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Wilbur Ross invests Rs 345 cr in SpiceJet

SpiceJet accepted an offer in-principle from the US-based PE firm led by billionaire Wilbur Ross would invest about Rs 345 crore (around USD 80 million) in the low cost airline SpiceJet. This would be Wilbur Ross second investment in India. Ross had acquired apparel maker OCM India for about USD 37 million last year.

cided to join hands with the National Multi- Commodity Exchange (NMCE) to setup a spot exchange for agricultural produce aimed at facilitating electronic trading in agri products.

HCL becomes Mini ratna

Hindustan Copper Limited (HCL) has been conferred the Mini Ratna Status (Category-I). HCL is a public sector undertaking under the union mines ministry. The board of directors will now have operational freedom to implement various strategic objectives to pursue growth.

ASEAN, India to sign free trade pact

On the sidelines of a regional summit in Bangkok, Southeast Asian nations will sign a free trade pact with India in December. Talks held in Brunei removed obstacles to the pact and it will liberalise trade in goods between India and ASEAN. India is keen to expand trade ties with ASEAN. Eventhough India adopted a freemarket economy in the early 1990s it wants to protect sensitive sectors such as agriculture and textiles. ASEAN wants to create a single market of more than half a billion people by 2015. They want to help battle competition from China and India. ASEAN has signed deal with China to create the worlds biggest free trade zone by 2010. ASEAN consist of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam

Infosys largest campus

Infosys laid foundation stone for its worlds largest campus at Pocharam Andhrapradesh. The facility will contain five million square feet giving seats for 25,000 software professionals. Infosys plans to complete the project within 10 years.

$520 mn Malaria project for India from World bank

World Bank has announced a USD 520.75 million scheme to help combat Malaria and other fatal diseases in India. This is the largest such project by the world body in any country.This project is using the latest science on malaria control.In India more than two million cases of Malaria are reported yearly. Falciparum malaria is a severe form of Malaria, which is often fatal, is on the rise in India. It is due to increased resistance to chloroquine treatment, which was previously the primary anti-malaria drug.

Reliance tie up with SEC

Reliance Infrastructure signed a framework agreement for long-term cooperation with Shanghai Electric Corporation Limited (SEC), China. It agrees to set up manufacturing facilities of boilers, turbines and generators (BTG) in India and SEC to give territory to Reliance Infra for design, advance technology, engineering, specifications, manufacturing and delivery, quality, price and payment terms.

POSCO got Supreme Court clearence for Orissa steel plant

A special environmental bench headed by Chief Justice K G Balakrishnan allowed Posco India Pvt Ltd, to go ahead with the Rs 51,000 crore mega steel plant and captive minor port in Paradeep, Orissa.Posco In-

Reliance joins hands with NMCE

Reliance money owned by Anil Ambani has de-

dia Pvt Ltd is a subsidiary of Korea-based POSCO, had signed an agreement with Orissa government in 2005.Orissa Mining Corporation (OMC) had agreed to supply uninterrupted iron ore and other minerals for its 12 mtpa project.

the first week of August. In the begining IIT Patna would be fully dependent on its mentor institution, IIT Guwahati.

Anil looks to buy-out Newcastle United

Reliance Communications of Anil Ambani is

Indian Bank to launch exclusive facility planning to takeover Premier League club Newcastle for women United for an estimated 260 million pounds.There is a
Indian Bank is set to launch its special Micro State Branch exclusively for women Self Help Group (SHG) members and other women customers in Dharmapuri Tamil Nadu. The banking service would be given exclusively for women in Dharmapuri. General banking also would be carried out in the Micro State Branch besides SHGs.More than 6,500 women SHGs were functioning in the Dharmapuri, for which Rs 90 crore had been given as loan for economic development. takeover battle between Reliance Communications and Singapore-based global investment company Profitable Group.

