Daily News Roundup - March 25 2009

- Coal India expects the exploration of coal block for its proposed coal gasification project in JV with ONGC to be complete within 18 months. (BS)

- Reliance Infrastructure achieved the financial closure for the Rs28.8bn New Delhi Airport Express line project. (FE)

- Crompton Greaves will acquire 41% stake in Avantha Power and Infrastructure Ltd for Rs2.3bn. (Mint)

- Idea forays into global long distance business. (ET)

- Essar Group, GVK Power and Infrastructure and BG Group along with other firms have bid to hire Dhabol’s LNG terminal which will become operational next month. (FE)

- HDFC announced a 50 bps reduction in its retail PLR to 14%. (ET)

- Ashok Leyland in association with Australian Eden Energy developed hythane engines to power its buses. (Mint)

- Bombay Rayon Fashions board approved raising of Rs3.3bn through a preferential allotment of 18mn shares at Rs185 each. (Mint)

- Satyam buyers may have to pay Goldman Sachs and Avendus. (ET)

- Government suggests creation of a separate bank account for Maytas Properties’ flagship project Maytas Hill Country to protect the investors’ money. (FE)

- The board of Maytas Infra will meet its lenders and partners in various BOT projects on Wednesday to consider the process of debt restructuring. (BL)

- NIIT bagged Rs214mn 5 year contract from Rajasthan government for introducing computer related learning in 1672 schools. (F)

- Patel Engineering bagged an order worth Rs8bn from Narmada Valley Development Authority. (ET)

- Welspun Power and Steel has raised Rs7bn debt to part finance its Rs10.3bn acquisition of Vikram Ispat from Grasim Industries. (ET)

- Firstsource has reorganized its businesses into 4 strategic business units, which will function as an independent profit centre. (ET)

- Essar Steel is setting up service centres in the country, at an investment of Rs750mn each. (BS)

- Nagarjuna Fertilisers and Chemicals commissioned a 450MTPD carbon dioxide recovery plant at its existing urea facilities at Kakinada, Andhra Pradesh. (BS)

- Orissa High Court has asked SEBI to investigate if Bhushan Steel’s group companies had violated SEBI Takeover Regulations and purchased shares of Orissa Sponge Iron and Steel. (ET)

- Ratnagiri Gas and Power is facing technical snag and insurance glitches which may result in delay in generation of additional power. (ET)



- Ministry of Finance and RBI will meet tomorrow to discuss the governments borrowing programme for the first half of FY10. (ET)

- FIPB stated that foreign investors in Indian real estate cannot sell their stakes to another foreign investor before 3 years. (ET)

- Finance ministry has rejected banks proposal to fix the period for which private partners in PPP road projects collect tolls. (ET)

- IATA expects India’s air travel demand to fall by 7%. (FE)

- Cement consumption in the country grew by 8% in the current year against 9% last year. (FE)

- The government today imposed safeguard duty on import of some aluminium and chemical products. (BS)

- The Finance Ministry scrapped customs duty on crude soyabean oil. (BL)