Corporate Announcement

The finance ministry has constituted a committee of three members to look into the applicability of Minimum Alternate Tax (MAT) on foreign institutional investors (FIIs) before April 2015.

The labour ministry has proposed easier provident fund rules for small establishments.

As per the Power Ministry, the Government had allotted 14 power transmission schemes worth Rs 339 bn for bidding during 2014-15.

Restructured loans worth Rs 569 bn were classified as having failed at the end of the March quarter 2015, almost twice the Rs 299 bn in the year-ago period, according to data from RBI's corporate debt restructuring cell. 

A government panel has recommended that the government auction coal linkages, or assured supply of coal, much the same way it puts telecom spectrum on the block.

India is looking at raising crude oil import from Mexico as it looks to broaden its import basket and cut reliance on volatile Middle-East.

Jaiprakash Associates is in talks with Aditya Birla Group flagship UltraTech Cement to sell its 2.2-million-tonne cement plant in Bhilai, Chhattisgarh. The plant is a joint venture between Jaypee Group (74% stake) and public sector Steel Authority of India (26 %).

BS Ltd, plans to acquire businesses from Agarwal Steels Structures India, Durafast Automotive, NHS Metals and Rajesh Sandhi Infras & Metals for a total investment of Rs9.37bn.

Steel Strips Wheels (SSWL) has forayed into the North American market by bagging an order worth US$4.5mn (around Rs290mn) to supply 1.75 lakh wheels to Canada's passenger car aftermarket. With this order volumes are expected to go up to 40,000 wheels next year, with a total value of around US$1mn per annum.

The environment ministry has given Coal India the go-ahead to expand the Jhanjra underground mining project in West Bengal, one of the few such proposals in recent years, which will help the state monopoly extract coal worth more than Rs80bn without destroying forests.

Gail has signed a preliminary deal with Shell for the potential sale of liquefied natural gas (LNG) supply sourced from its portfolio, made up of U.S. production. Gail first announced plans to sell 1 million tonnes per annum (mtpa) of supply over a 5-year period in 2013 but negotiations with buyers got bogged down over differing price views.

The Alstom-NTPC joint venture has bagged a contract of Rs 2.07bn from Gujarat State Electricity Corporation Ltd (GSECL) to renovate and modernise two steam turbines of Ukai and Wanakbori thermal power stations in Gujarat.

Cadila Healthcare, the Zydus Cadila Group flagship, has emerged the frontrunner to acquire the generic sterile injectables business of Claris Lifesciences trumping several domestic and global peers who were also interested in the asset.

 

Reliance Industries working aggressively to achieve minimum rollout obligations for 4G network also company to raise Rs. 10000 Cr via NCDs for capex.

 

The State Bank of India signed a memorandum of understanding (MoU) with ecommerce major Amazon to develop payment and commerce solutions for online shoppers and small businesses.

 

Nestle India has been asked to withdraw a batch of popular snack Maggi noodles from the market after it was found to contain high level of lead. 

Tata Motors mini car, the Nano, is set to see many more variations in the coming period as the company continues to reposition the model as a smart city car, shedding its low-cost image. 

The UK-based payment processing giant Worldpay has partnered with IndusInd Bank to offer acquiring services in India.

Uniply Industries Ltd is considering setting up a greenfield manufacturing plant in Chittoor district of Andhra Pradesh with an investment of Rs. 35 Cr.

 

Manali Petrochemical to invest Rs. 100 Cr to triple capacity.