Daily News Roundup - June 27 2011

Emami is getting ready for making a foray into food and beverage segment by testing waters with a glucose-based drink, thereby joining the league of GlaxoSmithKline and Rasna to energise the Rs6bn glucose drink market. (ET)

Emami is in talks with Reckitt Benckiser to buy the personal care business of Paras Healthcare for an estimated deal size of up to Rs 9bn. (FE)

Looking to diversify into power generation, REC plans to set up renewable energy projects entailing an investment of about Rs28bn crore in the next five years. (ET)



Tata Steel and SAIL's equal joint venture, S&T Mining Company, will set up a 1.8-million-tonnes per annum (mtpa) coal washery at Bhelatand, in Jharkhand, through an investment of Rs2bn. (ET)

GMDC has cleared the decks for limestone supply to some of the cement projects signed during the Vibrant Gujarat Summit. (BS)

Shriram Transport Finance Company is planning to infuse around Rs10bn in its subsidiary Shriram Equipment Finance Company (SEFC). (BS)

Shriram Transport Finance Company, plans to roll out auto malls in Gurgaon-Manesar by the second week of July 2011, and in Mumbai by the end of this fiscal. (BL)

Tata Power's Mundra project, the only Ultra Mega Power Project (UMPP) that is running on track out of the four awarded so far, could be staring at possible delays due to problems in the associated transmission link. (BL)

Keen to expand its overseas operations, especially in African market, state-owned power equipment maker BHEL is targeting to increase its revenue from exports to Rs45bn this fiscal and may pick up stake in ventures abroad. (FE)

ICICI Bank plans to add about 1,500 branches over a period of four years against the existing strength of about 2,500. (ET)

Amul is considering to open a processing facility in US and subsequently Europe market. (ET)

Indian Oil Corporation oil refinery plant at Paradip, which has a capacity of 15 mn tonnes per annum, is likely to be commissioned by the end of 2012. (ET)

NMDC is in talks to acquire controlling stake in mining firm Greystone Mineracao do Brasil for US$1bn. (BS)

BEML has signed a memorandum of agreement with UAC, Moscow for civil transport servicing. (BL)

L&T plans to invest about Rs 850bn in Orissa in aluminium, power and steel sectors. (FE)
Economy Snippets

Describing the government's decision to raise prices of diesel, cooking gas and kerosene as inevitable, the Prime Minister's economic advisor today said that it would push inflation into the double-digit zone. (ET)

Industry ministry's proposal to do away with foreign direct investment caps below 49 per cent in all sectors will bring clarity in the FDI policy regime, besides encouraging investments, say experts. (FE)