12 Jan 2015 Corporate Snippet Ø Videocon Telecom is willing to to sell 49 % stake and even ready to give away management control if the company gets good offer, Videocon Group co-promoter Rajkumar Dhoot said ahead of spectrum auction next month.The company, which had over 86 lakh telecom subscribers at the end of November 2014, has spectrum in seven circles, but offers services only in Punjab, Haryana, Madhya Pradesh, Chhattisgarh and Gujarat.( ET ) Ø NTPC,will bid in next months auctions of coal blocks, a top executive has said.The auction follows the Supreme Courts September order cancelling 214 coal blocks over charges of irregularities.NTPC meets almost 90% of its coal requirement of 160 million tonne from state-run Coal India.Some 24,000 MW of generation capacity is under construction at the moment and another 4,540 MW is under bidding. These plants will require additional coal when they come up.( ET ) Ø The PVR Group seems set to acquire Chennai-based SPI Cinemas, popularly known as Sathyam Cinemas, in what would be the biggest deal in Indias multiplex sector.( ET ) Ø The Gautam Adani-led Adani Group has signed an agreement with Australias Woodside Energy for sourcing liquefied natural gas (LNG) as well as for cooperation in oil and gas exploration.Woodside Energy is Australias largest independent oil and gas company. It has an extensive portfolio of oil, gas and LNG facilities, including the landmark Australian LNG project - the North West Shelf - one of the worlds premier liquefied natural gas (LNG) facilities.( BS ) Ø Reliance Industries Chairman Mukesh Ambani today announced Rs 100,000 crore investment across businesses in the next12-18 months.The investments will be in expanding petrochemical production capacity as well as in launch of the much-awaited 4G broadband services while contributing to Make in India and Digital India initiatives.( BS ) Ø Anil Agarwal is mulling merging cash-cows Cairn India and Hindustan Zincinto his flagship Vedanta Group firm to create a global natural resources giant to rival Rio Tinto or BHP Billiton.Says consultants have been appointed to explore if it would make sense to merge the two firms into Sesa Sterlite.( BS ) Ø Hero MotoCorps global sales cross 2 lakh in 2014; plans afoot to expand to 50 markets by 2020.The companys international sales rose to 201,245 two-wheelers in the past year, close to 50% more than the 135,184 units it sold in 2013.( BL ) Ø Suzlon Group,has expressed intent to develop clean energy projects with a combined capacity of 3,000 megawatt (MW) in Gujarat over the next five years, involving investments of Rs. 24,000 crore. It is expected to create 6,000 direct and 75,000 indirect jobs in the State.( BL ) Ø United Spirits Ltd said its minority shareholders have approved a proposal to enter into licensing and cost sharing agreements with certain subsidiaries of its parent Diageo Plc, which was rejected earlier last year.( ET ) Ø Adani Enterprises Ltd,and SunEdison Inc., a leading solar technology manufacturer and provider of solar energy services, announced the signing of a Memorandum of Understanding (MoU) to establish a Joint Venture (JV) to build the largest, vertically integrated solar photovoltaic manufacturing facility in India with an investment of around $4 billion (Rs 25,200 crore).( BL ) Ø The new insurance ordinance stipulates that no insurer can acquire more than 5% in the promoter company but gives them some leeway on holdings in other firms. The Insurance Act 1938does not prescribe any limit on how much of its parent company an insurer can own.To be sure,Irda has fixed a ceiling of 5% of the total-owned fund of the insurer.At the same time, the ordinance has done away with the existing 10% cap on the equity stake that insurers can hold in other companies. Instead, it gives regulator Irda the discretion to fix a ceiling on investments in other companies.( ET ) Ø Kumarmangalam Birla said the diversified Aditya Birla Group will invest Rs 20,000 crore over a period of time in Gujarat to ramp up capacities across various existing facilities.( ET ) Ø Suzuki Motor Corps new car manufacturing unit in Gujarat, being set up at an investment of Rs 4,000 crore, will be ready by 2017, its Chairman Osamu Suzuki said.( BS ) Ø Videocon Group is planning to set up a 60,000-tonne per annum fibreglass plant in Gujarat at an investment of Rs 2,000crores.Group company Videocon Industries has a plant in Bharuch for manufacturing coloured glass in an area of 200 acres.( ET ) Ø Bank of Baroda (BoB) plans to raise Rs 1,000 crore from bonds soon to fund business expansion.We have decided to raise Rs 1,000 crore from Additional Tier-I (AT-1) bonds, BoB Executive Director Rajan Dhawan told PTI.AT-1 bonds come with loss absorbency features, meaning that in case of stress, banks can write off such investments or convert them into common equity if approved by RBI.( BS ) Ø Welspun Renewables announced an investment of Rs. 8,300 crore to set up about 1,000 MW solar and wind capacities in Gujarat.At the Vibrant Gujarat Summit, Welspun Renewables committed to set up500 MW wind and 600 MW solar capacities with Gujarat Urja Vikas Nigam (GUVNL).