Unemployment rising in US as employers shed 5000 jobs

The US unemployment rate hit a four-year high as employers shed jobs for a seventh straight month amid economic uncertainty.The government revealed that employers cut 51,000 jobs last month, but the report was not as bad as feared as most economists had predicted 75,000 jobs lost.

North Pole could be ice-free by 2013

Prof Wieslaw Maslowski of the Naval Postgraduate School in Montereynd warned that the meltdown in the Arctic is speeding up. He produced a forecast which indicates that the meltdown in the Arctic is speeding up and as a result the North Pole could be ice-free by 2013 instead of in 60 years as earlier predicted by scientists.

Indian firm Thermax Ltd in China

Thermax Limited has opened a manufacturing facility under its subsidiary in Zhejiang province in east China. Thermax Limited a Energy and environment solutions firm from India. Thermax (Zhejiang) Cooling and Heating Engineering Company Limited is the companys first overseas manufacturing unit. The plant with a capacity of over 400 absorption chillers per annum with the state-of-the-art machinery would cater to the absorption chiller market in China and some other overseas markets

Nokia ties up with WWF to save the Tiger

Mobile handset maker Nokia joined hands with World Wildlife Fund (WWF)-India, to support tiger conservation initiatives in the country. The joint initiative would also identify alternative livelihood programmes for the villagers around National Parks, specifically the Ranthambore National Park.

Airbus A380 begins Olympic flights

The Airbus A380 superjumbo, Singapore Airlines (SIA), the worlds biggest passenger aircraft, began special flights to Beijing. A 25 member crew and 385 passengers, among them 12 athletes and 18 officials from the Singapore team made its first flight. It is aimed at the passenger rush in the week leading up to the Beijing Games. SIA is the first airline in the world to operate the A380. It is the largest airliner ever built, which the Singapore carrier now uses to fly to Sydney, London and Tokyo.

RCOM launches GSM service in Delhi

RCOM in Delhi becomes the first indian company to offer both CDMA and GSM services.RCOM has been offering CDMA service throughout the country. Government recently permitted RCOM to start GSM service simultaneously. The company choose the capital to start and it will extend the service throughout the country.

IIT Patna starts in August

UBI agreement with Belgium firm for a Bihar Government looking forward to formally new joint venture
Union Bank of India signs an agreement with Bel-

inaugurate its Indian Institute of Technology (IIT) in

gium-based KBC Asset Management NV to form a joint venture asset management company in India.

Mittal on Goldman Sachs board

Lakshmi Mittal has joined the board of investment bank major Goldman Sachs as an independent director. He will serve on its Audit, Compensation and Corporate Governance and Nominating Committee.

Hong Kong, worlds best airport for 7th time

Skytrax, a UK-based consultancy selected Hong Kong International Airport as the worlds best airport for the seventh year after an annual survey of passengers. Singapores Changi Airport and Seouls Incheon Airport in South Korea were ranked second and third respectively. They judged 190 airports, several factors after collecting 8.2 million questionnaires completed by passengers over a 10-month time period from 2007 to 2008.

Daiichi Sankyo buys states in Ranbaxy

In the largest ever deal in the Indian Pharma industry, Japanese drug firm Daiichi Sankyo announced the acquisition of a majority stake in domestic major Ranbaxy for over Rs. 15,000 crore. Daiichi Sankyo will buy the entire 34.82 percent stake from Malvinder Singh and family.

Youngest postgraduate from IITMadras

Two years after he became the youngest graduate in India, R Chandrasekar has added yet another feather to his cap of being the youngest postgraduate from the prestigious Indian Institute of Technology-Madras (IIT-M).

Yahoo, Google reach Advertisement agreement

Microsofts four-month-long courtship of Yahoo has finally thrown Yahoo into the arms of their biggest common rival, Google. Google and Yahoo said that they had reached an agreement under which Google would deliver ads next to some of Yahoos search results and on some of its web sites in the U.S. and Canada. The non- exclusive deal is aimed at giving a lift to Yahoos finances, and the company said it would generate an additional $250 million to $450 million in operating cash flow in the first year. The agreement will also strengthen Googles dominance over the lucrative search advertising market. It was signed after Yahoo rejected a proposal by Microsoft to acquire both Yahoos search business and a minority stake in the community.

