Daily News Roundup - Feb 18 2013

After protracted delays, Cairn India has won approval to drill exploration wells on the prolific Rajasthan block that will help it boost output to 215,000 barrels per day by March 2014. (BL) The board of Gujarat NRE Coking Coal has advised company shareholders to reject Jindal Steel and Power’s all-cash Rs12bn takeover bid, saying the offer does not adequately reflect future prospects. (BL) Welspun India plans to invest up to Rs10bn in the next fiscal to scale up its yarn and cotton production at its two plants in Gujarat, as it aims to reduce dependence on external sources for raw materials. (BL) Etihad Airways needs to revise its deal to buy a stake in Jet Airways and it is too soon to say when a final agreement will be struck, the Abu Dhabi airline's chairman said. (BS) Aurobindo Pharma Limited has received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market Pioglitazone tablets and its earlier tentatively approved Pioglitazone plus Metformin Hydrochloride tablets. (BS) CCL Products (India) Limited, which exports processed coffee to 64 countries, is planning to expand its presence in the domestic market besides focusing on brand building in the country. (BS) Top officials of Diageo and United Spirits, including its chairman Vijay Mallya, are likely to meet this week to discuss regulatory and other issues related to their proposed US$ 2 bn deal. (ET) Equipment manufacturers and contractors will count on state firms for large orders next fiscal as power sector giants such as NTPC, Power grid plan to invest Rs500bn in various projects, although the private sector has been stymied by fuel scarcity and distribution problems. (ET) Central Bank of India is expected to get Rs24bn fund infusion through preferential issue of shares to the government by end of next month. (ET) Uninor has closed down its mobile networks in Kolkata and West Bengal as well as in Mumbai from Saturday midnight. (BL) Betting big on the country’s economic growth and its positive impact on the retail industry, Lifestyle International Pvt Ltd is planning to invest another Rs6bn in the next three years to widen its footprint across cities. (BL) Economy Snippets The government is considering expanding the definition of infrastructure sector with a view to promoting industrial activity and boosting economic growth in the next financial year. (BL) After facing headwinds for two consecutive years, the economy is set to grow at 6.8% next fiscal on a reversal in deterring factors, says the economic think tank the Centre for Monitoring Indian Economy (CMIE).(BL) The Reserve Bank of India has taken a positive approach to the suggestion of an alternative banking system for Muslims, subject to certain laws being amended first, K. Rahman Khan, Minister for Minority Affairs, said here recently.(BL) The operators offering 4G services with 2,300-MHz spectrum are likely to get the option of switching to the more efficient 700-MHz band, with the Department of Telecommunications (DoT) working out modalities to offer the latter in the next round of auction.(BS)