http://www.pdicai.orgThe latest news and journals from all over the world.Copyright 2005 - 2006 Feedpedia.com. All rights reserved.It turns out that Reliance Industries Ltd (RIL) is not the only Mukesh Ambani company that's planning massive capital expenditure. Weeks after the country's largest private-sector company announced it planned to invest Rs 1,50,000 crore over the next three years, it is learnt that Ambani's personal companies, led by his power and port ventures, are gearing up for a big business boom by adding capacity to meet future demand.Bankers say the unlisted Reliance Utilities & Power Ltd is expected to spend close to Rs 10,000 crore to add 2,600 Mw of capacity over the next two years. The new units will be set up in Jamnagar, Dahej and Hazira and take care of the increasing power requirements of RIL's units. Similarly, Reliance Ports & Terminal Ltd would set up, over two years, additional berths at Jamnagar to handle liquid and solid cargo, including coal imports.http://www.business-standard.com/article/companies/mukesh-ambani-s-port-power-firms-get-ready-for-big-boom-113061800068_1.html18 Jun 2013 00:00:00 GMTNew Holland Fiat India, part of the Italian automotive major Fiat Industrial Group plans to invest Rs 1100 crore to set up a new greenfield plant in Maharashtra and increase its tractor manufacturing capacity by 50% in the next three years. The company would take its tractor capacity to 60,000 units at the Greater Noida plant in Uttar Pradesh with a cumulative investment of Rs 230 crore. Currently it churns our 40,000 tractors per year. Besides, an Rs 550 crore plant will come up at Chakan in Maharashtra to make sugarcane harvesters, cotton pickers and harvest combiner's for various crop applications in the country. http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/italian-tractor-major-to-invest-rs-1100-crore-in-india/articleshow/20639178.cms18 Jun 2013 00:00:00 GMTAbu Dhabi?s Etihad Airways is forming a separate wholly-owned subsidiary, Etihad Investment Holding Company, which would hold the 24% stake the gulf airline proposes to buy in Jet Airways. Industry sources said that the subsidiary is also likely to ultimately hold Etihad?s investments in other global airlines such as Air Berlin, Aer Lingus and Virgin Australia.?Etihad Airways is in the process of incorporating a company in the name of Etihad Investment Holding Company which shall be its wholly-owned subsidiary,? the gulf airline stated in its application to the Foreign Investment Promotion Board (FIPB).http://www.financialexpress.com/news/etihad-forms-arm-to-hold-24-stake-in-jet-airways/113041418 Jun 2013 00:00:00 GMTAsian Healthcare Fund (AHF), a private equity firm floated by Dabur Group chairman Anand Burman and former Dabur Pharma CEO Ajay Kumar Vij, is close to investing in Wellspring Healthcare, which operates a regional chain of primary healthcare clinics under the brand name Healthspring community medical centers in western India. This comes two months after AHF committed an investment of around Rs 40-50 crore in Mydentist, a regional dental care chain of 40 clinics with a focus on western India. This would be the second investment of the PE fund after it was established in 2011.While ET couldn't verify the amount of investment, the PE fund is likely to pump in money into the primary healthcare chain in a phased manner, in at least two tranches.http://economictimes.indiatimes.com/news/news-by-industry/healthcare/biotech/healthcare/dabur-promoters-pe-fund-to-invest-in-wellspring-healthcare-chain/articleshow/20638392.cms18 Jun 2013 00:00:00 GMTThe shareholders agreement between Abu Dhabi-based Etihad Airways and Jet Airways has been structured in such a way as to create a substantial role for the Middle-Eastern carrier in decision-making at the Mumbai-based airline, an ET study of the shareholders documents shows.The agreements does not confer any obvious rights or veto powers to Etihad but its concurrence will have to be taken for most decisions, including routine ones, lending credence to the belief that the airline will be some kind of a joint manager of the airline along with Naresh Goyal, who owns 51%.http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/jet-etihad-deal-mideast-carrier-to-enjoy-substantial-say-in-decisions/articleshow/20622366.cms17 Jun 2013 00:00:00 GMTFor all its recent parleys on radical options to get back