Following are the important business news carried by leading financial dailies on Friday Nov. 02, 2012.
SpiceJet looks to raise investment from firms including Bravia
Kalanithi Maran-promoted SpiceJet is looking at raising funds from investors including private equity firm Bravia Capital. The company is in talks with Bravia Capital and some others, according to a report in The Wall Street Journal, quoting Dow Jones Newswires. The company, however, has not finalised any investor yet and the size of the fund to be raised, added the report which qouted SpiceJet Chief Executive Neil Mills. The company has always said it would raise funds if it gets a good deal, said Neil Mills. The company would require the money to invest into buying aircrafts.
Reliance Industries cuts D6 gas reserves to 3.4 tcf
Reliance Industries (RIL) has cut the gas reserves in its D6 block, off India's east coast, to 3.4 trillion cubic feet (tcf) from the 10.3 tcf estimated in December 2006, an oil ministry statement said on Thursday. BP Plc is a co-operator with 30 percent stake while Canada's Niko Resources owns a 10% share in the block.
Thomas Cook to invest in technology to sell travel products
Leisure tour operator Thomas Cook is eyeing over 20% growth in its outbound travel business, company's managing director Madhavan Menon has said. Fairbridge Capital, an arm of Canadian company Fairfax Financial Holdings took control of Thomas Cook India from its UK-based parent company for Rs 8.1 billion two months ago. "The way Fairfax works it leaves you to run the business..They do not bring change. They do not drive change. We are now looking at technology in a big way. We will invest in technology and bring more services online,'' Menon said. Thomas Cook launched its multi currency travel card on Thursday and will compete with banks including State Bank of India, Citibank and ICICI sell travel cards. Thomas Cook is only non banking institution to partner with Master Card to launch it.
ArcelorMittal gets land in K'taka, steel plant still a long way to go
ArcelorMittal has finally crossed the biggest hurdle in setting up any project in India - land. The company has got 2,569 acres of land out of the total need of 2,705 acres near Bellary, Karnataka, required for its steel plant from the state government.
Infosys partners NSW for internship programme
India's second largest IT service provider Infosys on Thursday said that it has partnered the New South Wales University to offer an internship programme. The internship programme, called InStep NSW, aims to foster ideas and build skills that will help expand the NSW economy, according to the IT services major.
ICICI Bank launches second branch in Hong Kong
ICICI Bank, India's largest private sector bank, has announced the launch of its second branch and first high street branch in Hong Kong. Located at Shop 102-103, Level 1, Chuang’s Tower, 30-32 Connaught Road, Central - the heart of the financial centre in Hong Kong, the new retail branch will supplement the bank's seven-year-old presence here.
Sundaram Infotech enters Japan's IT market
Sundaram Infotech Solutions, the IT subsidiary of Sundaram Finance, today announced that the company has forayed into the Japanese IT Services Market, the third-largest IT market after US and Europe. The company has bagged a multi-year Enterprise Software Solution (ESS) deal from a leading several-decades-old Tokyo headquartered Japanese chemical manufacturing company involved in the making and supplying of specialised chemicals for golbal companies involved in commerce & research. The Japanese company has global operations in the Asia-Pacific, Europe and the US. The value of the deal was not disclosed.
Saab inks Rs 2.01 bn deal with Pipavav Offshore
The Swedish defence and security company Saab has today signed a deal with Pipavav Offshore and Defence Engineering Ltd (Pipavav), India, with an intent to invest about 250 million Swedish Kroner (about Rs 2.01 billion) in the Indian company. Today’s agreement announced in a press release from Stockholm, Sweden, by Saab said the finalization of the investment is expected to be made within three months under the condition it meets the necessary approval of the shareholders meeting of Pipavav and government approvals.
SAIL likely to add 18-mt capacity by year-end
Public sector steel major SAIL expects to expand its production capacity to 18 million tonnes by the end of current financial year, as it plans to commission two new blast furnaces. At present, SAIL’s capacity stands at 14 mtpa. “Two new blast furnaces in Rourkela and Burnpur will be commissioned over the next few months, which will increase our capacity to 18 mtpa,” said Chairman C.S. Verma. He was speaking to reporters after the half-yearly review of the company’s performance by Steel Minister Beni Prasad Verma.
NMDC to pick up majority stake in Andhra Pradesh's new port
Iron ore miner NMDCBSE 0.20 % will become the majority owner of a major seaport in Andhra Pradesh, marking one more attempt at diversification by the cash-rich state-owned company. NMDC will invest in a port project in Ramayapatnam in Prakasam district, about 350 km north of Chennai, making the fishing village only the country's fourteenth major port, people familiar with the development said.
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