Daily News Roundup - Nov 22 2010

Suzlon is in the race to bag an estimated Rs3bn project of Nalco. (BS)

Reliance Industries says it has restarted crude distillation unit no.1 and coker unit at the Jamnagar refinery complex. (BL)

Petroleum ministry says it will consider approval for the US$8.5bn Cairn-Vedanta deal only after Cairn Energy makes a formal application for transfer of control in all its 10 properties in the country. (BS)



ONGC may not get to use first right of refusal in Cairn deal. (ET)

Kingfisher Airlines fined Rs10mn for not providing facts during probe. (ET)

Fortis Healthcare is planning to set up seven new hospitals in the country at an approximate investment of Rs4bn in the next two years; to add around 2,500 to 3,000 beds to the present bed capacity of around 6,000. (BS)

Tata Power plans to invest around Rs50bn in wind-energy alone. (BS)

Alok Industries has drawn up a Rs8bn capex plan for the next two years period. (BS)

Sun Pharma loses generic challenge in US court. (BS)

Dr Reddy’s Labs launches Zafirlukast tablets a bioequivalent generic version of Accolate in the US market. (BS)

Essar Shipping plans to invest around Rs55bn in capacity building in ports and shipping activity. (BS)

S Kumars Nationwide is undertaking a re-positioning exercise for its apparel brands, including Reid & Taylor and Belmonte. (BS)

Government plans to offload 10% of its equity holding in IOC through the FPO, and an equal stake will be diluted by the company. (BS)

SCI plans to invest Rs60bn for acquisition of 29 ships by 2012. (DNA)

Private equity firms Carlyle Group and Advent International may jointly mount a US$1bn bid to buyout Patni Computer. (TOI)

Tilaknagar Industries has raised Rs1.35bn through QIP. (ET)

Hinduja Automotive, the holding company of the Hinduja Group, is exploring opportunities in the aerospace sector. (BS)

Apart from suggesting cancellation of licences of new operators, TRAI has also recommended penalty on nearly 40 licences owned by seven companies, including Tata Teleservices and Vodafone. (BL)

Petronet LNG Board has given in principle sanction for expanding the capacity of Kochi Terminal from 2.5mn tons to 5mn tons. (BL)

IOC, Mahindra Solar and Reliance Power's Rajasthan SunTechnique, are among the companies that are one step closer to winning projects under the first phase of the National Solar Mission for developing 620MW of solar projects. (BL)

Core Projects and Technologies plans to open 30 schools with an initial investment of Rs4.5bn. (Mint)

Emami is in talks to acquire a personal care company in Africa. (BS)

Foreign exchange reserves drop by US$1.9bn to US$298bn in the week ended November 12. (FE)

DoT may ask new mobile operators to either pay an additional fee or surrender their 2G licences, in a bid to counter allegations of causing huge revenue loss, as a result of giving away licences cheaply in 2008. (BL)

Karnataka High Court upheld the state government’s ban on transport and export of iron ore. (BL)

IRDA says the IPO guidelines for life insurance companies have been approved by SEBI and a circular will be issued shortly. (BL)

FMCG companies mull soap price hike. (TOI)