Daily News Roundup - Nov 1 2010

Norwegian government has offered ONGC a stake in a US$1bn carbon capture storage project at Statoil’s Mongstad oil refinery in Norway. (BS)

Reliance Industries plans to invest around US$15bn in the next five years in its petrochemical business and to develop shale gas assets in the US. (BS)

A consortium led by GSPC and also comprising Indian Oil, HPCL and BPCL, is set to get authorization for three major gas line projects worth 180bn. (BS)



Government has threatened to cancel coal block allocations to three companies, including JSPL, for their failure to develop blocks allotted to them despite repeated reminders. (BS)

Joint projects between Maruti and Volkswagen AG are slated to be announced as early as this December. (BL)

SBI expects govt nod for Rs200bn rights issue by December. (FE)

Petronet LNG to spend US$1.5bn to build power plants. (FE)

GAIL will source 0.5mn tonnes of LNG from Japan's Marubeni Corp for three years starting January 2011. (BL)

Shipping Corp of India to buy seven new ships for Rs29bn. (Mint)

ONGC may stall Cairn-Vedanta deal; reiterates its pre-emptive rights in Barmer oilfields. (TOI)

Areva plans to float two subsidiaries for channelising investment to the tune of US$3bn in solar power generation. (BS)

REC may raise an additional US$750mn from markets abroad this financial year. (BS)

The telecom department rejected Tata Teleservices’ claims of first right to second generation spectrum. (ET)

Cox & Kings is eyeing acquisitions and is in talks with two international players. (ET)

Radico Khaitan plans to introduce world's best selling spirits brands to its portfolio through tie-ups with global firms. (ET)

Biocon plans to invest US$161mn in a facility in Malaysia. (ET)

GVK Power and Lanco Infratech show interest in buying a controlling stake in Griffin Coal Mining of Australia. (ET)

Finance Ministry has agreed to release an additional Rs30bn (in addition to the Rs 100bn already committed) to compensate the OMCs for under-recoveries incurred in the April-September period. (BL)

FDI services dips 50% to US$1.3bn in Apr-Aug. (FE)

Forex reserves dip US$1bn to US$295bn for week ended October 22. (FE)

Mobile subscribers can apply for number portability from November 25. (FE)