Daily News Roundup - May 10 2010

SC directs Reliance Industries to initiate renegotiation with RNRL within six weeks on the terms of the gas supply agreement so that their interests are safeguarded. (BL)

JSW Steel reported that its crude steel production has increased by 20% to 560,000 tonnes in April. (BL)

IRB Infra bags Rs12bn road project. (BL)

JSL has signed a MoU with the Orissa Government to set up a 1,320MW super critical thermal power plant at Luni. (BL)

Apollo Hospitals will add 2,200 beds over the next two years with an estimated investment of Rs10bn. (FE)

Tata Steel will raise Rs100bn of debt to finance its 3mn tonne expansion in Jamshedpur and to part-pay debt at Corus. (DNA)

Dabur plans to go ahead with its overseas acquisition plans this fiscal, particularly in the personal care and healthcare segment, in the Middle East and African countries. (ET)

Sun Pharma is voluntarily recalling about 27,000 bottles of anticholesterol medicine Gemfibrozil tablets from the US market after impurity levels exceeded permissible limits. (ET)

Cipla in talks to make and supply drugs to global pharmaceutical firm Pfizer as the US-based company plans a foray in the generics business space. (ET)

RCom to launch IPTV service in Mumbai, Delhi in three months. (ET)

LIC Housing Finance plans to raise Rs200bn during the current fiscal to fund its business growth. (ET)

Alcon Inc plans to rope in strategic manufacturing alliances and joint ventures with Cipla. (BS)

The three Patni brothers of Patni Computer may get a premium for selling their stake to Japanese strategic investor NTT Data, compared to PE firm General Atlantic. (ET)

Ansal Properties plans to raise Rs710mn by selling 6.94% stake to a group of investors led by Enam Investment Services. (ET)

Kemrock Industries plans upto Rs18bn investment in 4-5 years. (BS)

Dalmia Cement and Kohlberg Kravis Roberts together with its affiliates have signed a definitive agreement under which KKR is planning to invest Rs7.5bn in the company’s subsidiary. (BS)

DCM Shriram plans to send Rs80mn in two years to develop a lignite mine in Rajasthan. (BS)

Triveni Engineering plans to list the demerged entity Triveni Turbine on the domestic bourses by the end of 2010. (BS)

Nava Bharat Ventures unit has concluded the purchase of 65% equity stake in Zambia-based Maamba Collieries from ZCCM-Investment Holdings Plc. (BS)

Gemini Communication acquires African telecom and internet services provider Rosy Blue Wireless. (ET)

The government may rework natural gas allocation priorities to accommodate ADAG's Dadri power plant. (ET)

Retail investors to get 5% discount in Engineers India's follow-on offer. (ET)

Great Offshore likely to ink joint venture with foreign offshore player. (ET)

Tinplate is working with Corus group to explore joint marketing opportunities for food and beverages packaging in Europe. (ET)

Private telecom companies ask the government not to give any concessions to BSNL and MTNL regarding payments for third-generation airwaves. (ET)

The value of the auction for 3G spectrum moves up to Rs129bn.(BL)

Foreign exchange reserves were up US$157mn to US$278bn for the week ending April 30. (BL)

The government may soon ask companies with less than 50% foreign equity to seek approval of the FIPB to make any downstream investment. (BS)