Daily News Roundup - Oct 3 2011

Reliance Power will replace three-fourth of the debt raised for the Rs194bn Sasan ultra mega power project with cheaper Chinese and American loans as it has secured an RBI approval to raise US$2.2bn external borrowing. (ET)

Power Grid Corporation of India Ltd has commissioned the transmission system for evacuation of power from UMPP at Mundra in Gujarat. (BL)



Infosys has managed to bag the Rs7-7.5bn financial services systems integrator contract from the Department of Posts. (BS)

NHPC will partner Dangote Group is bidding for two hydro-power generation assets put on the block by Nigeria. (ET)

Ashok Leyland may look to supply engines of up to three litre capacity for car models coming out of Renault-Nissan's plant near Chennai. (FE)

Bosch has shut the Bangalore plant, following a tool down strike by workers since Wednesday. (ET)

Strides Arcolab Ltd, has announced that it has received the US Food and Drug Administration approval for Paclitaxel injection and tentative nod for Oxaliplatin injection. (BL)

The workers on protest at Maruti Suzuki’s Manesar facility accepted the terms put forward by the company bringing an end to 33 days of labour unrest at the factory. (FE)

JSW Cement, the cement arm of JSW group controlled by Sajjan Jinadal, is set to commence production from its Nandyal plant in Andhra Pradesh from next month. (BS)

With the completion of expansion at Wadi and Chanda in Maharashtra, ACC's annual production capacity has increased by 25% to 30mt from 24 mt last year. (BL)

Mahindra Satyam has deployed a new cloud-based managed services platform, ‘Enlighta Deliver’, to help its clients optimise service delivery performance and service levels. (ET)

TVS group lined up Rs18bn to set up wind energy farms of 200 Mw over the next three years. (BS)

Cairn Lanka, a fully-owned subsidiary of Cairn India, has discovered natural gas reserves in the very first well it has drilled in the western coast of Sri Lanka. (BL)

Mahindra & Mahindra has started work on smaller petrol engines for future compact models. (BL)

Coal India might invest up to Rs400bn in the 12th Plan period ending 2017 towards development of mines for augmenting production. (BS)
Economy Snippets

The Union Cabinet approved the Mines and Mineral Development Regulation Bill. The Bill seeks to make coal miners share 26% of the profits with displaced people. (ET)

India’s current account deficit hit 3.1% of GDP at June-end. The Prime Ministers’ Economic Advisory Council had pegged the current account deficit at 2.7% for 2011-12. (BS)

The Ministry of Labour and Employment is working on amending the Trade Union Act, 1926, to make the process of registration of a trade union more transparent. (BS)

The government relaxed the FDI norms for the FM radio segment by raising the limit of foreign capital inflows to 26% from 20%. (BS)