Daily News Roundup - June 6 2011

Bharti Airtel and Trimax Infrastructure bagged a contract of over Rs1bn from the Government of Rajasthan to establish a state wide area network. (BL)

ONGC giving up rights on Rajasthan oilfields questioned by member of the Parliamentary Committee of Petroleum and Natural Gas. (BL)

Reliance Industries targets to be debt free by fiscal end. (BL)

Southern region is to be completely integrated with Power Grid in 3 years to form one of the largest synchronous interconnections in the world. (BL)

Rural Electrification plans to raise up to US$1.75bn through a combination of FCCBs and external commercial borrowings by November this year. (ET)



GMR, Lanco Infra seek clarity on Reliance Industries KG gas for new plants. (ET)

SAIL to set up four pellet plants over the next two to three years to utilize fines generated by its mines. (BL)

SAIL's proposed consortium to bid for Hajigak mines in Afghanistan would comprise half-a-dozen other big players, including PSUs RINL and NMDC. (BL)

Arvind Ltd. ties up with yet another major international brand, Geoffrey Beene, LLC for apparel and non-apparel products. (BS)

Jyothy Labs may launch Henkel brands in India. (BL)

CESC Ltd plans to diversify into other infrastructure areas like roads and ports. (BS)

IDFC and Khazanah’s venture to invest in road sector projects. (BL)

Gazprom and GSPC sign pact for LNG supply (BL)

IGL hikes CNG price in Delhi by Rs0.5per kg. (DNA)

Indian Bank to launch Rs15bn FPO by end of August-September 2011. (DNA)

NIIT to acquire soft skill training company Evolv. (FE)

PowerGrid awaits cabinet approval to start work on two substations in Afghanistan, entailing a total investment of Rs2bn. (BS)

Elder Pharmaceuticals plans to launch almost three dozen new products in the coming 30 months. (BS)

GE India to invest Rs7bn to set up a multi-product manufacturing facility at Chakan near Pune. (BL)

MTNL to spend Rs11bn for 3G network expansion. (FE)

State-run International Coal Ventures is evaluating an opportunity to buy a 59% stake, at an estimated around US$1bn, in Minas de Revuboé, which owns the Revuboé coal mining project in Mozambique. (Mint)

Promoters of Transformers & Rectifiers India (TRIL) are believed to be talking to prospective buyers to sell a part or majority of their stake; GE and Crompton Greaves are tipped to be potential buyers interested in picking up a stake in TRIL. (TOI)

Hindustan Sanitaryware takes 60% in Garden Polymers. (BS)
Economy Snippets

PM will chair a meeting with various ministers and stakeholders on June 9 to discuss the drafting of the National Manufacturing Policy. (BL)

Karnataka is set to allow exports of iron ore from the state, following the recent directive from the Supreme Court. (BL)

Forex reserves rose by US$1.7bn to US$310bn for the week ended May 27. (TOI)

Ashok Chawla committee has recommended creation of a dedicated agency to handle the purchase of all gas produced in the country on behalf of the government; change will mean the GoM on gas allocation would be wound up and all its powers given to the new PSU. (FE)

CNG price to rise by 50 paisa/kg in Delhi, 55 paisa in Noida. (BS)

In a major overhaul of FDI norms in the content distribution space, government has put 49% of the foreign investments in DTH sector on the automatic route while increasing the overall cap to 74%. (FE)

New AIADMK government would privatize cable TV operations in Tamil Nadu. (BS)

Maharashtra government proposes new carpet area