Daily News Roundup - Aug 27 2012

MRF foresees a severe rubber shortage in the next 4-5 years. (BL) ONGC Videsh Ltd wants Iran to pay a higher return on the US$5-6 bn it plans to invest in developing Persian Gulf gas field of Farzad-B to make up for the risk involved in investing in US-sanctioned country. (BL) As part of its focus on taking banking services to villages, Indian Bank proposed to set up 1,525 ultra small branches in rural areas across the country, a top official has said. (ET) Marico's beauty and wellness arm Kaya, launched in 2002, is likely to miss its forecast to break even by 2013 as it continues investing in new stores and formats, a top company official has said. (ET) Power Grid Corp plans to deploy helicopters for aerial patrolling of electricity transmissionlines, a move aimed at checking their safety and security in the eventuality of natural disasters or sabotages. (ET) Reliance Industries, ONGC and GAIL want to buy shares in liquefied natural gas (LNG) terminals on the east coast of the United States for shipping gas to India at about US$9.5 per mmBtu, which will be over 50% cheaper than current imports. (ET) The union home ministry has barred three of the country's largest infrastructure companies - Adani Port and Special Economic Zone (APSEZ), LancoInfratech and Punj Lloyd - from participating in two major port projects on security grounds. (ET) Sea-facing, the Chettinad Palace-inspired opulent hotel from Hotel Leelaventure Ltd will open early November, just in time to cash in on the peak-season demand. (BS) The Western Ghats Ecology Expert Panel report, submitted by ecologist Madhav Gadgil last year, was further delaying the Rs.300bn refinery project of Hindustan Petroleum Corp Ltd in Maharashtra, a senior official of the state-run oil marketing firm said. The project has already been delayed due to bureaucratic red tape. (BS) GVK group is expecting to complete land acquisition pacts for constructing the rail corridor of the US$10-bn Alpha Coal Project in Australia in about two months. (BS) As its multinational drugmaker partner ends supply deal with Claris Lifesciences, city-based generic injectables player has decided to go alone in the US market. (BS) Economy Snippets The Coal Ministry is in a fix over the structure of the proposed coal regulator. This follows objections raised by other Ministries like Law and Home, as well as the Planning Commission on the role of the regulator as against the existing Coal Controller.(BL) Industrial output is expected to grow by 5.1 % in FY 13, which is higher than last year but below the seven-year average, an economic think-tank said here.(BL) The Reserve Bank has said growth deceleration that began in the past fiscal when GDP growth had slipped to a nine-year low of 6.5 % and continuing in this fiscal, has been primarily led by a near 50 % dip in new investments in large projects.(ET) The much talked about Direct Taxes Code (DTC) appears set to miss the April 2013 deadline, too as Finance Minister P Chidambaram wants a complete reworking of the DTC Bill, which had been substantially changed under former finance minister Pranab Mukherjee from what was initially formulated under Chidambaram’s guidance.(BS)