Daily News Roundup - Dec 7 2009

Allahabad High Court allows farmers to reclaim Reliance Power's Dadri project land. (BL)

Tata Steel Europe (Corus) has decided to keep open some facilities at its troubled Teesside Cast Products in contrast to the earlier plan of mothballing the entire plant. (BL)

GVK Power and Infrastructure has acquired 17% stake in Bengaluru International Airport from L&T Infrastructure Development Projects for Rs6.9bn. (BL)

Bharat Forge-Alstom JV to make power equipment at an investment of Rs24bn is setting up the plant in the Mundra SEZ. (BL)

Aban Offshore along with its Singapore-based subsidiary Aban Singapore has Rs166.35bn of debt on its balance sheet, has admitted that it has failed to meet some of the conditions set by its bankers. (ET)

Reliance Infrastructure-led consortium has won the Rs17bn NHAI project to construct a six-lane highway between Pune and Satara in Maharashtra. (BL)

The governments of Maharashtra, Gujarat and Andhra Pradesh have begun talks with the ADAG for a possible relocation of the 8,000MW Dadri gas-based power plant from Uttar Pradesh. (BS)

L&T and EADS plans to send a revised proposal to FIPB, with a new joint venture structure in which the European defence giant would hold 26% stake. (BS)

Reliance Exploration and Production, a venture of Reliance Industries, has divested 20% stake in two Colombian deepwater blocks to Ecopetrol, Colombia's national oil company. (BL)

Mahindra Satyam won Rs1bn outsourcing contract from Airbus to manage its internal quality and processes. (ET)

GMR Infrastructure is close to raising about Rs130bn from domestic banks for funding its four power projects and two road projects. (BS)

JSW Steel may sell its coal mine in Mozambique to sister company JSW Energy. (ET)

HDFC rejigs top management, Deepak Parekh to step down on December 31. (BS)

Reliance MediaWorks partners with In-Three Los, Angeles to establish an India-based facility that convert 2D films and videos into 3D. (ET)

Reliance Power plans to commission the first phase of its 1,200MW Rosa Power project in Uttar Pradesh before the end of December 2009, three months ahead of schedule. (ET)

REC looks to raise Rs45bn through follow-on offer. (BL)

Both BSNL and MTNL are set to miss the mobile number portability deadline of December 31. (TOI)

Godrej Properties has fixed a price band of Rs490-530 a share for its Rs5bn IPO. (BL)

JSW Energy raises Rs4.65bn through the issue of shares to seven anchor investors under its public offer. (BS)

PTC India says it is planning to list its financial services arm, PTC India Financial Services; IPO likely to be floated by the next fiscal. (FE)

After settling the dispute for its Orissa plant, Essar Steel is going ahead with its US$600mn, 6mt pa pelletisation plant and expects it to be operational by September next year. (FE)

Future Group plans a JV company by bringing together Future Money, its consumer finance business; Future Generali, its insurance business; and Centrum Direct. (BS)

United Bank of India received the Centre's approval for an IPO. (BL)

Infotech Enterprises will be acquiring the operational assets of US-based IDT Inc in Hyderabad for an undisclosed sum. (BL)

SBI gets government nod for acquiring State Bank of Indore. (DNA)

Core Projects ties up with the University of Oxford to bring in global standards for the excercise in India. (BS)

Dunlop, acquired by the Ruias in 2005, will start trading on the bourses once again after a gap of seven years. (BS)

Mascon Global plans to entirely acquire C-SAM Inc, the Sam Pitroda-founded mobile commerce company. (BS)

Vodafone Essar cuts roaming charges by over 50%. (TOI)

Indian Bank may float subsidiary for NPA management. (BS)

Viceroy Hotels is planning to raise about Rs1.5bn through private placement to part finance its Rs10bn expansion. (DNA)

Ruia Group plans to raise Rs1bn in listed entity Falcon Tyres through private placement of shares. (ET)


Foreign exchange reserves rose by US$1.4bn to US$287bn, for the week ended November 27. (BL)

Government is discussing scrappage incentives so that vehicle owners get rid of old vehicles and invest in new and more fuel-efficient vehicles, which have low emissions. (BL)

Department of Atomic Energy has raised civil nuclear power generation to 30,000MW by 2020 against the earlier target of 20,000MW. (BL)

TRAI may look into tariffs being offered by mobile operators based on the cost structure of the telecom companies. (BL)

Government tables a bill protecting it from potential liabilities to the tune of Rs140bn arising from levy sugar requisitioned from sugar mills in the past. (BL)

RBI has hinted that it may not immediately hike interest rates in spite of spiralling food inflation. (TOI)

FDI into the country increased by over 56% to US$2.3bn in October. (TOI)

Prime Minister says 3G spectrum would be auctioned soon, thus ending the uncertainty generated by reported differences between ministries of telecom and defence on vacation of airwaves. (TOI)

The mobile number portability to take effect from "early next year" Prime Minister Manmohan Singh said.

Gems and jewellery exports fell 8% to US$2.11bn in October compared to the same period last year. (BS)

Ulips likely to pump Rs400bn into the bourses. (ET)