The business process outsourcing arm of ICICI Bank, ICICI OneSource Ltd is close to acquiring a foreign company. Negotiations are on with three foreign firms including Pipal Research, a Chigaco-based $ 2 million firm.

The acquisition is likely to be funded with the capital being raised through deals with Temasek Holdings of Singapore and West Bridge Capital amounting to approximately US$ 34.9 mln. Temasek would pick up a 20 % stake while West Bridge's holding would receive 9 %

The remaining 71% in I-OneSource is held by ICICI Venture, ICICI Bank and its employees.

ONGC Videsh Limited (OVL) will be acquiring a 55 % stake in an exploratory block, located in the North West Shelf in Offshore Australia, from Antrim Energy Inc, Canada.

Though it is OVL’s tenth overseas acquisition, the venture marks OVL’s foray into the Australian Oil and Gas industry, and is expected to pave the way for further participation in the Australian hydrocarbon sector.

Known as Browse, the sparsely-explored block is spread over an area of 4,600 sq/km and contains a cluster of drilling prospects in the Barcoo Sub-basin. OVL expects to spud the first well in a few weeks.

The acquisition will be finalised on approval by the Australian Government, with the other partner in the Block being Magellan Petroleum (W.A) Pty. Ltd.

While the cost of the acquisition is not known Company sources revealed that they were definitely scouting for other prospective takeovers.