UB Group Chairman Vijay Mallya is moving court and seeking damages of close to `45bn from lenders to Kingfisher Airlines and aircraft lessors. Reliance Industries has reported that natural gas production at its eastern offshore KG- D6 fields dropped to less than 15mscmd, the lowest level since starting output in April 2009. Essar Oil plans to increase the capacity of its Vadinar refinery in Gujarat from the present 20mn tons to 40mn tons per annum in the next five years. This would involve an investment of about `350bn. NALCO has raised aluminium prices by `4,500/ton in the domestic market. Dr Reddy’s Laboratories Ltd and Fujifilm Corporation have terminated their pact for forming a joint venture in Japan. Steel Authority of India Ltd has registered a growth of 11% in production of saleable steel in May. HPCL has said it might set up the proposed `372bn greenfield refinery cum petrochemical complex at Barmer in Rajasthan, not in Lilala, as planned earlier. Wipro Ltd said that it had invested US$5mn in Axeda Corporation, a cloud- based service provider. Mahindra & Mahindra is set to launch at least five tractors and ramp up production at a new facility this financial year. State Bank of India has cut the interest rate on short term bulk deposits by 25 basis points to 7.25%. Idea Cellular is in discussions with Axiata of Malaysia, for selling its towers to the Malaysian company, but the deal could get stuck over valuation of assets. Aban Offshore is planning to raise more than `45bn through various market instruments to replace a portion of its expensive debt. Power Finance Corporation is close to sealing its maiden equity deal by buying a stake in the 1,320 MW coal-based power plant, owned jointly by NCC and Gayatri Projects. Infosys has appointed V Balakrishnan, director, and head of India, BPO and Finacle businesses as the chairman of Lodestone, a Swiss consulting company it had acquired last year. Lanco Infratech has been awarded a major EPC contract by Gujarat Industries Power Company. Bharti Airtel, along with consortium partners, has submitted its final technical bid for a telecom licence in Myanmar. Mahindra & Mahindra launched its compact sedan, Verito Vibe. The diesel-powered vehicle will have three versions priced from ` 5.63 lakh to ` 6.49 lakh (ex-showroom Mumbai). ONGC will give a 10-25% stake in its four coal-bed methane blocks to Brisbane-based Dart Energy Ltd as it looks to expedite production. . Fortis Healthcare, may sell its Vietnam and Hong Kong arms for US$380-400mn. Cipla has granted the global commercialisation rights for its nasal spray ‘Dymista’ to Swedish partner Meda, except for certain geographies. Zydus Cadila has received the Drug Controller General of India’s approval to launch a new drug Lipaglyn for treating diabetes induced cholesterol. Reliance Industries Ltd will invest `1.5tn across its core business verticals over the next three years.
Posted on: Sat, 08 Jun 2013 05:16:34 +0000
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