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Reliance Industries Ltd, the largest private sector refiner in the country, has entered into a pact with Venezuelan state-owned oil company Petroleos de Venezuela SA to buy crude oil over the next 15 years. As per an agreement signed Tuesday in Caracas, PdVSA will initially supply 300,000 bpd of crude to Reliance Industries, and will later ramp up supply to 400,000 bpd, the company said.

L&T bags `1,241 cr deals

Larsen & Toubro Ltd’s construction division has received orders worth `1,241crore across segments this month, it said in a notice to the exchanges on Wednesday. The buildings and factories segment has received orders worth `697 crore, and the railways segment has received orders totalling `544 crore from Rail Vikas Nigam Ltd, the company said.

Strides gets US FDA nod

Strides Arcolab Ltd has got tentative approval from the US Food and Drug Administration for an additional strength of antiretroviral drug combination of lamivudine, nevirapine, and zidovudine, according to the regulator’s website. The approval is for tablets of lamivudine, nevirapine, and zidovudine combination. Leela Essence brand The Leela Palaces Hotels and Resorts on Wednesday said it plans to add up to 1,500 rooms in the next five years, taking the total to 3,500. Based on estimated average cost of a room, the investments would work out to be in the region of `1,500 crore. The hotel chain will also launch entry level five-star hotel ‘Essence’ across the country, Hotel Leela Venture vice-chairman and managing director Vivek Nair said.

GSPC raises `3,000 cr

Gujarat State Petroleum Corporation (GSPC) has raised `3,000 crore through the bond market for meeting the capital expenditure requirement. The proceeds from the bond issues will be used to meet capex requirements of Exploration & Production (E&P) activities and for refinancing the existing higher cost short-term loans, GSPC said in a statement. Phoenix Marketcity clarifies Responding to the September 21 story on revenue share model backfiring on malls, Phoenix Marketcity, Kurla, citing its director Shreesh Misra, has clarified that it is earning 105% rent from retailers through the rent/revenue share model, and earned 80% in the initial stages at the mall, which it said has a total floor area of 2.1 million square feet. It added retailers at the mall have sales of over `50 crore a month, adding footfalls are 50,000 every day and 1 lakh on Saturdays and Sundays.