Daily News Roundup - Oct 17 2011

Essar Power Gujarat Limited, a subsidiary of Essar Energy Plc has reinstated a 25-year long term power purchase agreement with Gujarat Urja Vikas Nigam Limited to supply 800 Mw. (BS)

Essar Steel has commissioned a Corex module at Hazira complex in Gujarat having a capacity of 0.87 MTPA. (BS)

Power Grid Corporation of India Ltd has achieved 85% electrification in 12 districts of Orissa under the Rajeev Gandhi Grameen Vidyutikaran Yojana. (BS)

Dewan Housing Finance Corporation Ltd plans to raise about Rs10bn before end-2011 or in the fourth quarter of this fiscal. (BL)



Kingfisher Airlines has now unveiled new ‘low' fares on its full-service flights, which is expected to trigger off a price war among full-service carriers. (BL)

NIIT said it has sold its US-based subsidiary, Element K Corporation, to SkillSoft Corporation for US$110 million. (ET)

The CBI has registered a preliminary enquiry against DB Realty on charges of availing loan without fulfilling norms. (ET).

JSW Steel's Rs350bn integrated steel plant at Salboni close to approval. (BL)

IDBI Bank plans to raise US$1bn of debt resources from abroad over the next twelve months, its CMD, Mr R.M.Malla, has said. (BL)
Economy Snippets

The National Highways Authority of India will seek exemption from Sebi on some of the norms to be followed before the public issue for Rs100bn tax-free infrastructure bonds. (BS)

With rising interest and input costs and project delays hurting companies, lenders are expected to restructure loans amounting to Rs1000bn over the next 12-18 months, according to the estimates of ratings agency ICRA. (BS)

Steel consumption grew by a mere 1.8% in the first 6 months of current financial year on poor off-take from key sectors such as construction and automobile. (BL)

Indian Railways has raised two surcharges that would have a combined impact of 6% on overall freight. (FE)

The finance ministry is considering raising the limit of foreign investment in bonds of infrastructure companies from US$5bn now. (ET)