Daily News Roundup - July 12 2012

BEML Ltd promised to work in joint venture with Coal India Ltd and Damodar Valley Corporation to reopen the closed mining machinery facility of Mining and Allied Machinery Corporation (MAMC) in Durgapur. (BL) Reliance Power has tied up loans of US$ 1.1 bn from three Chinese lenders for its upcoming 3,960 MW Sasan ultra mega power project in Madhya Pradesh. (BL) Jindal Group plans to set up a Rs.15bn technical textile unit in Nashik in North Maharashtra. (BL) Mortgage lender HDFC will find a buyer for the debt-laden Kingfisher Airlines’ non-core assets — Kingfisher House in Mumbai and the promoters’ villa in Goa. (BL) SpiceJet, said that it would start new flights to six countries, including Afghanistan, China, Hong Kong by end of October this year as part of its plan to expand international operations. (BL) Mahindra & Mahindra has halted development work on a pickup truck aimed at the US market, the company said, following legal disputes and failure to win needed certification. (ET) Coal India has apprehensions whether it can fulfil obligations under the fuel supply agreements to be signed with power producers, Coal Minister Sriprakash Jaiswal today. (ET) ONGC Videsh with an Indian consortium proposes to invest US$2.2bn in the Carobobo project (in Venezuela)", an official statement said tod(ET) Atlanta announced the financial closure of its Rs.13.95bn road project in Uttar Pradesh, the infrastructure developer said Wed(ET) Strides Arcolabs' injectable drug division Agila Specialties Pharma Corporation has formed a 70:30 joint venture with Jamp Pharma, a Canadian generic drug company to introduce injectable generic drugs in Canada. (ET) In what could be a major boost to Bharat Heavy Electricals Ltd (BHEL)’s railway business, the state-run power equipment firm is close to winning a contract worth Rs.10bn from Pakistan to manufacture railway locomotives. (BS) The Hiranandani Group has drawn up plans to invest about Rs.30bn to set up four-million-tonne (mt) liquefied natural gas (LNG) terminal at Haldia in West Bengal, a move that will help the Mumbai-based group cater to the needs of the eastern India market. Coromandel International Ltd said, the delay in commissioning the Tunisian Indian Fertilisers Company Limited’s (TIFERT’s) plant has resulted cost overrun to the extent of US$30 mn. Kesoram Industries Ltd has removed the management consultant McKinsey from the assignment of drawing up a profitable roadmap for the BK Birla group company. (BL) As Europe totters from one crisis to another, Bharat Forge sees an opportunity to increase business. (BL) Sarovar Hotels & Resorts is bullish on expansion in Africa. The company said it has signed up to manage Heron Portico, a 108-room hotel in Nairobi. (BL) Economy Snippets The Finance Ministry is set to finalise an action plan for revitalising the mutual fund industry. In this regard, there will be second meeting with industry players and SEBI officials.(BL) The Supreme Court said it cannot reject the Presidential Reference on 2G spectrum verdict only on the ground that it was moved with a "malafide" aim to continue with the opaque and arbitrary method of allocation of natural resources.(ET) The Centre has cleared a package to the tune of Rs.450bn crore for Uttar Pradesh, conceding almost half of the demand made by the Akhilesh Yadav government.(ET) In a major relaxation of foreign investment rules in the pharma sector, a special group set up under the finance ministry has suggested it could consider permitting up to 49 % FDI in the automatic route for brownfield investments in case the company’s control remained in Indian hands.(BS)