Daily News Roundup - June 22 2010

Reliance Industries has become the second refinery to receive crude oil supply through Cairn India and its joint venture partner ONGC's pipeline network. (BL)

Oil India has secured an extension for petroleum exploration licences for 10 of its 16 independently held blocks in Assam and Arunachal Pradesh. (BS)

BEML plans to invest Rs6.8bn in the next two to three years for expansion and diversification.(BS)

Tata Teleservices has suggested that the price of each MHz of excess spectrum beyond 6.2MHz in the 1800 Mhz band should be 1.67 times the 3G price set through the recent auction. (BS)

The Bajaj-Renault-Nissan alliance’s small car project continues to get sidelined as plans of production and branding is yet to take shape. (BS)

Bharti Airtel has appointed Ogilvy Africa BV as its marketing services partner for its African operations. (ET)

HCL Technologies denied any plans to merge with the group’s computer hardware subsidiary HCL Infosystems. (ET)

Dewan Housing Finance Corporation stated that IFC has agreed to invest up to Rs200mn by subscribing up to 2mn shares in Aadhar Housing Finance Pvt Ltd. (FE)

Tata Steel won the environmental ministry approval to expand capacity at its Jamshedpur unit. (ET)

Reliance Industries several attempts to take over LyondellBasell may not be the final one. The Netherlands-based major expects the bid to come again in the coming years. (BS)

Cox & Kings (India) plans to raise Rs20bn of equity and debt to fund expansion plans. (ET)

Nagarjuna Construction is planning to dilute ~49% stake by roping in a foreign partner in the special purpose vehicle executing the 1320-MW coal-fired plant in Srikakulam, Andhra Pradesh. (BL)

JSW Steel has demanded a stake in the controversial Obulapuram Mining Company or a definite deal to supply iron ore as talks with Karnataka’s Reddy brothers for taking over their steel company reach a crucial stage. (ET)

GMR Group is willing to buy stakes held by minority partners in all the three airports it operates if there is any such offer. (ET)


The department of public enterprises has proposed that the finance ministry classify loans to sick state-owned companies as priority sector lending, entitling them to lower interest rates and hastening their recovery. (ET)

The government is set to simplify Shops and Establishments Act, some of the provisions in the law may be amended or dispensed with. (BS)

The Union government proposes to switch over to specific rates for value added tax on petrol and diesel instead of the current ad-valorem (percentage) structure. (BS)

Insurance regulator, IRDA is set to frame new guidelines for ULIP products, to make them more attractive for policy holders. (FE)