Daily News Roundup - Nov 10 2010

Coal India is learnt to have placed a bid for Colombian assets of US-based Drummond Co. (FE)

ONGC, which is the licensee and a 30% owner in the oil-rich Rajasthan block operated by Cairn, has held back US$500mn to Cairn India. (ET)

Rs40bn FPO of Hindustan Copper is likely to hit the market on December 6. (FE)



ICICI Bank said it has raised US$1bn from overseas bonds. (FE)

Power Grid Corporation of India has decided to wind up its consultancy JV, with IL&FS, due to lack of orders. (ET)

Power Grid Corporation of India Ltd that launched its FPO, plans to raise around Rs80bn in domestic debt through issue of bonds in 2011-12. (BS)

The Foreign Investment Promotion Board is understood to have given its nod to foreign investment proposals of GMR Airports (US$200mn), and Jet Airways (US$400mn), among others last week. (FE)

NMDC has shortlisted Danish engineering company FLSmidth to set up an iron ore crushing plant with a capacity of 1,800 tonnes per hour in Karnataka’s Bellary district. (ET)

Cairn India, the operator of the offshore Ravva field in east India, plans to spend Rs650mn to drill additional wells. (ET)

IVRCL Assets and Holdings may sell up to 49% stake in three of its road projects and raise Rs6bn through QIP of shares by March. (ET)

Thermax Ltd has made its first overseas acquisition with the buy-out of Danish boiler manufacturing company Danstoker A.S. and its German subsidiary Omnical Kessel for €29.5mn. (BL)

HDIL plans to start five hotel projects in the next three years. (BS)

HDFC said it plans to infuse Rs500mn in its insurance arm, HDFC Standard Life, in the next six-months. (FE)

Kingfisher Airlines said it has received preliminary approval from lenders for a debt restructuring plan to cut interest costs. (FE)

Tata Global Beverages is planning to raise US$200mn from private equity investors by selling a stake in its UK arm. (ET)

SKS Microfinance to further reduce interest rates to 24 per cent in Andhra Pradesh and 18 other states. (BS)

Canara Bank has launched NRI Hub, a new initiative that seeks to promote the welfare of non-resident Indians. (BL)

The National Bank for Agriculture and Rural Development sanctioned Rs580mn across the state under the Rural Infrastructure Development Fund (RIDF). (BS)

The government said it has sought US$3bn assistance from the World Bank for converting 3,770 km of single lane national highways into double lanes. (ET)

Remittance flows to developing countries including India is expected to reach US$325bn by the end of this year and is likely to exceed to US$370bn in two years' time, the World Bank says. (ET)

Mining entities would have to share 26 per cent of their profits earned from mining operations with the affected local population in a mining area, as part of a new legislation. (BL)

The Railways is planning to spend around Rs2bn for the development of infrastructure in and around Mangalore. (BL)

Tea exports from India increased by 5% during the January-September period of the current year to 143.5mn kg. (ET)