Here’s a look at this week’s top 10 Indian business news.
Contents
Cairn India to invest $2 billion in Rajasthan
Cairn India will invest $2 billion to increase output at its fields in Rajasthan by more than 70%.
“The fields are currently producing around 175,000 barrels a day and have the potential to support production of 300,000 barrels a day. That would need such an investment” said P Elango, Cairn India board member.
The investment is reportedly set to boost domestic crude oil and gas production in India.
L&T Finance to buy Pantaloon Retail’s stake in Future Generali for Rs. 500 crore
L&T Finance is planning to buy Pantaloon Retail’s stake in Future Generali India Insurance Company for Rs. 500 crore. The all cash deal will reportedly give L&T a 51% holding in the insurance company with Generali and Future Group holding 26% and 23% respectively.
Japan International Cooperation Agency gives Rs. 11,400 crore loan to India
Japan International Cooperation Agency (JICA) announced that it had signed loan agreements with the government of India to provide funding of up to 199.035 billion yen or Rs. 11,400 crore for three projects including the Delhi-Mumbai Industrial Corridor (DMIC) and the Chennai-Bengaluru Industrial Corridor (CBIC).
“As of October 2012, more than 900 Japanese companies had business operations in India with more than 1,800 bases of operation, representing how economic relations between Japan and India have rapidly strengthened in recent years” said a press release.
HCL Tech gets $100 million contract from Ford
HCL Technologies Ltd reportedly won a $100 million multi-year infrastructure management services contract from Ford Motor Company. The IT services company’s shares closed 2.69% higher by Rs. 20.85 to close the week at Rs. 795.95.
Hindustan Unilever to launch Magnum ice cream in India
Hindustan Unilever will launch Magnum ice cream bars in India in April. Magnum is a premium ice cream bar which will reportedly be sold by the FMCG giant for Rs. 75 each. It was originally launched in 1987 in UK. “India is ready for such a premium product” said Sapan Sharma, General Manager, HUL.
Maruti Suzuki launches new SX4, prices remain unchanged
Maruti Suzuki announced the launch of the new SX4 which has improved fuel efficiency of 16.51 kmpl in petrol, 21.79 kmpl in diesel and 22.1 km/kg in the CNG variant. The new SX4 is the first model in Maruti’s range of cars to have touchscreen navigation for audio.
“In addition, the improved fuel efficiency is sure to delight users of this segment. Powered by two celebrated engines the Super Turbo 1.3 Litre diesel and the 1.6 Litre VVT petrol engine, the car now offers much more to the car connoisseurs in this segment” said Manohar Bhat, VP Marketing, Maruti Suzuki India Ltd.
Regus opens 1,500th business centre in Pune
Regus opened its 1,500th business centre worldwide in Pune to attract businesses located in the area which is known to house automotive and IT companies. Regus is one of the world’s largest providers of flexible workplaces.
“We’re delighted to support businesses in Pune’s IT corridor, and we’ll be delighted to support businesses at many other new locations in 2013. Any place where businesses can grow or work better through flexible workspace, Regus will be there” said Mark Dixon, CEO, Regus.
Jaya Shree Textiles to invest Rs 100 crore in Rishra, West Bengal
Jaya Shree Textiles plans to invest Rs. 100 crore to expand its manufacturing facility in Rishra, West Bengal. The investment will reportedly see the Aditya Birla Group owned unit’s capacity expand to 1.3 crore metres of fabric in two years. “We see an increase in awareness and demand in the domestic market” said S Krishnamoorthy, President – textiles division, Aditya Birla Group.
TRF Ltd gets Rs. 360 crore order from Nabinagar Power Generating Company
Tata Group owned TRF Ltd announced that it had won a Rs. 360 crore order from Nabinagar Power Generating Company for designing, engineering, manufacturing, supplying, erecting, testing and commissioning of a coal handling plant. Nabinagar Power Generating Company is a joint venture between NTPC Ltd and Bihar State Power (Holding) Company Ltd. TRF Ltd’s shares traded 4.91% higher on Friday to close the week at Rs. 143.10.
Suzlon Energy completes $647 million bond issue
Suzlon Energy Ltd announced the completion of bond issuance worth $647 million. The bonds are backed by Stand-By Letter of Credit (SBLC) from SBI and will be listed on the Singapore Stock Exchange (SGX). “In addition to the significant progress made on the final documentation for CDR package, this marks an important milestone for the Group and completes one of the key requirements of our CDR proposal, addressing our major bank debts” said Kirti Vagadia, Group Head of Finance, Suzlon Energy.
