Daily News Roundup - July 27 2010

OIL & Natural Gas Corporation plans to spend US$5bn to develop gas fields to boost output by almost 60% in six years. (ET)

NMDC is contemplating buying coking coal mines in Russia from Kolmar for US$400mn. (BS)

Fortis Healthcare reaps Rs3.8bn as it pulls out of Parkway bid. (BS)



Dabur India Ltd has acquired a Hobi Kozmetik Group, a Turkish personal care products company, for Rs3.2bn. (BS)

Tech Mahindra is likely to merge with Mahindra Satyam before the end of 2011 calendar year. (BS)

HPCL believes its Bhatinda refinery, scheduled to begin production in April ‘11, could be an important gateway to Pakistan for supply of products. (BL)

Lenders to Vishal Retail (VRL) are likely to support a debt restructuring proposal from Kishore Biyani's Future Group, disregarding a rival offer from private equity firm TPG. (ET)

NHPC commissioned all the three units of the 120MW (40MW x 3) Sewa-II hydroelectric project in Jammu and Kashmir. (ET)

SAIL will invest 1bn to revive its Uttar Pradesh unit. (ET)

Coal India (CIL) is likely to file a draft prospectus next week for its initial public offering. (ET)


The group of ministers (GoM) on ethanol maintained status quo on its earlier decision by upholding a price of Rs27 a litre for a mandatory 5% blending with petrol in spite of the stiff opposition from the Ministry of Chemicals and Fertilizers. (BS)

The Empowered Group of Ministers (EGoM) on the Krishna-Godavari (K-G) basin is likely to cancel allocation of 0.406 mscmd for ONGC’s LPG plants and 0.93mscmd of gas to Pragati Power. (BS)

The Chief Statistician of India has said that a new series of consumer price index (CPI) will be rolled out in January next year. (BL)

According to a recent verdict by the Authority for Advance Ruling, Minimum alternate tax is not payable by foreign companies not having a permanent establishment in India. (ET)