Daily News Roundup - Dec 5 2011

Koutons Retail India has shut 150 more shops, mostly of its casual menswear brand Charlie Outlaw, as part of its ongoing reorganization to meet the conditions of the corporate debt-restructuring package approved by the Reserve Bank. (ET)

Emami Group has bought 850 acres of prime real estate in a countrywide property expansion binge and has spent more than Rs2bn to buy land in Hyderabad, Chennai, Coimbatore, Jhansi and Kolkata for developing up-market large scale residential and commercial complexes. (ET)

Reliance Infrastructure is evaluating projects in Vietnam, Turkey, Oman and Nepal as it seeks to build a portfolio of US$1.5bn in two years and expand its footprint beyond India. (ET)



Hindusthan National Glass & Industries Ltd is eyeing more acquisition opportunities in the container glass segment in the crisis-hit Euro zone region. (BL)

SAIL is likely to finalize a joint venture with Japans Kobe Steel for a 0.5mn tonne mill in West Bengal to manufacture special grade steel. (ET)

SRF Ltd is planning on a major restructuring of all portfolios by significantly reducing dependence on tyre cord production, their core business, as the company aims to become a $1bn conglomerate by 2013-2014. (BS)

DLF has signed an agreement to divest its entire stake in Galaxy Mercantile Ltd, a joint venture company between DLF Home Developers Ltd and IDFC. The latter will buy the entire stake for a total of Rs4.5bn. (BS)

The oil ministry has asked Reliance Industries to prepare a fresh estimate of gas reserves in satellite fields of KG-D6 block and submit a new cost assessment for developing the new discoveries, further delaying the US$1.5bn plan to raise gas output by 10mn cubic metres a day. (ET)

Lenders of Kingfisher Airlines sought details from its auditors on the company’s current financial position in the backdrop of rising fuel price and reduced cash flow following cancellation of several flights in recent weeks. (ET)

Reliance Communications has joined leading GSM operators in demanding that the government allow 3G roaming pacts, which allows telcos to use each other's airwaves and offer high-end data services even in regions where they do not have third-generation spectrum. (ET)
Economy Snippets

The finance ministry’s plan to meet the disinvestment target through share buyback by state-owned companies has run into a problem with power ministry saying that all six companies under its administration will not be able to participate in the process. (ET)

Foreign equity investment in the country’s power sector has attracted foreign investment of Rs56.57bn during April-September which was led by France, Mauritius and others. (BS)

The Railways’ freight earnings are expected to be fall short of the budgeted freight earnings estimates of Rs686.2bn for 2011-12 by around Rs13bn. (BS)

Reserve Bank of India said that all NBFC-MFIs, irrespective of their sizes, will have to maintain a 15% capital adequacy ratio from next fiscal while it has pegged their minimum net-owned fund requirement at Rs50mn. (ET)