Daily News Roundup - March 17 2010

RIL loses bid for Canadian firm Value Creation to British energy major BP Canada, which has taken a controlling stake for ~US$1.2bn. (BS)

Bharti Airtel has issued a term sheet to banks to raise up to US$8.5bn in offshore loans to fund the acquisition of African mobile operator Zain. (ET)

State Bank of India is likely to raise Rs200bn via rights issue by the year-end. (ET)

Hindalco Industries has received a loan commitment of over Rs100bn from more than 10 banks for the Rs49bn debt the company plans to raise for its Utkal Alumina Refinery. (BS)

Boeing will pay US$145mn compensation to Air India (AI) for delay in deliveries of the Dreamliner B787-800. (BS)

Nissan Motor along with its joint venture French partner Renault, has invested around Rs28.8bn at Oragadam, near Chennai. (BS)

Nissan Motor scouts for yet another Indian partner to develop one more car that will be placed between Micra and proposed ultra low cost (ULC). (BS)

Reliance Communications has said that it was open to acquisitions in the country to grow its presence in the domestic market. (ET)

PFC to pick up 26% stake in power projects. (BS)

Mahanadi Coalfields Ltd (MCL) to cross 100mn tons coal production this year. (BL)

Dhruvi Securities, a subsidiary of GMR Infrastructure has acquired shares of ING Vysya Bank from another GMR group subsidiary GMR Airports Holdings Private Ltd for a sum of Rs107.3mn. (BL)

Strides Arcolab has informally offered to buy the remaining 43% stake in its Australian venture, Ascent Pharmahealth Ltd at Rs1.45bn. (BS)

Patni Computer Systems has set up a new North American hub for BPO operations in El Paso, Texas. (ET)

State-owned fuel retailers — Indian Oil, BPCL and HPCL— are likely to end the fiscal with a loss of ~Rs480bn on selling petrol, diesel, domestic LPG and kerosene below cost. (ET)

The government has asked the five telecom operators, Bharti Airtel, Reliance communication, Tata, Vodafone and BSNL, to give their accounting details for three years (2006-07 to 2008-09) to the Comptroller and Auditor General of India. (ET)

Religare Enterprises has decided to set up an asset management, sales and distribution business in Japan and has hired a team from KBC Financial Products for the same. (ET)

The finance ministry has circulated a proposal that aims to ask state-run banks to exit noncore businesses, notably insurance, to force greater capital efficiency and ensure that periodic capital infusion into them goes into increasing the spread of banking rather than propping up money-losing ventures. (ET)