Daily News Roundup - Sep 7 2012

Hero MotoCorp has tied up with a third technology partner to boost its research and development (R&D) efforts – a European firm with "end-to-end" styling and engineering capabilities. Force Motors said that it will invest nearly Rs.10bn for developing new products and capacity expansion in the next three years. Mahindra tractors are fast emerging as a leading player in the US market, providing stiff competition to established names such as John Deere and Kubota. Private companies such as Monnet Ispat and Energy Ltd, Usha Martin, Castron Mining Ltd and Jayaswal Neco Industries Ltd told the inter-ministerial group (IMG) that they were not able to mine coal from captive mines due to regulatory hurdles. Infosys is open to acquisition in the product space while at the same time it has put together a 600-strong team to create new software products. Vedanta Aluminium Ltd (VAL sent a notice to the Odisha government, seeking temporary closure of its 1-mn tonne refinery at Lanjigarh in the Kalahandi district from December 5. (BS) Videocon Industries is one of the front runners to buy out Deccan Chargers, the Deccan Chronicle Holdings Ltd (DCHL)-owned Indian Premier League's Hyderabad franchisee. (BS) Indian Overseas Bank (IOB), after having successfully raised a US$1-bn Medium Term Note (MTN), has planned to raise another US$1 bn to boost its credit abroad. (BS) Hero MotoCorp said it will start assembly plants in Kenya and Nigeria as it looks to expand footprint in the global markets. (ET) Videocon Industries is considering selling its 10 % stake in Mozambique's Rovuma basin, scrapping an earlier plan to transport gas from Mozambique to India, people familiar with the matter said. (ET) The TTK Group expects the ongoing legal battle with the UK-based Reckitt Benckiser Group Plc over the control of their equal joint venture firm, TTK-LIG Ltd, to end soon. (BL) Mahindra Ugine Steel Company Ltd (MUSCO) has formed a new joint venture company, Mahindra Sanyo Special Steel Private Ltd, following the financial closure of its joint venture. (BL) Parag Milk Foods (Pvt.) Ltd plans to expand its product portfolio to expand its presence. (ET) Economy Snippets The Steel Ministry has ruled out shortage of iron ore for domestic steel and iron units.(BL) Against the backdrop of a Free Trade Agreement (FTA) being finalised between India and Israel as they celebrate 20 years of diplomatic relations, the two nations have signed pacts to boost the textiles business. (BL) The Government should draw up a long-term programme for capital infusion in public sector banks. Otherwise, their market share will come down, cautioned C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister.(BL) The finance ministry will pitch India's strength as a largely domestic economy, renew its commitment to fiscal rectitude and showcase recent measures to lift sentiment to try and convince global rating firms not to downgrade the country's sovereign rating.(ET)