Daily News Roundup - July 13 2010

Suzlon Energy has bagged orders worth ~Rs1.2bn from Malpani Group to setup, operate and maintain two new wind power projects in Karnataka and Maharashtra. (ET)

Tata Chemicals has received the approval of shareholders to raise Rs4bn through issue of 11.5mn shares on a preferential basis to promoter Tata Sons. (BL)



Titagarh Wagons will invest €15mn to buy French rail wagon maker IGF Industries-Arbel Fauvet Rail, its first overseas buy as it looks to tap new markets. (ET)

GMR Infrastructure has sought shareholders’ approval to raise Rs50bn through various instruments to fund expansion and capex plans. (ET)

NTPC is expected to invest over Rs80bn in Gujarat to commission a coal-based project with a power generation capacity of 1,320 megawatt. (ET)

Bhilwara Energy plans to dilute 10.8% stake to two foreign investors to raise around Rs2.3bn to part-fund the company's power projects. (BL)

Nalco has identified mineral assets in Chile, Namibia and Indonesia, and is in the process of floating separate ventures in the foreign countries to buy out the reserves. (ET)

Procter & Gamble is in the process of taking control of the Ambi Pur air care brand in India. (ET)

NTPC has scrapped its plans to set up a 4,000-MW power plant in Uttar Pradesh over differences with the state government. (ET)

RPG Life Sciences has set up two new verticals and plans to launch nine new products.(ET)

Piramal Healthcare is likely to sell its medical diagnostics business.(ET)

Union Bank of India has put its non-performing assets, worth Rs5bn (principal value of assets), on the block to improve its financial health. (BS)

JSPL plans to sign MoU with the Orissa government for its Rs450bn coal to liquid (CTL) project next month. (BS)

Gitanjali Gems plans to foray into real estate space. It plans to develop 100,000 square feet of commercial real estate in addition to the 400,000 square feet land it is already developing in Mumbai's suburbs. (FE)

Standard Chartered has entered into an agreement to acquire Singapore-based GE Commercial Financing for an undisclosed amount. (ET)

GMR Group has emerged as the single largest shareholder in Karur Vysya Bank. It has increased its stake to 4.9%. (ET)

IL&FS Investment Managers will invest Rs800mn to acquire a 33% stake in Aria Hotels and Consultancy Services. (ET)

Riding on the success of FIFA World Cup 2010, Mahindra Satyam bags NBA, Singapore Youth Olympic deals. (BS)

GVK is looking for an anchor investor to revive its special economic zone project in Tamil Nadu. (BS)

3i Infotech Consumer Services Limited (3icsl), a wholly-owned subsidiary of 3i Infotech Limited, is planning to acquire a consumer-based organisation in the domestic market for a consideration of US$10mn. (BS)

SAIL’s raw Materials Division recorded 9% yoy growth in production and despatch of iron ore in the first quarter (April-June) of the current fiscal. (BL)
Economy Snippets

Industrial production registered a yoy growth of 11.5% in May — the lowest in seven months and below the 16.5% for April. (BL)

The government is planning to set up Rs100bn venture capital fund for financing new drug discovery projects in the country. (ET)

The Reserve Bank of India is likely to announce a sunset clause with a deadline of June 30, 2011, for all loans in the erstwhile benchmark prime lending rate (BPLR) system to help banks migrate to the new base rate model. (ET)

A high-level committee has said that security related restrictions for importing telecom equipment will not apply to the power sector. (ET)

The central panel has given nod to the 200mw Gundia power plant in Karnataka after the state government agreed to drop Hongadhala dam from the project reducing land requirement for its construction. (ET)