Daily News Roundup - May 30 2011

Minister panel wants Cairn and Vedanta to bear the royalty burden for the Rajasthan oil fields. (BL)

The CBI is probing Idea Cellular and the Tatas for alleged violation of licence conditions in 2005-06. (ET)

DLF to mop up Rs70bn from sale of 5 IT Parks & Hotel business. (ET)

ACC plans million-ton cement unit in Udupi district. (BS)

ABB plans Rs1.15bn unit in Karnataka. (BS)

Aban Offshore plans to raise US$400mn. (BS)

Canara Bank to open 100 rural branches this fiscal. (BL)

Reliance Industries buys gas from Petronet, Shell for captive use. (BS)

Tata Chemicals acquires 16.7mn shares in EPM Mining, US. (BL)



Tata Motors to launch new Nano variants in FY12. (BS)

Punj Lloyd eyes infra projects worth US$2bn in Africa. (BS)

Reliance MediaWorks okays Rs5.bn rights issue. (BS)

Hindustan Copper is in talks for a possible joint venture with Nalco as part of the company’s effort to explore alternative options to fund new mining projects. (ET)

Tata Motors begins assembling JLR products at Pune plant. (BL)

Fortis plans Rs4bn investment for expansion. (BL)

TNEB invites Neyveli Lignite to buy stake in transmission arm. (BL)

Actis has made a direct call to the promoters of Jyothy Laboratories to re-enter the FMCG firm, which recently acquired Henkel India. (TOI)

JBF Industries to set up a new polyethylene terephthalate facility in Belgium, which will be ready by 2014. (BL)

Public broad caster Prasar Bharati is gearing up to auction slots on its free-to-air DTH arm, DD Direct Plus, to private broadcasters. (FE)

PNB will finalize a partner for its proposed insurance business within two months. (BL)

Indian Bank to launch Rs15bn FPO by end of August-September 2011. (DNA)

Shrachi Group has offloaded its entire stake in Magma Fincorp for an undisclosed amount. (BL)

Air India plans to separate-operationally and financially- its ground handling and engineering units into two separate subsidiaries and transfer 18,000 employees to them. (DNA)

Vedanta raises US$1.6bn to finance Cairn buy. (FE)

Fortis to file SRL IPO in June 2011. (FE)

Polaris Software sealed a US$55mn deal with the RBI to implement core banking system across the bank.(FE)

Hitachi, BGR Energy to set up Rs44bn unit in South. (BS)

Central Bank to invest Rs2.25bn in new overseas offices. (BS)

Dhanlaxmi Bank planning to raise Rs7bn in the next six months. (BS)

IL&FS Investment Managers to exit two Ansal Projects. (ET)

Lohia Auto will be in the race to acquire Scooters India, in which the government has decided to offload its entire 95.3% stake. (TOI)
Economy Snippets

DoT wants 30% reservation for ‘Made-in-India' equipment. (BL)

India signs pact with Ethiopia to avoid double taxation. (BL)

RBI has plugged a loophole in its rules for nonbanking finance companies getting into the insurance business. (ET)

In a bid to fast-track approvals for FDI proposals, government plans to do away with the mandatory Cabinet Committee on Economic Affairs nod for FDI above Rs12bn. (FE)

FDI in services dips 22.5% to US$3.4bn in 2010-11. (BS)

The government raises the overall limit for overseas borrowings to US$30bn from US$20bn for the current financial year. (ET)