Daily News Roundup - Sep 5 2012

Tata Motors said that it has entered into a tie up with J&K Bank Ltd for financing its passenger vehicle customers. (BL) Coal India will soon write to its consumers seeking their consent to pool the price of imported coal with the domestic product(BL) Kingfisher Airlines Chairman Vijay Mallya gave guarantees worth R.60bn for the carrier’s loans and other liabilities in 2011-12, but did not get any commission for the same because of lenders’ opposition. (BL) Tech Mahindra has acquired Hutchison Global Services (HGS) for US$87.1mn, a move that will help the company expand its IT and BPO businesses. (BL) Shriram City Union Finance said it is planning to raise up to Rs.5bn through a public issue of secured non—convertible debentures. (BL) The PNB-MetLife deal moved a step forward to being operationalised with the Insurance Regulatory and Development Authority giving its nod for induction of the bank as a shareholder in the private life insurer. (BL) Reliance Communications Chairman Anil Ambani said he expected value unlocking in its telecom tower business to be completed next year. (BS) STAR India is open to selling its 25.9 % stake in one of the country’s largest production houses, Balaji Telefilms, to its promoters. The broadcaster had bought the stake in 2004. (BS) Infosys Ltd, which has long said it's comfort size for acquisitions is up to 10 % of its own revenue, is open to bigger deals given the right opportunity, a top executive said. (ET) Philips plans to take Indian kitchen appliances brand Preeti to global markets and turn the latter's facilities into a global hub to develop innovative products, a top official said. (ET) NTPC aims to import 16 million tonnes of coal in 2012/13, a third more than in the last fiscal year, to fuel its plants. (ET) GMR Infrastructure said it is looking to raise close to Rs.30-40bn by divesting stakes and churning of assets in some of its projects in the road and power sectors in a bid to reduce debt and invest in new ventures. (ET) Volkswagen, has reduced the prices of high-end models of Polo annd Vento and new features have also been added to these cars to increase sales. (BL) An independent firm of chartered accountants may soon start monitoring the accounts of debt-laden Kingfisher Airlines. (BL) Mylan Laboratories Limited has been selected as a leading supplier of antiretroviral (ARV) drugs to India’s National AIDS Control Organisation (NACO). (BL) Economy Snippets A panel set up by the Department of Telecom wants foreign long-distance telephony players to set up local servers in India. The move is aimed at enabling security agencies to access these networks within the country.(BL) Reserve Bank of India (RBI) Governor D Subbarao on Tuesday said the government would need to infuse Rs900bn in public sector banks to maintain its current shareholding after the Basel-III norms would come into force.(BS) The Southern India Mills' Association (SIMA) has asked the Centre to expedite implementation of the debt restructuring package to help make them eligible for the TUF (Technology Upgradation Fund) subsidy and sustain the viability of these units.(BS) Ruling out relaxation of the mandatory sourcing norm for global retailers who want to set up stores in India, the government today companies have to procure 30 % of their merchandise requirement from domestic small industries.(BS)