Daily News Roundup - May 30 2012

In yet another senior-level exit at Infosys, Ritesh Idnani, senior vice-president and chief operating officer of its BPO arm, has resigned. (ET) Infrastructure conglomerate GVK has received environmental clearance from the Queensland government in Australia for its Alpha coal and rail project, for which it has set aside US$10bn. (ET) Gitanjali Group is planning to invest up to US$75mn in increasing its number of outlets in the UAE to 110 within two years. (ET) Shareholders of Escorts have approved a controversial restructuring proposal that envisages the merger of one subsidiary and two affiliates with the tractor maker. (ET) Peninsula Land has sold space in its office building in Lower Parel to financial services firms including Tata Capital, National Realty, IndiaNivesh Insurance Brokers and Tata AIG Life Insurance for Rs1.7bn, marking a bright spot in a rather gloomy commercial real estate market in Mumbai. (ET) The Children's Investment Fund Management and the Government of India failed to reach a consensus on the question of violation of Bilateral Investment Promotion and Protection Agreements in Coal India. (BL) BHEL said that it has commissioned a 250 MW unit at Parichha Thermal Power Station in Uttar Pradesh. This would result in generation of 6mn units of electricity that would be supplied to the grid every day. (BL) Ranbaxy Laboratories Ltd has got the US Food and Drug Administration approval to launch acne drug Absorica in the US market. Absorica is a patented brand formulation of the acne medication Isotretinoin, developed by Cipher. (BL) Cash-strapped Kingfisher Airlines plans to raise between Rs900mn and Rs1000mn from the sale of its corporate office building in Mumbai. (BL) Neyveli Lignite Corporation Limited is planning to add 15,000 Mw of power before 2020-22 with an investment of around Rs900bn, of which 30% will be infused as equity. (BS) Economy Snippets Reserve Bank of India Governor called on the states to be mindful of their fiscal position and cautioned against writing off loans given to state electricity boards, which are becoming a burden on state-run banks. (ET) The government said it has cleared 25 foreign direct investment proposals, including that of AIF III of Mauritius and Microqual Techno of Mumbai, worth Rs29.73bn. (ET) The debt-ridden textile sector can look forward to some relief as the government has allowed restructuring of Rs350bn loans. (ET) India’s industrial production is expected to accelerate to 6.9% in FY13, from 3.9% estimated for FY12, Centre for Monitoring Indian Economy said. The growth will pick up due to easing of supply constrains, particularly in the mining sector, and further acceleration in electricity generation. (ET) The Finance Bill 2012 has received Presidential assent on Monday. With this move, the Finance Bill has now been enacted into law. (BL)