Daily News Roundup - Nov 29 2011

Reliance Industries has sent an arbitration notice to the Oil Ministry over the move to disallow some of the expenditure the firm has made in the KG-D6 gas fields as punishment for falling output. (BS)

The State Bank of India-led consortium of banks has broadly agreed to the financial restructuring plan of Air India. (BL)

Ericsson has signed a five-year deal with Bharti Airtel to provide managed services for its Indian operations. (ET)

Infosys BPO has decided to set up rural centres in Tier II and Tier III towns in foreign countries. (BL)



A seven-member consortium of Indian companies led by the Steel Authority of India has been awarded the rights to mine iron ore in Afghanistan (ET)

Cairn India and ONGC have restarted exploration activity in the discovered Krishna Godavari basin onshore block. (BL)

Gitanjali Gems has announced conversion and redemption of foreign currency convertible bonds worth US$110mn. (BS)

Larsen & Toubro is planning to foray into wind-based power projects. (FE)

The government has said demanding a good conduct bond from workers by Maruti Suzuki India management during the recent labour unrest at its Manesar plant was an "arbitrary act" and amounted to "unfair labour practice". (BS)

Punj Llyod Group has bagged Rs4.69bn order from ONGC for laying a submarine pipeline in Mumbai High oil and gas field in Western Offshore. (FE)

Suzlon will acquire around 50,000 acres of land across eight states, to build a pipeline for future orders. (BS)

TATA Consultancy Services said rupee depreciation cannot be called a definitive trend. (BS)

Bosch will invest upto Rs2.5bn in aftermarket business in next three years as it aims to increase revenue from the division to Rs30bn. (FE)
Economy Snippets

The Indian fertiliser industry has decided not to raise the retail prices of their products as of now and absorb the impact of rupee depreciation. (BS)

The governments total public debt rose 2.7% to Rs32.14tn as on September 30 this year from Rs31.29tn as on June 30. (BS)

The telecom ministry has moved the Cabinet to waive spectrum usage charges to the tune of Rs1.2tn for all airwaves used by the three services — Army, Air Force and the Navy. (ET)

States have rejected the Centre’s request to bring domestic natural gas and re-gasified Liquefied Natural Gas in declared goods category list which would restrict sales tax on them to four per cent. (BS)

At a meeting in Kochi, senior RBI officials told leading banks to refrain from unbridled currency speculation. (ET)