Daily News Roundup - Jan 25 2011

Sun Pharmaceutical is planning its biggest acquisition in the US to boost sales in the world’s largest pharmaceutical market. (BS)

L&T to decentralise operations by forming nine business divisions ('verticals') or 'virtual' independent companies (ICs). (BS)

The Mahindra Group has bought a minority stake in the London-based The East India Company for an undisclosed amount. (BS)



Hero Honda has executed a final binding licencing agreement with Honda Motor Co, paving the way to access technology from the Japanese firm for existing and future products till 2014. (ET)

IDFC plans to raise about Rs55bn through external commercial borrowings by March end this year. (BS)

BSNL and Reliance Communications have emerged the biggest losers as a result of Mobile Number Portability (MNP), introduced a month ago in Haryana. (BL)

Oil Ministry is expected to give "in-principle" approval for Vedanta Resources' US$9.6bn acquisition of Cairn India, subject to acceptance of 11 conditions. (ET)

Rio Tinto’s US$3.9bn bid for Africa-focused coal miner Riversdale gained steam after a representative of Riversdale’s top shareholder Tata Steel backed the offer. (BS)

ONGC’s Rs130bn follow-on public offer (FPO) is expected to open on March 15. (BS)

Indonesia to provide fiscal incentives and support in land acquisition to ADAG group's US$4.5bon investment in coal mines and related infrastructure that will deliver 50mn tonnes of coal a year. (ET)

Gayatri Projects has secured two orders worth Rs0.9bn from Bihar and Orissa. (BL)

Supreme Infrastructure has bagged Rs11.5bn order from the National Highways Authority of India for four-laning an 84-km stretch on the Panvel-Indapur section of NH-17. (BL)

Philips has agreed to buy South Indian home appliances brand Preethi for over Rs3.5bn. (ET)

Blue Star is eyeing a 9% market share in room air-conditioning segment by selling 0.3mn units of air-conditioners in FY12. (ET)

Reliance Power to infuse US$5bn in two projects, one each in South Sumatra and Jambi provinces.(ET)

Jupiter Biosciences is in talks to buy privately held Swiss pharma company SynphaBase AG for about US$10mn. (ET)

Airtel has unveiled its 3G services in Karnataka and plans to launch services across the other 13 circles by March this year. (ET)

Siemens is close to selling its eight acre land parcel in Bangalore for close to Rs4bn. (ET)

LIC Housing Finance Asset Management Company, a unit of LIC Housing Finance, is planning a Rs7.5bn real estate fund. (ET)
Economy Snippets

The government’s biggest welfare program, Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), could see an almost 60% increase in funding. (BS)

Sale of ethanol-blended petrol has turned more profitable for the oil marketing companies (OMCs) with the recent increase in petrol prices. (BS)

India’s gross domestic product (GDP) is expected to grow 8.7% in the year, according to the Reserve Bank of India’s professional forecasters’ survey conducted in December. (BS)

The finance ministry will provide just a third of the Rs300bn sought by the fertiliser ministry to meet higher subsidy payouts. (ET)

India Inc has put off 275 projects worth Rs670bn in manufacturing and another 307 services and utility projects worth Rs250bn in 2010 due to various reasons including cost overruns, paucity of funds, high finance costs and delays in obtaining Government approvals. (BL)

Law and order issues, technical glitches and equipment supply delays may force the government to scale down the power generation capacity addition target for the XIth Five-Year Plan once again to 55,000 MW from 62,000 MW earlier. (ET)