Daily News Roundup - Aug 12 2011

Adani Enterprise will pick up 20% equity in Green Gas Limited, a joint venture between Gail and the Indian Oil Corporation. (FE)

SAIL is on the verge of securing major coal and iron ore mines allocation in Indonesia as part of its overseas expansion plans. (BS)

Reliance Communications is in advanced talks to ink a near USD1.5-bn,multi-vendor managed services outsourcing deal with a clutch of telecom gearmakers such as Chinas ZTE,Huawei and Swedens Ericsson (ET)




GMR Energy has entered into an agreement to acquire 30% stake in T Golden Energy Mines Tbk a Sinar Mas Group company in Indonesia.The deal is valued at USD450-550 mn(ET)

Shipping Corporation of India will hive off its offshore business to a separate subsidiary since the domestic industry has run into rough weather(ET)

Mahindra auto component arm May reverse-merge all 16 companies in this segment into single listed entity; to talk to various stakeholders. (BS)

Mahindra Aerospace is negotiating a deal to sell more than two dozen GA8s, its eight-seat piston engine-powered planes to a China-based mnaire looking to start a low-cost airline.(BS)

Tata Motors and Ashok Leyland will soon collaborate with Petronet LNG Ltd to introduce the use of liquefied natural gas for vehicles. PLL plans to introduce the retailing of LNG, as it is a cheaper and safer alternative to the cheapest existing fuel in the country: compressed natural gas. (BS)

Piramal Healthcare, sitting on a cash pile of Rs100bn, plans to invest across sectors apart from its core business of pharmaceuticals. (BL)

India’s top three steelmakers SAIL, JSW Steel and Tata Steel have decided to move up the value chain. To achieve the goal, the three have exited, or are on the verge of exiting, the production of semi-finished steel products. (BS)

SBI and ICICI Bank announced 50-basis point increases in their minimum lending rates, or base rates, to 10%.(BL)
Economy Snippets

July exports reach USD29.3 b,imports grow 51.5% to USD40.4 b;exporters worried dream run may not last as US,euro zone crises escalate (ET)

The RBI has said it will continue raising the policy rates till the time inflation comes down to 7%.(FE)