Shiv Vani turns over new leaf

Vol 13, PW 17 (11 Feb 10) News in Brief

Delhi-based drilling contractor Shiv Vani believes a $20m cash injection by San Francisco-based Franklin Templeton will make the company "more professional".

PETROWATCH learns Shiv Vani and Templeton, one of the world's largest asset management groups with $536bn under its control, began formal negotiations this month over a preferential share allotment that could see the US giant take up to 6% of the company. “Shiv Vani is yet to receive a letter from Templeton," confirms a source close to the talks.

"Discussions are still on. Even the term sheet has not been signed yet." What role will Templeton play in Shiv Vani “Templeton will not be on the (Shiv Vani) Board," we hear.

"But it will definitely play arole in the day to day business of the company and hopefully make our company (Shiv Vani) more professional.â€‌ Shiv Vani first announced the deal on January 27 through the Mumbai Stock Exchange.

A source tells us that talks will conclude "in the next 10-12 days".