( BL ) Ø Oil regulator Directorate General of Hydrocarbons (DGH) will submit its recommendations by January-end to determine the premium on natural gas produced from deepwater, ultra deepwater and high-temperature and high-pressure fields.( BL ) Ø After re-opening a probe into whether funds from the Rs 1,700 crore Tata Realty-Unitech land deal were diverted for spectrum purchase, the CBI is mulling the option of closing the case again.The CBI is considering the closure of the case soon on the ground that the Supreme Court had not directed the agency to carry out more investigations into the matter.( BS ) Ø Nitin Fire Protection Ltd (NFPL), an end-to end solutions provider in production and installation of the segment, is entering the Russian market, to catering to oil exploration units.Company has already secured safety equipment and installation orders worth Rs 300 crore from airports and refineries in the UAE.( BS ) Ø Lenders to Pipavav Defence & Offshore Engineering, the countrys largest shipbuilding and heavy industry company, have chosen the corporate debt restructuring (CDR) route to restructure the companys debt which is close to Rs 7,000 crore, two banking sources close to the development told.( BS ) Ø India wants its officials during FDA inspections at drug units.Many Indian pharma companies have faced regulatory action by US FDA in recent past for alleged violation of good manufacturing practices.( BS ) Ø The Department of Telecom (DoT) is exploring the option of selling 15-20 MHz of 3G spectrum in the February auction in a bid to assuage concern over artificial scarcity pushing up the bidding to astronomical amounts. The change in plan comes after the DoT was criticised for squeezing spectrum supply in order to increase revenue.( BL ) Ø Hong Kong-based China Light & Power(CLP) announced to add about 2000 MW of coal-based power generation capacities to its existing gas-based 600 MW power plant in Gujarat.( BL ) Economic Snippet Ø The government plans to allow resolution of disputes in infrastructure development through arbitration in neutral places like Singapore, London and Malaysia, a step aimed at increasing the confidence of foreign investors in putting money in a sector that is key to economic growth but is struggling due to funds shortage.The government will insert a clause allowing arbitration in a neutral city while signing public-private partnerships (PPP) and other infrastructure contracts.( ET ) Ø At a time when the government has promised a more predictable tax regime as well as a far less aggressive one than under the previous administration,several foreign portfolio investors have been alarmed by moves to levy minimum alternate tax (MAT) on their capital gains from the market.Revenue officials in the Mumbai tax department issued show-cause notices to more than 35 foreign portfolio investors (FPIs) 12 Jan 2015 Economic Times Ø Indian, foreign cos announce huge investments Ø M&A deals jump 25% to near record-high at $37 billion Ø John Kerry calls for greater Indo-US economic ties Ø PVR set to buy Chennai-based co Sathyam Cinemas Ø ED issues summons to PIA in forex violations case Ø 100% FDI in rail infra: Investors in wait-and-watch mode Ø Govt should consider separate ministry for NRIs Business Standard Ø Reliance announces Rs 1 lakh cr investment in 12-18 months Ø Double whammy for steel firms: Rising imports, dipping exports Ø 31 MoUs signed on day one of Vibrant Gujarat Summit Ø WTO chief to visit India, govt eyes food security solution Ø Adani group signs MoU with Australias Woodside Energy Ø Commodity correction to boost earnings of FMCG cos Business Line Ø World Bank President lauds Modi govts policy measures Ø Oil regulator to submit gas premium formula by Jan-end Ø MCX crude mini gains traction, logs Rs. 1,480 cr turnover in 4 days Ø CBI mulls option of closing probe into Tata Realty-Unitech deal Ø Welspun Renewables to invest Rs. 8,300 cr in Gujarat Ø Garment industry faces payment crisis Mint Ø Tech Mahindra acquires SOFGEN to boost banking business Ø Vedanta explores merging Cairn, Hindustan Zinc: Anil Agarwal Ø No Ukraine summit without progress on peace plan, Merkel tells Putin Ø Suzlon plans Rs24,000 cr investment in Gujarat, says Tulsi Tanti Ø USL minority shareholders okay Diageo deal with slim majority Financial Express Ø Govt stake dilution is not enough for Basel III: RBI Ø Poor land valuation resulting in black money in Delhi: CIC Ø Perks in Infosys, HCL Tech, others get fancy; top talent gets iPhones, Mercedes Ø Market outlook: Q3 results, macro economic data to dictate stock markets Financial Chronicle Ø AAI to decide on credit line to SpiceJet today Ø World Bank projects 6.4 pc economic growth in India Ø Adani Group signs $4 billion MoU with SunEdison Ø FIIs start new year with dumping shares worth Rs 1,700 cr Ø Promoters to meet on Jan 19 to decide future of TTL Ø Quicker reforms, lower oil prices could lift GDP in FY16
Posted on: Mon, 12 Jan 2015 04:12:08 +0000
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