Daily News Roundup - Aug 25 2010

Vedanta Resources failed to get environmental clearance for its US$1.7bn bauxite mining project in the Niyamgiri hills of Orissa. (BS)

Piramal Healthcare may go in for development of a residential project or business hub on the 40 acres prime land in Thane. (BS)



Maruti Suzuki is looking at manufacturing cars for other vehicle makers, both foreign and domestic, on the lines of its arrangement with Nissan. (BS)

Maruti Suzuki is working towards achieving full-body capability in manufacturing vehicles, which means MSIL will design and develop its models on its own. (BS)

M&M plans to source automotive components worth US$4-5bn over several years from global markets for Ssangyong and itself. (BS)

Reliance Power is considering investing as much as US$5bn in Indonesia. (BS)

GTL Infrastructure and tower arm subsidiary of Reliance Communications will convert around Rs60bn of loans from promoters into equity shares and issue fresh equity shares worth US$1bn. (ET)

EIH will have its succession plan in place in the next couple of years, EIH chairman, P R S Oberoi, said. (BS)

After reports of M&M and Atul Auto evincing interest in the purchase of a controlling stake in sick public sector company Scooters India, it seems that Tata Motors and Piaggio may also be in the race. (BL)

Public sector oil refiners are baffled by reports of GAIL (India) being part of the ONGC-led consortium that is believed to be making a counterbid for a stake in Cairn India. (BL)

Coal India is now aiming to supply imported coal to the power sector in early 2011. (BL)

Bharti Airtel’s Zain Kenya plans to invest more than US$308nm in next 18 months. (ET)

Glodyne Technoserve has moved the Supreme Court against awarding of contract for computerisation of public distribution system in Madhya Pradesh to HCL Technologies. (FE)

With a view to boost its commercial vehicle finance portfolio United Bank of India has entered into a tie up with Ashok Leyland Ltd. (BL)

Fitch ratings has upgraded outlook of Ashok Leyland to stable from negative. (ET)

Reliance Communications has selected Chinese equipment vendors Huawei and ZTE, to upgrade its mobile network for third generation (3G) services. (BL)

Hindustan Unilever to hike price of its Lifebuoy soap by Re1, while reducing the pack size of Lux. (ET)

ITC plans to open up 60 new hotel properties in the next 3-4 years. (ET)

Cairn Energy said it would seek government’s support for its attempt to exit India in wake of hostile signals from petroleum ministry. (ET)

The government may soon allow foreigners to set up Limited Liability Partnerships in sectors where 100% foreign investment is allowed. (ET)

Government plans to introduce the Direct Tax Code bill which will replace the Income Tax Act, in the current monsoon session of parliament. (ET)

India’s total spices exports for first four months of FY11 rose 12%. (ET)

India’s trade deficit for the current fiscal year is expected to be at least US$120bn, Trade Secretary said. (ET)

Commerce and industry ministry has proposed a broadening of the ambit of a key provision in the Patents Act to sidestep patents when needed. (FE)