Honda launches CBF Stunner

Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI), the 100 percent two wheeler subsidiary of Japans Honda Motor Company launched its new bike CBF Stunner. Targeted at youth, the new 125cc motorcycle, with 11 bhp engine and five - speed transmission that comes in three variants, has been priced between Rs. 47,070 and Rs. 51,655 (exshowroom, Delhi).

Moser Baer to roll out largest solar panels

The Noida- based Moser Baer, makers of optical storage products, will soon roll out the largest Solar Photo Voltaic (SPV) Panels ever fabricated in India 5.7 sq.metres - making it the the biggest customer in the country for the U.S. based Applied Materials. The SPV manufacturing process that is in final production trials is based on the Sun Fab thin film line technology sourced from a global leader in nano manufacturing solutions for the semiconductor, flat panel display and solar photo panel industry, which has had an Indian marketing and development presence since 2002.

Jet Airlines launches flight to China

Jet Airways became the first Indian Private airline to launch flights to China, starting a service that will connect the thriving financial hubs of Mumbai, Shanghai and San Francisco. With trade between India and China growing by more than 50 percent last year to $38 billion, the airline was looking to tap the rapidly expanding business traffic between the two countries. The airline is currently in talks with several Chinese air carriers, including China Eastern Airlines, Air China and Shanghai airlines to set up codeshare arrangements to other destination in China, and also to the United States.

Sterlite, Tata power enter benchmark index

Sterlite Industries and Tata Power will enter the benchmark BSE Index after a rejig, the Bombay Stock Exchange said. The two stocks replace Ambuja Cement and Cipla. The revisions will be effective from July 28.

BHEL bags DVC Order

Bharat Heavy Electricals Limited (BHEL) announced that it had bagged a Rs.1,840 crore order for setting up a 500MW Power Project in Jharkhand, on a turnkey basis. The order has been placed by Damodar Valley Corporation (DVC). The order envisages setting up of one unit of 500 MW at Bokaro A thermal power project. Three BHEL-built units of 210MW each are already in operation at DVCs Bokaro thermal power station and with this order all the units at the power station will be of BHEL make. DVC had earlier placed order for six units of 500MW each on BHEL.

Between Canara bank and HSBC Insurance

Finance Minister P. Chidambaram inaugurated the operations of the Life Insurance Venture run by Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. The company a joint venture of Canara Bank, Oriental Bank of Commerce (OBC) and HSBC Insurance (Asia Pacific Holdings Ltd., the Asian Insurance arm of the banking and financial services group), HSBC with a capitalisation of Rs. 325 crore is headquartered in Gurgaon, Haryana.

Reliance Infra pact with U.S. firm

Reliance Infrastructure (R Infra) has tied up with U.S. based power plant engineering consultancy services for the Sasan and Krishnapatnam Ultra mega power projects. Black and Veatch is internationally recognised as a leader in design and engineering of coal and gas fired power plants. The arrangement between R Infra and B &V will encompass preparation of project manuals, review of detailed engineering of boiler, turbine and generator, basic and detailed engineering of critical balance of plant packages, review of plot plants, equipments layouts, architectural details including DCS engineering and development of plant information management system.

Yahoo ! partners MTNL, Idea Cellular

Yahoo! announced partnership with MTNL and Idea Cellular as part of a series of initiatives of Asia. While in case of MTNL, it is for yahoo! one search, the mobile search engine, in the case of Idea Cellular, the partnership is for mobile advertising.

Ashok Leyland invests in Albonair

Hinduja flagship company Ashok Leyland said it had made a strategic investment in Germany - based group firm Albonair Gmblt for development of vehicle emission treatment systems and products.

