Daily News Roundup - Aug 4 2010

The joint venture between Cairn India, ONGC, Videocon Industries and Ravva Oil will get a new price of US$4.2/mBtu for gas produced from its East Coast Ravva Fields. (BL)

Reliance Industries and Essar are bidding to acquire the retail assets and lubricants business of BP in five African countries — Zambia, Malawi, Botswana, Namibia and Tanzania. (BS)



SAIL hopes to stitch up a joint venture with Japan’s Kobe steel within next six months. (ET)

Adani Enterprise has acquired mining rights for Queensland-based assets for US$455mn. (ET)

GMR Infrastructure said that it has refinanced its bridge loan of US$737mn with a five year debt. (ET)

Godrej Industries is planning major expansion in its agri and chemical business at an investment of Rs3bn. (ET)

HPCL will sell jet fuel to Kingfisher Airlines only against cash. (ET)

Apollo Hospitals will invest Rs30bn by 2014 to add 4,000 beds. The company is in talks with private equity players and other financial institutions to fund the upcoming projects. (BL)

Tata Capital announced a strategic partnership between its wholly owned Singapore-based subsidiary , Tata Capital Pte, and Japan's Mizuho Securities Co (MHSC) to raise a private equity fund between US$500mn and US$1bn. (FE)

Indian Bank has mopped up Rs30bn by raising deposits rates a fortnight ago, much before RBI raised its lending and borrowing rates. (FE)

Indian Bank has revised interest rates on FCNR (B) and NRE deposits with effect from August 1. (FE)

Real estate major Emaar MGF is in talks with Citibank International to buy back securities of Emaar MGF Land Ltd. (BS)

Jet Airways has approached RBI to raise funds abroad in dollars at lower rates of interest. (BS)

GMR Infra has re-financed US$737mn of a short-term loan raised for the InterGen acquisition two years earlier and due for repayment later this year. This amount will now be due for repayment after five years. (BS)

IDBI Bank plans to raise another US$350mn in bond sales, loans from multilateral agencies and export credit agencies. (BS)

Dish TV is aiming to establish 170 set up box hubs nationally. (ET)

Jubilant FoodWorks is in talks with many global brands to bring them into the country. (ET)

The government has asked parliament for approval to spend Rs55bn more this fiscal than it had budgeted for in February. (ET)

The country produced 218 MT of iron ore in the last fiscal against 215 MT in 2008-09. (ET)

India is reviewing the double taxation avoidance agreement with Mauritius to prevent tax evasion and strengthen exchange of information on the matter between the two countries. (ET)

The government has imposed anti dumping duty of Rs25 per kg on import of a laminated product. (ET)

In order to attract World Bank funding for highway projects, NHAI plans to relax payment schedule for private contractors. The NHAI board is considering a proposal to give 40% of the annuity payment to the contractors upfront and the remaining amount later in installments. (BS)