Daily News Roundup - July 18 2012

Reliance Industries and its partner BP said that KGD6 might stop production in 2015 if the government did not approve its long-pending investment proposals and revised capital expenditure plans. (BS) Jindal Steel Bolivia Ltd, a subsidiary of JSPL, terminated the contract signed with the Bolivian government for an investment of US$2.1bn for the El Mutun mines. The company cited "non-fulfilment of contract conditions by the Bolivian government" for the action. (BS) RIL-owned Infotel Broadband, which has so far been focused on data transfer, is likely to bid aggressively in category A circles. (ET) NTPC has proposed to import 16mn tons of coal this fiscal up from 12mn tons last fiscal to meet its requirements. (BL) The Supreme Court has asked Essar Oil to pay Rs10bn to the Gujarat Government by July 30 to avoid any coercive action. (BL) Tata Consultancy Services had signed a multiyear agreement with Scandinavian Airlines for providing its finance and accounting F&A platform to the air carrier. (BS) Cadila Healthcare Ltd has informed that the US Food and Drug Administration had found the company’s facilities at Moraiya "acceptable". (BL) Grasim Industries is working on setting up a US$500mn plant in Turkey for producing VSF, a raw material used for making apparel and home textiles. (BS) SKS Microfinance raised Rs2.3bn through QIP to foreign and domestic institutions and Rs335.5mn through preferential allotment of shares. (ET) Faced with losses at its 4,000-Mw Mundra project due to expensive imported coal, Tata Power had moved the Central Electricity Regulatory Commission seeking higher tariff for power generated from the plant. (BS) GTL Infrastructure has issued compulsorily convertible debentures to lenders even as the promoter group infused Rs9.31bn into it and a subsidiary, Chennai Network Infrastructure, as part of its corporate debt restructuring. (ET) Economy Snippets The International Monetary Fund has lowered India’s 2012 economic growth forecast to 6.1%, from 6.8% projected in April. (BL) The corporate affairs ministry has asked the competition regulator to probe the recent rise in air fares for possible cartelisation by airlines. (ET) Planning Commission lowered the target for power capacity addition during the 12th Plan period ending March 2017 to 88,000 Megawatt (Mw) from 100,000 Mw set earlier. (BS) The Petroleum Ministry has turned down the Reserve Bank of India proposal asking public sector oil marketing companies to buy 50% of their dollar requirement from any one public sector bank. (BL) The debt restructuring plan being prepared by the Union government for power distribution companies in seven states will involve a total of ~Rs1.2tn in short-term liabilities. (BS)