NTPC Bharat Forge form joint venture

The National Thermal Power Corporation said that it had formed a joint venture company with Bharat Forge to establish a manufacturing facility for castings, forgings, fittings, balance of plant equipment for power projects. The JV is named BF- NTPC Energy Systems.

PFC to sanction loan to NTPC

Power Finance Corporation and National Thermal Power Corporation (NTPC) are tied up a massive loan of Rs. 10,000 crore to finance various thermal and hydro power projects that are scheduled to be commissioned during the XI plan. Informed sources said that all the modalities for the loan had been worked and the parties were likely to sign a memorandum of understanding (MoU). The funds would be disturbed to NTPC in installments. NTPC has set a target to generate around 50,000 MW by 2011 -12 and has ventured into thermal and hydro power project along with opening up avenues in the non-renewable energy sector.

Microsoft to end sales of Windows XP

Microsoft Corporation is scheduled to stop selling its Windows XP operating system to retailers and major computer makers, despite protests from a slice of PC users who do not want to be force into using XPs successor, Vista.

Godrej Agrovet signs JV with Tyson

Godrej Agrovet, a part of the Godrej group announced a joint venture with U.S. based Tyson Foods Incorporated, the Worlds largest meat processor and marketer, for poultry processing and marketing in In-

dia. Tyson will own 51 percent stake in the joint venture, while the balance would be owned by Godrej Agrovet.

Morgan Stanley teams up with Agile

Morgan Stanley will team up with Chinese property firm Agile property to invest $2.92 billion developing a holiday resort on Chinas Hainan, banking on tourism boom on the Southern Island.

pany tap the huge market potential provided by the Indian Railways. DTL has also adopted unconventional marketing strategies with their exclusive tie-ups with Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL). DTL tea packets will now be available with the LPG suppliers when they go to deliver the LPG cylinders at every door steps.

Airbus opens second delivery centre

Steeping up output of its giant A 380 plane, Airbus opened a second delivery centre in the German city of Hamburg. Reflecting its Franco- German heritage, the company builds the hulls of the two -deck planes in Tailouse, France and paints them and fits the seats in Hamburg, sharing out most of the work equally.

UBI launches debt waiver scheme

United Bank of India has launched its agriculture debt waiver and debt relief scheme in the North Eastern States. UBI Executive Director TM Bhasin said the bank, sponsor of three regional rural banks (RRB), said that errors of inclusion and exclusion in the eligible borrowers list should be avoided to make the exercise of debt waiver and relief a total success. The Bank has 249 branches in the north East region with 174 alone in Assam and collectively handles business of Rs. 7420 crore.

Suven to present data on Alzheimers

Hyderabad -based Suven Life Sciences will make presentation on its portfolio of New Chemical Entities (NCEs) in tackling Alzheimers disease as the upcoming International Conference on Alzheimers Disease. (ICAD).

Nasscom suggests 20 cities to set up IIITs

The National Association of Software and Service Companies (Nascom ) suggested the 20 cities for setting up new Indian Institute of Information Technology (IIIT). Delhi, Chennai, Thiruvananthapuram, Bangalore and Jammu are among the cities suggested. In its model detailed project report (DPR) presented to the Minsitry of Human Resource Development, Nascom, the trade body representing the Indian Information Technology and business process outsourcing (IT-BPO) industry has also included the names of Chandigarh, Dehra Dun, Lucknow, Patna, Shillong, Kolkata, Ahmedabad, Indore, Nagpur, Bhubaneswar, Pune, Visakapatanam, Mysore, Mangalore and Coimbatore for establishing new IITs. According to Nasscom president Som Mittal, each IIIT has been envisioned to become a world-class academic institute and evolve into a technology and functional Centre of Excellence through a strong focus on research in frontier technology areas.

Aditya Birla Group to invest Rs.75,000 cr in Orissa

Aditya Birla Group Chairman Kumar Mangalam Birla said that different companies of the group would invest around Rs. 75,000 crore in Orissa in different sectors over the next few years. Mr. Birla said the sectors in which the companies of the group were in the process of making investments in the state include alumina, cement, telecom, and retail business.