on track - relief on debt repayments, sale of some assets, sale of everything - Aircel is back to square one, where everyone who has something to do with it does not want to do anything more with it than they absolutely have to. The glimmer of hope arising from the multitude of talks took another beating on June 13, when India's top investigating agency announced it had moved forward in a corruption probe involving Aircel's Malaysian promoter Maxis and its owner T Ananda Krishnan. And India's seventh-largest telecom company, which was once gunning for top-three status,http://economictimes.indiatimes.com/news/news-by-industry/telecom/aircel-finds-the-going-tough-after-its-debt-burden-soars-makes-desperate-moves-for-survival/articleshow/20624254.cms17 Jun 2013 00:00:00 GMTState-owned monopoly miner Coal India is seriously considering acquisition of two Australian companies for over $4 billion (about Rs 23,000 crore), a move that will enable it to import 28 million tonnes high quality thermal coal a year. CIL has sent the proposals to pick majority stakes for $2 billion each in the two companies, with annual output of 12 million tonnes and 16 million tonnes, respectively, to the company's foreign acquisition committee, a senior official of the coal ministry told ET. http://economictimes.indiatimes.com/news/news-by-industry/indl-goods/svs/metals-mining/coal-india-in-talks-to-acquire-2-australian-assets-for-4-billion/articleshow/20623302.cms17 Jun 2013 00:00:00 GMTAirAsia today revealed it had appointed ex-chairman of the Tata Group, Ratan Tata, as chief advisor to its India board.?I am pleased to announce Ratan Tata as the chief advisor to the board of AirAsia India. A legend in every sense. Building a powerful team,? AirAsia?s chief executive officer (CEO) Tony Fernandes said today.?Persuading Mr Tata to be advisor has not been easy. Critical we have someone of his massive experience to help me chart AirAsia India.?AirAsia will announce the appointment of the chairman for its planned domestic airline in a day or two.Fernandes said the chairman would be ?someone who has redefined many parts of India. A towering man who brings unbelievable experience to the AiraAsia India board.?http://www.business-standard.com/article/companies/airasia-appoints-ratan-tata-chief-advisor-113061600392_1.html17 Jun 2013 00:00:00 GMTApollo Tyres will seek a waiver of debt covenants on loans from its bankers after the company breached a couple of these following the $2.5-billion deal to acquire Cooper Tire, say sources.Since the buy is being largely funded by debt, covenants linked to the debt-to-equity ratio and debt-to-Ebitda ratio have been breached, senior bankers confirmed.Following the deal, the net debt for the Indian parent entity will stand at $800 million, which will double the net debt-to-equity ratio to 1.9x versus 0.8x before the transaction. The level set as part of the covenants was 1.1x. Covenants linked to the net debt-to-Ebitda ratio at a consolidated level will also be breached, moving to 3.8x versus the threshold of 3.5xhttp://www.indianexpress.com/news/apollo-tyres-to-seek-waiver-from-banks-as-loan-terms-breached/1129173/15 Jun 2013 00:00:00 GMTThe Securities and Exchange Board of India (SEBI) has asked Infosys for details of a recent Board meeting.The meeting, held on June 1, involved the appointment of N.R. Narayana Murthy as Executive Chairman of the Bangalore-based software exporter.In a statement, Infosys said that SEBI has sought ?certain clarifications? and the company has provided the details. However, the statement did not elaborate on what kind of information the regulator had asked for. An Infosys spokesperson in a statement said: ?SEBI has sought certain clarifications from us relating to the Board meeting held on June 1and we have provided the same.http://www.thehindubusinessline.com/todays-paper/tp-info-tech/sebi-seeks-details-of-infosys-board-meeting/article4815266.ece15 Jun 2013 00:00:00 GMTInfosys executive chairman NR Narayana Murthy has started to woo back some of the senior-level employees who left the company in the recent past to join rival firms. Since taking charge of the company?s operations on June 1, Murthy has begun reaching out to former employees, particularly those involved with the sales function, sources said. The executive chairman has collected data on many of those people, especially at the senior level, who