Norway’s Orkla acquires majority stake in Kochi-based, Eastern Condiments through its subsidiary, MTR Foods

Norwegian conglomerate Orkla has entered into an agreement to acquire 67.8% of the shares in Kerala- based Eastern Condiments, which sells spices, masala blends, rice powders, coffee, tea and pickles, Eastern said on Friday. Through its wholly owned subsidiary MTR Foods, Orkla, has signed agreements to purchase a 41.8 % ownership stake in Eastern from […]

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Iran claims to have found new oilfield with 53 billion barrels of crude reserves; Norway discovers 100 million barrels reserves

Iran has claimed to have discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said to Reuters. “Workers and the exploration arm of the National Iranian Oil Company…have found an oilfield with 53 billion barrels of reserves,” Rouhani said […]

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Indian government to invest Rs.25,000 crore in fisheries in 3-5 years

As part of the ambitious Blue Revolution project, the Union government has lined up Rs.25,000 crore to invest in different segments of the fisheries sector in the next three to five years. The funds will be used to build infrastructure. The government expects to double inland fish production to 6 million tonnes. Rajni Sikhri Sibal, Secretary, […]

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India urges basmati rice exporters to adhere to EU norms; exports set to grow

The Indian government has urged rice exporters to conform to the pesticides standards of the European Union (EU) for shipments to the bloc, Iceland, Liechtenstein, Norway and Switzerland. The European Commission had reduced maximum residues level for Tricyclazole to 0.01 parts per million (ppm) from 1 ppm for all crops effective January 1, 2018. Import […]

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South Africa oil discovery could be a game changer

One of the promising hotspots for oil and gas exploration drilling this year—South Africa’s offshore—has just yielded a massive natural gas and condensate find that could open a new exploration province for oil majors and change the energy fortunes of South Africa. France’s major Total said last week that it had made a significant discovery on the […]

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India rejects US warning that it has violated cotton MPS scheme

India has expelled a counter warning issued by the US claiming that New Delhi’s Market Price Support (MPS) for cotton has broken the allowed levels of trade-distorting domestic support in the past seven years at the World Trade Organization (WTO). The US has alleged that India paid trade-distorting subsidies to its cotton farmers well in excess of the limit […]

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