Daily News Roundup - June 11 2012

BHEL may not join hands with RINL and MECON Ltd for the proposed Rs20bn JV that plans to set up a factory at Vizag for manufacturing steel for core sectors. (BS) Sahara Infrastructure and Housing announced 10 lifestyle township projects, including nine self-sufficient integrated townships under the brand name of ‘Sahara City Homes’ and ‘Sahara Grace’ in Lucknow. (BS) Arvind Ltd's management threatened strict legal action if the workers fail to turn up for work. (BS) Bank of India and Exim Bank plan to establish presence in Myanmar through branches and representative offices, to push Indian investments and support growth in bilateral trade. (BS) Vedanta has entered into a tripartite agreement with L&T and Dubai Aluminium Company to buy them out from their aluminium venture in Odisha, Raykal Aluminium. (BS) Suzlon Group said it has signed an expression of interest with the Government of Karnataka to develop 2,500MW of new wind power capacity in the state between 2012 and 2017. (BS) Jindal Steel and Power Ltd intends to exit its US$2.1bn project in Bolivia, the company said. (BL) Lanco Solar's 100 MW solar thermal power plant to be set up with an outlay of Rs18bn in Rajasthan will be ready by first quarter next year, its CEO said. (BL) Mahindra Satyam has filed a suit against its former Board of Directors, certain employees and audit firm PriceWaterhouse, claiming around Rs2.75bn as damages from the previous management. (FE) NHPC plans to form joint venture companies with private sector hydel project developers to rehabilitate their projects hit by a shortage of funds and lack of technical expertise. (FE) Apollo Hospitals plans to invest nearly 19.4bn to add another 2,955 beds across the country in the next 3 years. (ET) ONGC is interested in acquiring West Bengal government’s stake in ailing Haldia Petrochemicals, a top company official said. (ET) Mahindra & Mahindra will increase the monthly production of XUV500 to 5,000 units by September-October. (ET) Economy Snippets The RBI announced an auction under open market operations to purchase Rs120bn of government bonds on Tuesday. (BS) The SEBI has tightened the rules governing participatory notes by cutting the time lag in reporting these transactions. (BS) Over a million bank employees and officers are likely to go on a two-day all-India strike from July 25. (BL) The Union power ministry is planning to ask the CERC to suggest ways to bail out projects with a combined generating capacity of over 59,000MW facing the prospect of default on supply contracts due to the developers’ inability to pass on increase in fuel cost to distribution companies, sources said. (FE) Mobile operators have opened channels with each other to present a united front to abstain from the forthcoming 2G spectrum auction. (FE) Chief economic adviser Kaushik Basu has warned that if the euro zone breaks up, it will hit India in the face as the country is unlikely to have the strength to overcome that crisis. (FE)