Financial Daily from THE HINDU group of publications
Wednesday, Sep 29, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Corporate - Alliances & Joint Ventures


McPhar, Alcock join hands for oil, mineral surveys

Our Bureau

Kolkata , Sept. 28

MCPHAR Geo Surveys Ltd of Toronto has floated a joint venture company in the city, jointly with W.J. Alcock & Co (P) Ltd.

The joint venture company, named Alcock McPhar Geotech (P) Ltd (AMG), will conduct airborne surveys in the fields of oil, natural gas and a wide range of minerals including diamonds and gold. In the newly incorporated company, McPhar will have a 75-per cent equity stake, leaving the balance to its local partner.

In fact, W. J. Alcock was McPhar's representative in India, and now has become a partner of the joint venture to explore the huge potential of the domestic market. Announcing the formation of the company, the Managing Director & CEO of AMG, Mr Sudipto Mukherjee, told newspersons that the market for geophysical exploration in the country is going to be on the upswing for at least the next decade

Currently, about 60 mining companies from around the world are keen on prospecting for a range of minerals in India.These companies, which are planning to invest about Rs 3,500 crore through their Indian subsidiaries, have received the clearances from the Foreign Investment Promotion Board.

Mr Mukherjee said that India had not yet been thoroughly examined for possible oil deposits, as exploration had taken place in only about one-quarter of the country's 26 sedimentary basins. Offshore basins covered about 380,000 square kilometres (km) and onshore basins covered about 1.34 million square km. kilometresThese basins might contain as much as 30 billion tonnes of hydrocarbon reserves.

More Stories on : Alliances & Joint Ventures | Minerals

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Zee Tele gets nod to launch sports channel


Biocon begins phase-II trials of cancer drug
D-Link AGM okays dividend
Pilani Investments' AGM not to be an all-Birla affair
Zee has not met eligibility criteria: ESPN-Star
`BPL dispute will be resolved amicably'
Halcyon takeover: Kerala HC declines stay
BHEL net profit rises 48 pc to Rs 658 cr — To pay 60 per cent
Global brewers keen on UB stake: Mallya
Elder Pharma gets nod to sell stake to Italian co
Axles India to put up Rs 16-cr plant for Dana Corp supplies
Shantha Biotech vaccine plant inaugurated
McPhar, Alcock join hands for oil, mineral surveys
SAIL, Kudremukh in pact
Welcome bags 5 more hotels
Deepak Fertilizers plans specialty mall in Pune
Hyundai upbeat on response to Getz
Ruchi Soya sees 15% topline growth
Tata Chemicals in talks with IOC for LNG supply
Martial Rolland to take over reins of Nestle India
JB Chem gets new R&D V-P



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line