Daily News Roundup - March 23 2009

Reliance Industries is set to sign gas sale and purchase agreement with the identified urea plants sometime next week. (BL)

Power and fertilizer companies have expressed dissatisfaction over the revised gas sale and purchase agreement forwarded by the Reliance Industries for the supply of KG D6 gas. (FE)

Reliance Industries may get to use KG Basin gas as fuel for its captive power projects. (ET)

Infosys may bag IT project from government which would run on transaction based pricing model. (ET)

DLF to acquire DLF Asset Ltd for an enterprise value of around Rs70bn. (BS)

NTPC says it will import 12.5mn tons of coal in the next financial year to meet its fuel requirement.(FE)

ACC has put on hold its Rs6bn expansion plans for the ready-mix concrete business in 2009, citing low demand due to the global slowdown.(FE)

Wipro gets ESIC’s Rs11.8bn e-governance deal.(Mint)

iGate Corp pulled out of the bidding process for a controlling 31% stake in Satyam, citing a lack of updated financial and legal information on the company.(FE)

List of 5 final bidders for Satyam likely by March 25.(BL)

NTPC, Coal India impasse on fuel supply pact ends.(BL)

Telenor Group says it has completed the Unitech Wireless transaction and made the first investment of Rs12.5bn that gives it a stake of 33.5% in the telecom JV.(FE)

Coal India is eyeing one more block in Mozambique, this time through International Coal Ventures.(BL)

IOC may win contract for providing aircraft fuelling facility at Delhi Airport. (ET)

United Breweries is putting together a roadmap for the next fiscal which includes three new brand launches.(BL)

Essar Power has announced that it has raised Rs3.5bn from IDFC Project Equity for part-financing the equity for its ongoing projects.(BL)

Lanco Infratech abandons plans to set up wind turbine facilities.(Mint)

Shipping Ministry plans to seek around Rs10-15bn from the Defence Ministry for transferring the administrative control and assets of Hindustan Shipyard.(BL)

Videocon group promoted DTH venture has finalized a launch date-April 27-after many delays.(TOI)

IDBI Bank to syndicate USD 1-billion loan for Air India.(DNA)

Edible-oil producer Adani Wilmar, the 50:50 JV between the US$5bn Adani Group and Singapore-based Wilmar International, will invest Rs6bn next fiscal in greenfield and brownfield projects.(DNA)

IDBI Bank has joined other domestic and international banks to bid for the Indian retail operations of erstwhile ABN Amro.(FE)

Tata Tea is foraying into the Rs 100bn non-carbonated cold drinks market with the launch of T!ON.(DNA)

Oil Ministry seeks Election Commission's nod to hold a meeting of EGoM to decide on allocation of natural gas from Reliance Industries' eastern offshore KG-D6 fields to power plants.(BS)

Ruias of the Essar Group have decided to postpone the expansion plan for the Vadinar refinery-from the current 12.5mn tonne pa to 34 mn tonne pa in two phases-for at least for eight months due to various reasons.(FE)

SC issues notice to Moser Baer in tax matter.(ET)

Cairn India to be ready to pump out its first barrel of oil in 10 days.(ET)

S Kumars Nationwide to form a joint venture with DKNY. (ET)

Essar Power to align with Spain’s Union Fenosa to develop projects.(Mint)

Essar Steel sets up a steel processing facility, with a capacity of 0.25mn tonnes per annum, at Oragadam near Chennai.(ET)

The BSE is discussing a possible alliance with Multi Commodity Exchange of India.(Mint)

Forex reserves rose by US$1.4bn to US$249bn in the week ended March 13.(BL)

RBI is considering relaxing the group exposure norms that limit a scheduled commercials bank’s lending to a borrowing group.(FE)

RBI says it will buy dated government securities of Rs 100bn through auction-based open market operation on March 25.(FE)

TRAI has laid down more stringent standards of Quality of Service of Basic Telephone Service and Cellular Mobile Telephone.(BL)

Government has raised the coal import target for power generation by 15mn tonnes to 35mn tonnes in 2009-10.(TOI)

Merchandise exports to the US grew 2.65% in the first eight months up to November 2008.(BS)

State-run infrastructure financing company IIFCL on Friday said the World Bank will disburse US$1.2bn loan next month for its various infrastructure projects. (FE)

India’s total external financial assets declined by 5.21%.(BS)

Government is understood to have held back its decision to lower the license fee by about 33% with effect from April 1, for those telecom operators who have 95% or more coverage in a circle.(FE)

US announces additional measures for hiring of H-1B workers.(DNA)

FII equity investments down US$18.6bn in first half of 2008-09.(BL)