Business News

• Emani acquires skincare technology
• GMR offloads 50% stake in InterGen
• Essar will continue import of Iran crude

Emani acquires skincare technology

Makers of Boro plus and Zandu Balm on Tuesday said it has acquired the exclusive India rights of a skincare technology `multi plant stem cell' from Mibelle Biochemistry of Switzerland.

Used by international brands such as 3 Lab, Absolute Precious Cells and Skin vage, the technology will be used in a new range of skincare products called `Pure Skin'

GMR offloads 50% stake in InterGen

Bangalorebased infrastruc ture major GMR Infrastructure Ltd has completed divestment of 50% in global power generation company Inter Gen to China's largest power company China Huaneng Group (CHG).

GMR in November last year had announced an agreement to divest its 50% stake in InterGen NV to CHG for an equity value of $ 1.23 billion. (`5,435 crore).

Essar will continue import of Iran crude

Essar Oil Ltd, which sources three million barrels of crude per month from Iran, on Tuesday said it will continue to import crude from the West Asian country in the coming days.

“Crude supplies from Iran are normal and there is no disruption. We will continue to import crude oil from Iran in the coming days”, Essar Oil chief executive officer and managing director Naresh Nayyar told reporters in Mumbai.

India's crude oil supplies from Iran were under threat after the Reserve Bank of India (RBI) in December last year scrapped a longstanding payment mechanism used to pay for Iranian crude imports. The two countries had made temporary arrangements for payments and were negotiating a new payment system.