• The government is working on a proposal under which Coal India Ltd would engage private sector companies to undertake mining on behalf of the public sector undertaking.
  • The ministry of petroleum and natural gas has opposed a proposal of Reliance Industries Ltd for an increase in the price of gas, saying that would lead to an additional burden of US$8bn on the exchequer.
  • NALCO is looking to set up a new aluminum smelting facility with a capacity of 0.5mn tons and 1,250-MW captive power plant in Odisha’s Sundargarh district at an investment of Rs180bn.
  • The Export-Import Bank of the US has approved US$80.3mn direct loan for Reliance Power’s purchase of solar power technology from American companies.
  • Maruti Suzuki plans to invest Rs20bn in diesel engine manufacturing facility at Gurgaon plant to meet the demand for Swift and Desire models.
  • Henkel is planning to consolidate its operations in India with an eye to achieve a turnover of Rs15bn in the next five years.
  • Neyveli Lignite Corporation got government approval to set up a 1980-Mw power plant in Uttar Pradesh.
  • IDBI Bank is setting up its second infrastructure debt fund with authorised capital of ~Rs10bn through the NBFC route.
  • Apollo Hospitals Group will invest Rs15bn for increasing the number of beds to about 11,500 by March 2014.
  • PFC is in discussions with GVK and Videocon to fund their coal mine acquisitions overseas, with a rider that majority of the coal will be imported back to India.
  • Oriental Bank of Commerce has slashed fixed deposit rates by up to 0.5%.
  • Essar Group real estate company Equinox Realty would invest about ~Rs6bn on construction of its first housing project in Bangalore. The company has appointed Larsen & Toubro to build the housing project.
  • LIC Housing Finance is planning to borrow ~250bn in the current financial year, about 13.5% higher than FY12.
  • IL&FS Transportation Networks Ltd, through its Singapore-based subsidiary, is looking to raise money by issuing Yuan-denominated bonds.
  • Jubilant Bhartia Group will invest Rs13bn in life sciences, energy, food and oil gas in the next few years.
  • Centre for Monitoring Indian Economy (CMIE) has maintained its GDP growth forecast for FY13 at 7.6%, against the estimated 6.8% in FY12.
  • CMIE has said the production of sugar will fall by 9.8% in FY13 due to lower availability of sugarcane.
  • Foreign direct investment inflows into the services sector went up by 62% during April-January 2011-12. The financial and non financial services sector had attracted FDI worth US$4.83bn during the 10-month period of 2011-12 against US$2.98bn in the same period of previous year.
  • State-owned oil companies announced a reduction in jet fuel prices. The price of aviation turbine fuel in Delhi was reduced by ~169.3 per kl to ~67,631.

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