Daily News Roundup - June 28 2010

RNRL signed a revised gas sale master agreement with Reliance Industries for supply to the former's proposed power plant at Dadri in Uttar Pradesh, close to Delhi. (BS)

Reliance Communications says it has agreed to sell its telecom business to GTL Infrastructure. (BL)



Reliance Industries and Pemex, Mexico may soon forge a partnership to develop a large-capacity greenfield refinery in Mexico. (ET)

Tata Motors will set up a new manufacturing plant for the Ace and for other similar products. (BS)

The Singapore government’s investment fund, GIC Special Investments Pte Ltd, has deferred its plan to invest about Rs3.8bn to pick up a minority stake in Fortis Healthcare. (BS)

Piramal Healthcare is planning a string of acquisitions in the biotech space in the US, Europe and Canada in the next two to three years. (BS)

Cipla has started talks with the government to share knowledge on making cancer drugs. (ET)

MTNL plans to repay most of the Rs75bn debt which was taken for buying 3G and broadband spectrum within six months to a year and then go for long-term debt management. (BS)

M&M plans to invest Rs2.5bn into aerospace business. (BS)

L&T plans to restructure its joint venture with Japan's Mitsubishi Heavy Industries, as it prepares to re-bid for the NTPC contract for bulk supply of supercritical boilers worth about Rs90-110bn. (BS)

The GMR-Malaysia Airports combine has won the contract for building and expanding the airport at Male in the Maldives for about US$300mn. (BS)

Jet Airways and Godrej Properties are in the process of signing a deal for developing Jet’s land in the Bandra Kurla Complex area of Mumbai together. (BS)

HCL Corporation has sold 16.75mn shares in HCL Technologies, constituting 2.5% stake in the information technology company, for an estimated Rs5.8bn. (BS)

Blackstone may announce the purchase of 12% of Monnet Power for Rs3bn as early as this week. (ET)

Hindustan Copper has expressed interest in bidding for the development of mines in Afghanistan, which is estimated to have mineral wealth worth US$1trillion. (ET)

Core Projects has signed a five-year contract worth US$24 mn with the Los Angeles government to design and implement a diagnostic testing programme for 375 schools. (ET)

ING Bank NV sold its entire stake of 3.07% in Kotak Mahindra Bank valued at about Rs8.01bn. (BS)

The government’s stake in IDBI is expected to touch 65% by the end of the second quarter, following a Rs31.1bn capital infusion into the bank. (ET)

Jay Shree Tea has decided to expand its business footprint via overseas and domestic acquisitions. (ET)

Arvind to form JV with Safal Group for residential projects. (BS)

MTN Group is in talks with Loop Telecom to purchase a stake in the company. (BS)

Government raises petrol price by Rs3.5/l and diesel by Rs2/l at Delhi, with corresponding increase in other parts of the country. (BL)

Government also increased the price of domestic LPG by Rs35/cylinder and kerosene sold under PDS by Rs3/l. (BL)

The Baltic Dry Index fell 40% to 2,501 against 4,209 a month earlier. (BS)

The government plans investment of Rs4.4-6.6bn for boosting research and development (R&D) activities in the petrochemicals sector. (BS)

Reserve Bank of India will announce the first quarter review of the monetary policy for 2010-11 on Tuesday, July 27. (ET)

Foreign exchange reserves rose US$3.2bn during the week ended June 18 to US$276bn. (ET)