Daily News Roundup - Apr 27 2009

Reliance Industries will sell natural gas from its eastern offshore KG-D6 fields to ADAG power plant in AP at government-approved rates.(TOI)

ONGC Mittal Energy has got the Nigerian National Petroleum Corporation nod for its plan to set up a refinery in Nigeria.(BL)

Reliance Infrastructure may submit bids for retail power distribution in 11 cities in Uttar Pradesh and Bihar, according to company sources.(BL)

Reliance Infrastructure outlines plans to invest Rs13bn in its two power distribution companies in Delhi over the next couple of years for strengthening their electricity distribution networks.(BL)

Delhi HC allowed Cipla to manufacture and sell the generic version of lung cancer drug ‘Erlotinib’ of Swiss pharma company Hoffman La Roche.(TOI)

ONGC Videsh set to quit Sudan block, write off US$90mn.(TOI)

UTI asset management arm plans to offload 26% in three months.(FE)

Jet Airways has approached the US Exim Bank and European export credit agencies to reschedule a US$2bn loan that was raised to buy 27 Boeing and eight Airbus aircraft. (BS)

Satyam Computer board to meet on April 27 to "ratify the core Tech Mahindra nominees to its board", among others. (BS)

Indiabulls Real Estate board approves a plan to raise US$600mn through qualified institutional placement of securities. (BS)

SBI mulls reduction in education loan rates by 0.25%. (BS)

Renault is looking to introduce up to two new models in India with M&M this year. (ET)

Jindal Steel and Power to start producing gas in Bolivia in June for export to Argentina. (ET)

As part of cost-cutting measures, Tata Consultancy Services said that it will relocate staff abroad into India.(FE)

KEC International bags orders worth Rs950mn.(BL)

GAIL readies Rs10bn for city gas networks.(DNA)

Ranbaxy Laboratories has pared its operations in Europe, where it had been forced to cut product prices to cope with intense competition and posted a steep decline in revenue.(Mint)

ICICI Bank writes to Department of Industrial Policy and Promotion that it is not a foreign-owned bank and will not be covered by the new guidelines. (ET)

Aptech enters into a 51:49 JV with the Falgo Group to set up its training centre. (ET)

Jindal Stainless seeks more time to buyback FCCb’s. (ET)

SKF India to invest Rs1.5bn in a new ball bearing manufacturing plant at Haridwar. (ET)

Infosys BPO to acquire captive operations of customers. (ET)

The Department of Divestment to launch public offering to divest government stake in NHPC, Oil India and RITES. (ET)

JSW Energy is close to acquiring a sub-saharan African thermal coal mine for US$70mn. (ET)

Tamil Nadu Newsprint and Papers plans to invest Rs10bn for expansion. (BS)

Karnataka Bank is restructuring its loans worth Rs3-3.5bn that is under stress. (BS)

Tata to launch GSM with NTT DoCoMo co-branding. (BS)

Forex reserves fell by US$517mn in the week ended April 17.(BL)

Bill in US Senate to make H1B hiring tougher.(BL)

Banks to get Rs50bn for farm debt waiver.(Mint)

A government panel set up to resolve the critical issue of additional spectrum allocation is understood to have moved from the current user¬-based formula to revenue¬ generating auction model.(Mint)

Provisional safeguard duty mooted on hot rolled coils, sheets.(BL)

India Infrastructure Fund invests US$50mn in two toll road projects.(Mint)

Bank credit witnesses a moderate growth of Rs14bn in the first fortnight of the current financial year. (BS)

World Bank's private sector lending arm, IFC, to invest US$1bn in Indian companies during its financial year beginning June 2009. (ET)

The government is considering levying a safeguard duty of 25% on key steel products imported from countries like China and Japan. (ET)