Daily News Roundup - Nov 8 2010

Reliance Industries may lose authorisation for the proposed 1,100-km pipeline from Kakinada in Andhra to Haldia in West Bengal. (BS)

The government fixed price band at Rs 85-90 per share for about Rs76bn follow-on public offer of Power Grid. (BS)

Larsen & Toubro is bidding for an Oman refinery expansion contract estimated at US$300mn. (BS)



Reliance Power announced a deal to secure US$5bn in funding from the US Export Import Bank for gas-based and renewable energy projects totalling about 9,000 MW. (BS)

NTPC is all set to add 13,000MW of power generation capacity by the end of the XI Five-Year Plan in 2012. (BS)

Power Grid lines up total estimated fund expenditure of Rs226.49bn to meet the capital requirements for the implementation of 12 identified projects. (BS)

Tata Group plans to develop Hyderabad as its aerospace and defence business hub. (ET)

GVK Power in talks with MEC Coal to buy its coal mines in Indonesia. (BS)

Videocon plans to split businesses to help them raise capital. (BS)

Coal India plans to strike a JV with Shipping Corp.of India in next two months; proposed 50:50 venture is scheduled to offer end-to-end logistics solution to former’s thermal coal import programme. (BL)

Reliance Power has signed a MoU with the US Exim Bank whereby the latter will make available up to US$5bn to support the purchase of US goods and services over the next three years. (BL)

Coal India bids for participatory stake in a thermal coal producing asset in Colombia. (BL)

United Phosphorus plans to invest Rs10bn for acquisitions by the end of current fiscal. (ET)

SpiceJet signed a deal to buy 30 B737-800 commercial aircraft from Boeing valued at approximately US$2.7bn. (BL)

Mahindra Satyam has bagged a multi-million dollar SAP domain order from the Insurance Regulatory and Development Authority. (BL)

Vodafone-Essar has decided to unlock value by demerging its tower business and selling it off to an independent tower company. (FE)

Power ministry is mulling FPO of Power Finance Corporation to raise around Rs63bn by this fiscal end, even as the finance ministry has retained disinvestment target at Rs400bn this fiscal. (FE)

IDBI Bank raises US$125mn via bonds. (TOI)

Essar Group has won the bid for the 1mn tonne Zimbabwe Iron and Steel Company. (DNA)

GVK Energy is close to sealing a private equity deal where 3i India Infrastructure Fund will invest around Rs12bn in it. (BS)

Havells India is planning to open 12 Havells Galaxy, its retail outlet, in Andhra Pradesh by the end of this financial year. (BS)

Essar Energy of Mauritius plans to buy 60% of Zimbabwe Iron and Steel. (ET)

Foreign exchange reserves rose US$2.6bn during the week ended October 29. (ET)

The government is likely to consider on November 10 reserving scarce domestic natural gas for power plants that claim to be built by March 2012. (BS)

Food inflation fell to 12.85% for the week ended October 23, as vegetable prices softened due to improved supplies. (ET)

Net direct tax collections in the first seven months of the current fiscal increased 17.8% over the same period last year. (BL)

US President on the first day of his India visit announced US$10bn in trade deals with India that are expected to help create 50,000 US jobs. (DNA)