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Wednesday, June 16, 2010

Hindalco may see action on expansion plan

Hindalco Industries reportedly plans to borrow about Rs 14000 crore in the next couple of years to build two new plants that will treble its aluminium making capacity as increased production of cars and aircraft, fuel demand for the white metal.

Shares of companies controlled by the two Ambani brothers may see action after Anil Ambani withdrew a Rs 10000-crore defamation suit filed in the Bombay High Court against elder brother Mukesh Ambani as the two brothers seek harmonious relationship. Anil had accused Mukesh of defaming him in a 2008 interview with the New York Times.

Berkshire Hathway's unit may reportedly buy about 5-10% stake from the open market in Bajaj Finserv. Berkshire Hathway is controlled by legendary investor Warren Buffet. Buffet had announced last month at the annual meeting of Berkshire Hathaway that he plans to visit India in March 2011 and did not rule out an investment in the country.

Tata Power is reportedly eyeing a strategic stake in overseas mines to fuel its upcoming 1600 megawatt super-critical thermal power project in Dherand-Shahpur in coastal Maharashtra.

State-run National Mineral Development Corporation (NMDC) is reportedly forming a 51:49 joint venture with Monnet Ispat & Energy to acquire and develop coal blocks in India and will bid for mines with reserves of 200-300 million tonnes.

Container Corporation of India is reportedly in talks with Steel Authority of India (Sail) to set up a steel hub for shipment of the latter's products to customers in India and overseas.

Competition Commission of India (CCI) has reportedly revived an investigation into whether a 2008 strategic alliance between Kingfisher Airlines and Jet Airways is a case of cartelisation. The inquiry began in August 2009, but was suspended after Kingfisher moved the Bombay High Court, which dismissed the petition in March this year.

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