Daily News Roundup - Nov 23 2009

Reliance Industries has made "a preliminary non-binding offer" to acquire LyondellBasell, the world's third largest petrochemical company, based in Rotterdam, Netherlands for upto US$12bn. (ET)

BSNL has been instructed to float a global tender for setting up the optical fibre cable network for the defence forces on December 7. (BL)

Shell in talks to buy 10% of Essar Oil. (DNA)

TATA DoCoMo, the GSM brand of Tata Teleservices, announced the extension of its seconds-based billing to roaming services as well. (BL)

ICICI Bank raises US$750mn through overseas bond issue. (BL)

HPCL-led consortium has temporarily put on hold its proposed Rs 300bn petrochemicals complex at Visakhapatnam. (FE)

Bajaj Auto plans to raise the monthly production of its Pulsar bike to 90,000 units per month in the next six months and targets to sale one million units per annum by the end of next financial year. (ET)

GVK Power & Infrastructure expressed its intent to further hike its holdings in Bangalore and Mumbai airports. (BL)

GVK in talks to acquire L&T's holding in Bengaluru International Airport. (DNA)

GVK Power & Infrastructure to raise up to Rs18bn. (BL)

Tata Steel to switch 56% of securities into convertible bonds. (BL)

Bharti Airtel announced a new plan whereby subscribers can avail themselves of national roaming services for as low as 60paise/min, which is 60% lower than existing tariffs. (BL)

JK Lakshmi Cement to raise around Rs8bn through debt and equity to part-finance setting up a greenfield project in Chhattisgarh. (ET)

US-based Medicis Pharmaceutical Corporation has filed a case in a US court against Indian drugmaker Lupin, alleging that it has infringed its patent in applying for marketing approval for a dermatology medicine. (BS)

Emami is scouting for acquisitions over Rs8bn in both domestic and overseas markets. (BS)

NALCO is in talks with an Islamic bank in Indonesia for a loan to revive its Rs100bn Iran project. (BS)

Gammon Infrastructure Projects receives an order worth Rs8.5bn from the NHAI. (DNA)

Bharat Hotels will invest around Rs23bn in 42 hotels over the next four years. (FE)

JSW Steel seeks partners for its alumina, cement plans. (FE)

Ranbaxy Laboratories has recalled from the US market a batch of drug capsules used in treating skin infections. (FE)

HDFC Standard Life plans to come out with an (IPO) in the next financial year. (BL)

Foreign exchange reserves rose by US$962mn to US$286bn, for the week ended November 12. (BL)

DoT and the Ministry of Defence have struck an agreement whereby the armed forces will release 25 MHz of radio frequency. (BL)

Centre has decided to spare state governments the burden of bearing the cost of higher sugarcane procurement prices paid by mills. (FE)

Government mulls tax to phase out fuel-inefficient vehicles. (BL)

The number of telephone subscribers increased to 526mn with more than 16mn new mobile users added in October. (BL)

TRAI fixes mobile switchover charges at Rs19. (TOI)

TRAI is learnt to be working to come out with its recommendation on spectrum management and licensing terms for 2G services, before the 3G auction deadline of January 14. (DNA)

UP government asks sugar mill owners to hike incentives for sugar cane growers. (FE)

India imported 2.5mn tonnes of sugar during the 2008-09 season to augment domestic supply. (FE)