News:
Ø The construction work for the much awaited Industrial Park of Tata Steel near Gopalpur in south Odisha is expected to start from the next month as the Union Ministry of Environment and Forests (MoEF) has accorded Costal Regulation Zone (CRZ) clearance to its anchor projects.
Ø Cairn India has began natural gas sales from its prolific Rajasthan block on borders with Pakistan even as it put another oilfield in the area on production.
Ø Reid & Taylor is up for sale in India, along with its premium portfolio of fabric and apparels.
S Kumars Nationwide (SKNL) is planning to sell a controlling stake in the company and deleverage the balance sheet. This move comes after several unsuccessful attempts to list the Reid & Taylor India business through a Rs.1000 Crs IPO.
Ø Suzlon Energy is hitting the overseas bond markets to raise $650 million to prepay its forex debts, making it the first domestic company under CDR to do so.
Ø The Comptroller and Auditor General (CAG) is likely to restart audit of Reliance Industries' spending on the KG-D6 gas block early next month after issues over scope of the scrutiny are resolved to everyone's satisfaction.
Ø SKS Microfinance may raise Rs.3000 Crs during the next fiscal to meet its lending requirements.
Ø Coromandel International Limited (CIL) has commissioned its third complex fertiliser plant at Kakinada in Andhra Pradesh.
Ø The Videocon group has planned to retire a substantial portion of its Rs 29,000 Crs debt from the proceeds of the sale of its 10 per cent stake in a Mozambique gasfield, which could raise up to $3 billion (Rs 16,300 Crs) by this month-end.
Ø Dr Reddy's Laboratories has settled a case against Canadian health science company Nordion in New Jersey District Court for a cash payment of $22.5 million (Rs.122.3 Crs).
Ø Nestle India has approved an increase in royalty payment by 0.20% a year for the next five years to its parent firm, thereby enhancing it to 4.5% of the sales. The board of directors of Nestle India negotiated and Nestle SA accepted the increase in royalty from 3.5% to 4.5% of sales in a staggered manner by making an increase of 0.20% per annum over the next five years effective January 1, 2014.
Ø India plans to set up a special fund to provide insurance to refineries after European re-insurers refused to cover units that process oil imported from Iran.
Ø Ranbaxy Laboratories set to get FDA nod on alternative for Novartis' Diovan, another likely for Roche's Valcyte.
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