left Infosys in the last one year.The importance given to the sales force was noticeable when Infosys announced the salary increase on Thursday. The hike in salaries for the global sales team was effective from May 1, 2013, while for the rest it was from June.http://www.financialexpress.com/news/nrn-out-to-woo-back-former-sales-personnel/112917515 Jun 2013 00:00:00 GMTA consortium comprising Cisco, Tata Communications, Korea Telecom and Newgen will provide a broad range of information technology and communication services for a Rs 78,000-crore project aimed at creating a greenfield financial metropolis in Gujarat.This consortium would invest up to Rs 300 crore at the Gujarat International Financial Tec-City (GIFT) over the next 3-4 years to establish, among other things, a data centre, optical fibre infrastructure, security and surveillance systems.Systems integrator The consortium, which has formed a unit named Smart iCity Services, will act as a master systems integrator for all technology services for 15 years, R.K. Jha, Director of GIFT, told Business Line.http://www.thehindubusinessline.com/todays-paper/tp-info-tech/tata-comm-cisco-part-of-it-consortium-for-gujarats-financial-city/article4815267.ece15 Jun 2013 00:00:00 GMTThe Foreign Investment Promotion Board (FIPB) on Friday approved Norwegian telecom major Telenor?s proposal for increasing stake by 25% in its domestic subsidiary Telewings to 74%. The proposal, which was deferred earlier, was to increase Telenor's stake in its joint venture firm Telewings Communications from 49% to 74%, touching the foreign direct investment cap allowed in the telecom sector. Under FDI rules, a foreign telecom company can raise stake up to 49% under automatic route, beyond which the company has to take FIPB's approval to raise stake up to 74%.http://www.financialexpress.com/news/investment-board-okays-telenor-plan-to-hike-stake-to-74-in-arm/112917115 Jun 2013 00:00:00 GMTThe US Food and Drug Administration (FDA) has imposed an import alert on Dabur India?s two manufacturing facilities in Himachal Pradesh.The alert was placed after unapproved products from these facilities were found in the US market. The products in question include Dabur?s Meswak toothpaste, manufactured at its Baddi facility, and fairness cream bleach, made at the company?s unit in Nalagarh, according to the import alert posted on the US regulator?s website.Dabur India said the products ?seem to be part of an unauthorised export by an independent trader, without any consent or knowledge? of the company and it had already taken up the matter with the FDA.http://www.business-standard.com/article/companies/dabur-gets-us-fda-import-alert-113061400610_1.html15 Jun 2013 00:00:00 GMTTata Consultancy Services (TCS) has clearly beaten its nearest rival Infosys, in the game of predictability. The company not only expects to grow revenues at a steady pace in FY14 but analysts also expect it to beat Nasscoms growth forecast of 12-14 per cent. The company has conveyed to analysts that it expects revenue growth to be front-ended. The first two quarters are typically better than the latter two and the company expects the same trend this year, too. Unlike some of its peers, TCS is not facing any stress either geographically or in terms of verticals. The company expects this years growth to be driven by manufacturing, retail and financials. The management has conveyed to analysts that the banking, financial services and insurance (BFSI) segment bottomed out last year and this year the vertical should grow ahead of the companys overall growth.http://www.business-standard.com/article/opinion/tcs-on-track-to-clock-15-growth-in-fy14-113061500015_1.html15 Jun 2013 00:00:00 GMTA day after Apollo Tyres'bulgebracket acquisition of US-based Cooper Tire & Rubber for Rs 14,500 crore, investors punished the Indian tyre maker with its shares suffering its biggest one-day fall in two decades on Thursday. The acquisition, however, has clearly not gone well with investors. At intra-day, the shares of Apollo fell as much as 26.35% to a low of Rs 67.75, on concerns that the all-cash deal would weigh heavily on the Indian tyre maker's balance sheet, even as its promoter attempted to douse the concerns of investors. The stock later closed 25% lower on the BSE. The shares of Cooper Tire after skyrocketing 40% on Wednesday on the New York Stock Exchange and within