Daily News Roundup - June 25 2012

Hotel Leelaventure Ltd is planning to shed some of its properties and be an ‘operator/manager’ in its future expansion projects. (BL) The Odisha Government will soon transfer about 2,000 acres to South Korean Posco to begin work on its US$12-bn project near Paradip in Odisha, stuck for seven years now. (BL) CIL has hiked the prices by an average of 10-15 % for non-coking coal mined from selected blocks in Western Coalfields. (BL) NHPC is yet to receive dues of over Rs.10bn from various power distribution companies, forcing the power producer to regulate supply at a time when the country is facing acute electricity shortage. (BL) Having forged an alliance with the US-based GATX for leasing of rakes, Arshiya Rail Infrastructure is likely to renegotiate a supply order placed with Titagarh Wagons, potentially putting up to Rs4.5bn at risk for the Kolkata-based wagon maker, a senior official has said. (BL) Jet Airways has sought government clearance to scale down its flights to the northeastern region by about half to stem the losses. (BL) Steel Authority of India says it is ready to fund the Central Reserve Police Force (CRPF) for giving protection to its personnel and equipment in the iron ore-rich and Maoist-infested state of Chhattisgarh. (ET) Hindustan Unilever (HUL) is test-marketing an after-wash laundry brand known as Magic liquid that the company claims will reduce water usage by twothirds. (ET) The government has revived a plan to convert its Rs5.23bn debt to Industrial Finance Corporation of India into equity, an effort seemingly aimed at acquiring greater control of the country’s oldest development financial institution. (ET) Larsen & Toubro (L&T) has decided to initiate a fund-raising exercise for L&T Infrastructure Development Projects (L&T IDPL).It had mandated Morgan Stanley to help it raise US$400-500 mn for a minority stake in the company from financial sponsors like large sovereign funds or long-term infrastructure-sector-focused private equity investors or even deep-pocket global pension funds, said people familiar with the ongoing discussions. (BS) Ashok Leyland plans to strengthen its presence in the 5-12-tonne range of vehicles. It is to launch trucks from the Prague-headquartered AVIA, which it had bought in 2006, and would upgrading its light commercial vehicles (LCVs) from the joint venture it has with Nissan of Japan.. (BS) EID Parry has initiated dialogue with banks to restructure loan to the tune of around Rs.2bn which the company has taken for its refinery project in Andhra Pradesh. (BS) Container Corporation of India has unveiled its big plans for Odisha. The logistics solutions provider is keen on setting up multi-modal logistics parks in nine key industrial hubs of the state. (BS) Honda Motorcycle & Scooter India Pvt Ltd (HMSI), has set its an ambitious sales target of 4 mn two-wheelers during fiscal 2013-14. (BS) While announcing its India entry application, IKEA, has made an offer to the government for a long-term effort on sourcing of products from the country. (BS) Economy Snippets India Inc is expected to post 21.6 % growth in its profit in the current fiscal on the back of softening of input prices and steady interest rates, according to economic think-tank CMIE.(BL) With merchandise demand slowing down in global markets, the Commerce Ministry is drawing up a new strategy for achieving exports of US$500 bn by the end of 2013—14.(BL) Prime Minister Manmohan Singh has promised to tackle obstacles that come in the way of foreign investments and take all decisions necessary to restore the growth momentum in the economy, signalling his intention to give fresh impetus to the stalled reforms process.(ET) The government and the Reserve Bank of India (RBI) are set to announce a slew of measures tomorrow to address the sharp rupee depreciation. Among the measures being discussed are refinancing exporters via foreign currency and an interest rate subvention.(BS)