Daily News Roundup - Oct 7 2011

Videocon Industries have made a natural gas discovery in Mozambique. The discovery may hold at least 10 trillion cubic feet of reserves. (BS)

Godrej Properties, the real estate development arm of the Godrej Group, has entered into a joint development agreement with Godrej & Boyce for the latter’s land parcels at Vikhroli suburb of Mumbai. (ET)

After threatening to cut supplies, Reliance Industries withdrew the notice for suspension of natural gas supplies to four fertiliser plants in Uttar Pradesh, saying it will work with urea manufacturers to resolve outstanding issues. (BS)



Maruti has fixed production targets at 30-40% higher for October, compared to September when it produced 73,000 cars. (ET)

The Department of Telecommunications is known to have cleared a showcause notice to Idea Cellular on cancellation of its telecom licence in Punjab. (BS)

Suzlon Energy has bagged an order from GAIL for supply of wind turbines to the state-run gas distribution majors upcoming project in Karnataka. (BS)

Mundra Port and Special Economic Zone has emerged as the sole bidder for Chennai port’s Rs36.8bn mega container terminal project. (BS)

The telecom department has asked its legal wing to examine the 3G roaming agreements between Bharti Airtel, Vodafone and Idea Cellular. (ET)

BHEL has bagged a Rs38bn order from Dainik Bhaskar Power for setting up a 1,320-MW thermal power plant in Madhya Pradesh. (BL)

Essar Power has earmarked an investment of US$8bn in the next three years for setting up thermal power projects in the country. (BS)

Bahrain-based telecom firm Menatelecom has awarded WiMAX managed services contracts to Tech Mahindra and Huawei Technologies for the year 2012-13. (BS)

NMDC Ltd has lined up capex of Rs24.5bn for various mining projects. The proposed investments will take NMDC’s capacity to 50mtpa. (BS)
Economy Snippets

The government will declare revised guidelines for upcoming coastal-based ultra mega power projects in the next three or four months to factor in the unforeseen escalation in fuel costs. (BS)

The government is likely to decide on raising the support price of rabi crops, including wheat, in the next 10-15 days. (BS)

India and Iran are working on a long-term solution to settle payments for crude oil imports from the Gulf nation through banks in South Korea and Russia after New Delhi managed to pay long pending dues to Tehran through Turkey's Halkbank. (ET)

The shipping ministry has asked the defence ministry to hasten security clearance of 11 port projects, saying the delay has been pushing up the cost of these projects. (ET)