Daily News Roundup - Dec 30 2009

ONGC and GAIL plan to take 12.5% stake in the US$2bn gas pipeline that China is building in Myanmar to transport natural gas from the Bay of Bengal. (BS)

Bharti Airtel is focusing more on the rural sector by offering various tailor made packages, as the segment contributed 50% of its new business. (BL)

Tata Motors commenced trial production of the first batch of the Nano at the new mother plant at the Sanand facility last week; commercial production of which will start from March onwards. (BS)

Ranbaxy Laboratories has exited its joint venture in China by selling its 83% stake in Ranbaxy (Guangzhou China) Ltd to HNG Chembio Pharmacy Co Ltd for an undisclosed sum. (BS)

NHPC has been allocated the job of preparing detailed project reports for the 670MW Chamkharchuu-I and 1,800MW Kuri-Gongri hydroelectric project in Bhutan. (FE)

HCL Infosystems bagged Rs1.1bn contract from the Gujarat government to install computer aided learning systems in 7,000 schools falling under tribal and education department in the state. (ET)

Coal supply to the captive power plant of NALCO was hit due to the outbreak of fire at the rapid loading system at the linked Bharatpur coal mine in Talcher Coalfields. (BS)

HDIL raised Rs4bn through allotment of debentures. (FE)

The NHAI has given a clean chit to Gammon India and Hyundai Engineering in the collapse of the Kota bridge over the Chambal river. (BS)

Tata Communications and China Telecom Corp will jointly build a 500km optical fiber cable network between India and China over the next 12 months. (BL)

Max New York Life Insurance is outsourcing customer service work to BPO firm Genpact, as part of an internal restructuring exercise. (ET)

The Maharashtra government is likely to intervene to settle the strike at the Aurangabad unit of Colgate-Palmolive. (BL)

The Diageo-Radico joint venture is likely to receive FIPB approval for inducting up to 100% FDI. (BL)

SCI plans to acquire three new container ships in 2010 and has set aside US$200-225mn to fund these purchases. (BS)

The government will sell 8.38% of its stake in the mining major NMDC before March 31, 2010, generating Rs14.1bn from the process. (BS)

The beleaguered Dabhol power project is set to achieve generation of 1,500MW by January ‘10 and a maximum generation of 1,950MW by April ‘10. (BS)

Vedanta group’s Sterlite Energy plans to commission the first phase of its Rs82bn Jharsuguda power plant in Orissa within three months, while the entire project is expected to be fully commissioned in the third quarter of the FY11. (BS)

Jindal Power Ltd, a part of Jindal Steel and Power Ltd, plans to raise Rs72bn from its IPO. (BS)

Thirteenth Finance Commission which suggests the formula for sharing of taxes between the Centre and states will be submitted to the President today. (ET)

The power ministry and the CEA have projected a total investment of Rs20bn for renovation and modernisation as well as extending the life span of various old power plants during 11th and 12th Five-Year Plans. (BS)

The Orissa government is mulling a special package for the sugarcane growers to encourage cultivation of the crop in the state. (BS)

The Maharashtra State Electricity Distribution Company has decided to introduce prepaid electricity meters for its consumers in the State. (BL)

CCEA gave more time to advance license holders, who imported duty-free raw sugar between September ‘04 and April ’08, till March 31, 2011 to meet their exports obligation. (ET)

Key central ministries that control the bulk of Plan expenditure have demanded from the Planning Commission an unprecedented 50-70% hike in outlays for 2010-11. (FE)

India and Japan agreed to wrap up talks on the proposed Comprehensive Economic Partnership Agreement by next year and simplify their visa regulations. (FE)

India and Russia plan to invest US$600mn to set up a joint venture to produce a medium lift transport aircraft for their armed forces. (FE)