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Monday, December 11, 2006

NEWS ROUND UP


UTV Software Communications Ltd has entered into an arrangement with Indiagames Ltd for acquisition of controlling equity stake in the Mumbai based mobile and online gaming company for Rs680mn. UTV would also be acquiring majority stake in Ignition Entertainment Ltd,, a UK based company involved in developing console games for Rs600mn.

The Cabinet Committee on Economic Affairs has given its approval to the initial public offering of shares by National Hydroelectric Power Corporation. The Government will sell upto 24% of NHPC’s share capital in one or more tranches from the domestic/external markets. The issue proceeds will be used for enabling the PSU to met the capacity addition targets.

Indian Oil Corporation Ltd. (IOC) has acquired a 12.5% stake in the Trans-Anatolian Pipeline Company (TAPCO), which is laying a crude oil pipeline between Turkey's Black Sea port of Samsun to the Mediterranean coast town of Ceyhan. TAPCO is currently owned by Eni SpA of Italy and alik Enerji AS of Turkey on a 50-50 basis. Eni has an oilfield in Kazakhstan and is a partner in the Blue Stream pipeline project.

The total GSM-based subscriber base in India crossed the 100mn mark in November, the Cellular Operators Association of India (COAI) announced on Friday. GSM service providers have set a new record by adding 5mn new users in November. This is even higher than the 4.7mn subscribers added in October. India has now joined the super-elite club of countries having more than 100mn GSM subscribers well ahead of expectations.

Dr Reddy's Laboratories is reportedly planning to invest $100mn over the next 18 months on capacity expansion, including setting up of two greenfield plants. Managing Director and Chief Operating Officer Satish Reddy said on Friday that the company would be scaling up capacities for formulations, active pharmaceuticals ingredients (API) and custom pharmaceutical business (CPB).

The Investment Commission has identified more than a dozen projects that would require a total investment of US $40bn. The investment inflow includes US chemical giant Dow's investment of US $10bn and investments by Citigroup, Barclays and Royal Bank of Nova Scotia amounting to US $2-3bn.