveli Lignite Corporation to carry out mining activities.