Daily News Roundup - Aug 18 2011

Cairn Energy has sought no objection certificate from ONGC by September 21 to enable smooth transfer of its stake in Cairn India to Vedanta Resources. (FE)

Coal India Ltd's plan to develop two underground coal gasification projects in Jharkhand and Maharashtra through private sector participation have run into a procedural hurdle and may be re-tendered. (BL)

Competition Commission of India has found no competition issue in the 2008 strategic alliance between private carriers Jet Airways and Kingfisher Airlines. (BS)



Axiata is looking to raise its stake in Idea Cellular to 25%, once it receives permission from the promoters of Idea and the promulgation of the new takeover code. (ET)

Maruti Suzuki India launched the new version of its 'Swift' at an aggressive introductory price starting from Rs0.42mn. (BS)

With 85% of Swift, Ritz, DZiRE and Sx4 sold run on diesel, Maruti is now looking to source diesel engines from Fiat after its captive capacity has failed to meet rising domestic demand. (ET)

India Infrastructure Finance Company (IIFCL) aims to raise Rs110bn by March 2012 from institutional and retail investors through bond issues. (BS)

GTL has approached the Delhi High Court challenging IFCI’s seizure of 18% stake in sister concern GTL Infrastructures. (ET)

SAIL proposes to set up three SPVs by roping in different strategic partners to set up a steel plant, a fertiliser unit and a power plant after dismantling the defunct FCI unit at Sindri. (BL)

Tamil Nadu Newsprint and Papers Ltd will diversify its product base with a new tissue paper manufacturing line at a cost of Rs2bn. (BL)

Jet Airways plans to increase its capacity in the no-frills segment. (BS)

Hero MotoCorp will drop Honda brand from its bikes from early 2012. (FE)

Welspun which had already made two acquisitions on the construction side to build capabilities was looking to add to its infrastructure development assets. (BS)

Nalco has moved the Supreme Court challenging the Orissa government’s decision to levy higher electricity charges on companies which generate energy for their captive consumption. (FE)

GMR Infrastructure, which already has coal mines in Indonesia and South Africa, recently added another Indonesian mine to its portfolio. It plans coal trade to boost revenue. (BS)
Economy Snippets

CCI is planning to initiate an investigation next week to find whether the practices for which it fined DLF Rs6.3bn are the norm at other real estate companies too. (ET)

The government approved 18 FDI proposals worth Rs1.22bn, including those of Pipavav Defence and Offshore Engineering Company, but has deferred a decision on the proposed sale of stake by Essar to Vodafone. (ET)

The Centre for Monitoring Indian Economy (CMIE) has cut its real GDP forecast for 2011-12 from 8.6% to 8.1%. (FE)

Antibiotics will now become more competitive in the European Union with the EU scrapping the countervailing duty on import of these drugs from India. (BL)