a nudging distance of Apollo's offer of $35 a share, on Thursday shed 1.54% to $34.13, during intra-day trading.http://economictimes.indiatimes.com/news/news-by-industry/auto/tyres/apollo-tyres-skids-to-18-month-low/articleshow/20580434.cms14 Jun 2013 00:00:00 GMTDespite the slowdown in growth, Infosys and Wipro have hiked salaries of their employees. Wipro said it would increase salaries by 6-8 per cent across the board from June. Employees working in client locations abroad will get a 2-3 per cent hike, the company said in a statement. Infosys said it was giving a hike of 8 per cent for its India-based employees and 3 per cent for employees abroad who did not get a raise in February.The global sales team of Infosys will get a pay hike of 8 per cent from May and other employees, from July.Addressing employees at the Infosys campus, N. R. Narayana Murthy, who recently returned as the company?s executive chairman, said non-performers and people on the bench will have to prove their worth. The company will have new performance-evaluation schemes.http://www.thehindubusinessline.com/todays-paper/it-biggies-hand-out-salary-hikes/article4811619.ece14 Jun 2013 00:00:00 GMTApollo Group of Hospitals will spend Rs 2,200 crore on expanding its facilities and will add 2,700 beds in the next three years.?We are going to spend part of this on expanding our facility in Mumbai and opening Apollo Clinics there. Of the planned outlay, we will spend about Rs 800-Rs 1,000 crore in the next 12 months,? Sangita Reddy, Executive Director of the group, told Business Line here on Thursday. Specialty areas In the current financial year, it planned to operationalise 1,000 beds. The group has about 8,500 beds across the country.?We are planning to open more Apollo Reach hospitals. We have seven such facilities now and eight more are under construction. In all, we will have 21 Reach branded hospitals in the next 24 months. We will open some in the North too,? she said.The company is also in the process of expanding hospitals under various specialty verticals. ?We have four Cradle (mother and child-care hospitals) hospitals now. We plan to add six more in two years,? she said. The company posted revenues of Rs 3,317 crore in the last financial year, up 18.5 per cent over Rs 2,800 crore the previous year.http://www.thehindubusinessline.com/todays-paper/tp-corporate/apollo-hospitals-to-spend-rs-2200-cr-on-expansion/article4811596.ece14 Jun 2013 00:00:00 GMTUnited Spirits Ltd (USL), India's largest spirits company, is understood to have chalked out a Rs 3,000-crore capital expenditure plan for the next three years as it plans to have a firm grip on raw materials.The company will move swiftly to consolidate its recent acquisition of three distilleries and will also take a decision on setting up a Rs 650-crore two-furnace glass plant in Andhra Pradesh, said sources.USL has already acquired land for the glass plant in an effort to move away from buying glass from a single supplier, Hindustan National Glass and Industries Ltd.Till the plant is set up, the company is looking at sourcing glass from China and is also planning to increase the usage of tetra packs for various of its spirit brands.http://www.business-standard.com/article/companies/usl-plans-rs-3-000-crore-capex-113061300029_1.html13 Jun 2013 00:00:00 GMTAfter Uttar Pradesh, Rajasthan and Tamil Nadu, lenders have agreed to restructure the short-term liabilities of Haryana State Electricity Board (HSEB), worth R15,000 crore. The 11 banks led by Oriental Bank of Commerce decided to charge interest of 200 bps over their respective base rates on R7,500 crore debt. The balance R7,500 crore will be converted to bonds issued by the Haryana government, at a coupon rate of about 8%. Borrowers will enjoy a moratorium of three years on principal.The lenders also accepted a proposal to finance the losses of HSEB till FY15. They have already given the board R 4,000 crore for covering the losses of 2012-13 and have agreed to fund further 75% and 50% of losses for FY14 and FY15, respectively. The banks estimate that they will have to give the SEB R10,000 crore of support in the two years. The additional loan will be given to the SEB at interest rates prevailing at that time. From FY16, banks will not fund the losses.http://www.financialexpress.com/news/lenders-flag-off-hseb-s-r15000cr-debt-recast/112832713 Jun 2013 00:00:00 GMT