Daily News Roundup - Aug 26 2009

The Government has decided to take two distinct decisions in the two disputes involving the KG D-6 block gas supplies — NTPC-RIL and RIL-RNRL. (BL)

United Breweries offers beer giant Heineken the right to have equal representation on the UB board. (ET)

Tata Motors to develop higher capacity engines for its Nano car, to target domestic as well as foreign markets. (BS)

Wockhardt has sold its 10 hospital properties to Fortis Healthcare and plans to use the funds for repaying Rs5bn debt on its books. (BS)

Diageo Plc’s talks with UB group to buy a stake in United Spirits have collapsed on a disagreement over the company’s valuation. (FE)

Tech Mahindra has won an outsourcing contract worth ~US$500mn from Swan Telecom. (ET)

IOC refuses to reduce the base price of jet fuel. (ET)

HCL Technologies has refinanced the loan taken from Standard Chartered to finance the acquisition of Axon. (BL)

Lupin plans to borrow up to Rs5bn in the form of term-loans or debentures. (ET)

Coal India may hike coal prices by up to Rs175 a ton to close the gap between domestic and international rates. (ET)

ABB has won an Rs1.3bn order from Power Grid Corporation of India to set up a 400kV gas insulated switchgear substation in Navsari, Gujarat. (BL)

Indiabulls Power is in talks with banks for a pre-IPO placement for raising Rs4.1bn which is likely to be finalized at Rs43.5 per share. (ET)

Ratnagiri Gas and Power to supply electricity at a higher rate of Rs2.24 per unit to Maharashtra State Electricity Distribution Company. (ET)

JSW Energy to raise Rs90bn in next 18 months for project expansion. (BS)

Cairn India to begin crude oil production from its Rajasthan block from August 29, 2009. (FE)

International Finance Corporation (IFC) plans to invest Rs250bn by way of equity into Snowman Frozen Foods Ltd. (FE)

Pyramid Saimira to offload 40% stake in its movie production company to a Kolkata-based corporation. (BS)

McLeod Russel India through its UK arm has acquired, indirectly though, controlling stake in Gisovu Tea Company, Rwanda, producing an estimated 1.7mn kg tea annually. (BL)

JSW Energy is close to finalizing a coal-supply linkage pact in Indonesia. (ET)

Apollo Hospitals’ has put its plans to start operations in UK on hold. (BL)

GlaxoSmithKline Pharmaceuticals to import Actiprotect, its disposable respirator mask that has an anti-viral coating. (BL)

Delhi International Airport Ltd signed a 25-year concession agreement with EIH to finance, design, develop, construct, operate, manage and maintain in-flight catering facilities and services at the airport. (BL)

An integrity panel has endorsed BSNL’s decision to disqualify Nokia Siemens Networks from its Rs350bn tender on technical grounds. (ET)

Great Eastern Energy Corporation Ltd plans to raise ~Rs4bn through an initial public offering in FY10 to part-fund drilling of nearly 300 wells and distribution of gas for industrial purposes in West Bengal. (BL)

The food ministry is working on a proposal to revise the levy sugar price from the current average of Rs13 per kg to ~Rs20 per kg and also make available an additional 10% sugar under the levy quota only for the festival season. (FE)

The Central Board of Direct Taxes (CBDT) orders scrutiny of firms taking AS-11 relief. (BS)

DoT plans to ask the EGoM on 3G-spectrum auction to consider a proposal under which successful bidders of pan India 3G spectrum can enjoy tax benefits applicable under section 80-1A of the income tax act. (ET)

The Government has decided to release the remaining three-fifths of arrears due to government employees and pensioners under the Sixth Pay Commission. (E)T

Security concerns have forced the government to put on hold a proposal allowing foreign airlines to invest in domestic carriers. (ET)

Government to allow corporate bond repurchase for liquidity. (BL)

India’s tobacco exports rose by 39% yoy in value terms to Rs13.7bn during Apr-Jul’09. (ET)