Daily News Roundup - Apr 2 2012

Reliance Power proposes to take its solar capacity to 300 MW by 2015, with an investment of Rs 60bn. (BL) Syndicate Bank plans to open 200 branches during the 2012-13 fiscal.(BL) Seven years after entering into a 50:50 partnership, Zee group is close to buying out Dainik Bhaskar (DB) Corp from Diligent Media Corporation, which publishes DNA, the daily English language newspaper.(BS) Parsvnath Developers may soon be able to reduce a significant chunk of its debt, thanks to certain corporate giants showing interest in buying a prime piece of property it owns in the national capital.(BS) Oil and Natural Gas Corporation (ONGC) is to shortly sell stake in its four coal-bed methane (CBM) blocks to companies which have bid for this.(BS) Passing on the excise duty hike to consumers, Adani Gas Ltd. on Saturday announced a price revision in CNG by 10 per cent from April 1, 2012.(BS) The AV Birla group’s retail venture plans to shut more than three dozen stores and lay off more than 150 staff as newly appointed chief executive Pranab Barua attempts to increase the firm’s productivity and pull it out of red.(ET) ArcelorMittal’s steel ambitions in India may have got delayed, but its local partner, the Miglani family, is stepping up investments in the sector through strategic stake purchases in small companies across Maharashtra and Karnataka.(ET) The Children’s Investment Fund (TCI) has appointed law firm Luthra & Luthra to fight its case against state-owned coal monopoly Coal India and its directors for alleged breach of corporate governance practices.(ET) State-owned Rashtriya Ispat Nigam Ltd (RINL) is likely to file the draft prospectus for its upcoming initial public offer (IPO) by June, a top company official said.(BL) Notwithstanding cancellation of its 21 licences by Supreme Court, MTS India is expanding its business and now looking to partner with software and application vendors to develop an application store for its subscribers.(BL) UK-based footwear firm Pavers, which sells premium leather footwear under the Pavers England brand, has become the first foreign retailer to seek government approval to operate without a local partner after the government allowed 100% foreign investment in single-brand retail. (ET) Economy Snippets The financial condition of power distribution utilities in the country is precarious, according to a Reserve Bank of India report. The report also expresses concern over the large exposure of public sector banks to these utilities.(BL) Hit by an acute cash crunch, some of the top property developers in Mumbai are borrowing funds at 4 % interest a month from private moneylenders and investors to meet their yearly debt repayment and tax obligations, say industry players and property consultants.(BS) The government is readying to address the concerns of foreign brands owning stores in India over the requirement of mandatory procurement of 30% inputs from local small and medium enterprises.(ET) Telephone calls, restaurant bills and other activities will cost more from Sunday with the budgetary proposal of raising service tax rate to 12 per cent coming into effect from 1st April,2012.(BL)