Nestle India: Increases royalty rate at 0.2% every year from 3.5% to 4.5%. Royalty rate hike staggered over 5 years starting 2014. Nestle India says: only independent directors voted on royalty resolution executive directors rescued from royalty resolution vote.
Cairn India: started gas sales from Rajasthan with 0.15 mmscmd initial volumes. To target several gas prospects in Rajasthan, JV with ONGC starts oil output from Aishwariya field in Barmer. See Barmer exploration, Dvpt Capex at Rs 6,000 Cr for FY14. Barmer Block Gas approved price around $5/m BTU will buy out Cairn Energy's Residual 10% at some point. To invest Rs 6,000-10,000 Cr over 3 years in Rajasthan, target is to have ultimate production of 500,000 bpd. 80% of benefit in Rajasthan Barmer field goes to Govt. Govt has to decide on residual stake sale in HZL, BALCO.
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