Ducans Tea ties up with Railways

Ducans Tea Limited (DTL) has entered into a host of innovative marketing and distribution tie ups with the Indian Railway Catering and Tourism Corporation (IRCTC), Bharat Petroleum Corporation, and Hindustan Petroleum Corporation to reach out to more customers across the country with their brand of tea products. According to a company release, Duncans Tea has entered into a distribution tie-up with IRCTC to serve Double Diamond tea bags to all passengers travelling on select routes. This tie-up will help the com-

Tata emerges sixth most reputed company

Diversified Indian Conglomerate Tata group has emerged as the Worlds sixth reputed company, but

Indias most valued firm Reliance Industries failed to make the grade. Tata Group leap frogged over 100 positions from last years 124th rank in the annuals Global 200: The world best corporate reputations list, compiled by the U.S. based Reputation Institutions. The global list, which includes ten other Indian companies, has been topped by Japanese automaker Toyota, followed by U.S. based internet search giants Google, Swedens Ikea, Italys Ferrero and another American firm Johnson and Johnson.

The companies would invest Rs. 500 crore each in the initial phase and begin construction on the 90 acre plot (on which a memorandum of understanding had already been signed), once they got physical possession of the land. Their units are expected to be ready in one - two years from getting the clearance.

Essar Steel to acquire Esmark of U.S.

Essar Steel Holdings Ltd. (ESHL), a part of Essar Global Ltd., agreed to acquire Esmark of the U.S. at an estimated enterprise value of $1.1 billion (Rs. 4,500 crore). ESHL has agreed to the material terms of a proposed tender offer for cash purchase price of $17 per share of all outstanding shares of Nasdaq listed Esmark. Esmark is a steel production and distribution company with a capacity of 2.4 million tonnes annually and steel distribution centres across U.S. The proposed tender offer was unanimously accepted by the board of Esmark and is subject to customary approvals including those of the U.S. Government and the United Steel workers.

Tata completes JLR buyout

Tata Motors said that it had completed the $2.3 billion, acquisition of British luxury brands Jaguar and Land Rover in all cash transaction. In March, the Indian auto major had announced that it had entered into a definitive agreement with U.S. car maker Ford to buyout the two British luxury brands. Tata Sons and Tata Motors chairman Ratan Tata was present at the handing over ceremony of Jaguar and Land Rover at the latters headquarters at Gaydon in the U.K.

HSBC buys majority stake in IL & FS arm

HSBC, through its group subsidiaries, is to acquire 73.21 percent of IL & FS Investment Limited (Investment), the braking arm of Infrastructure Leasing and Financial Services Limited (IL & FS). Under the terms of the agreements, HSBC proposes to acquire a 43.85 percent stake from E- Trade Mauritius Limited, an indirectly wholly - owned subsidiary of E- Trage Financial Corporation, and an additional 29.36 percent from Infrastructure Leasing and Financial Services Limited (IL & FS). Both shareholders will receive a price of Rs. 200 per share for their respective stakes, making a total consideration of Rs. 1,002.55 crore (about $241.6 million). In addition , IL & FS will be paid, as part of a three- year non - compete agreement Rs. 82.01 crore (about $ 19.4 million).

Bharti launches Easy Day

Bharati Retail Limited, a wholly - owned subsidiary of Bharati Enterprises on April 16 launched its much- awaited retail operations from Ludhiana in Punjab. The neighbourhood format shop, known as Easy Day is a one - store shop catering to every familys day - to - day needs. Easy Day stores would bring together a relevant and wide product range, good quality products and great instore experience, and service. These stores will offer a wide assortment of products such as personal care products, stationary, house-hold articles, hosiery items, daily need groceries, including staples, processed foods, bakery and dairy products, meat and poultry and fresh produce.

Wipro, Infosys to invest Rs. 500 cr in W.B L.N. Mittal becomes Arcelors Chief
In a day of major developments for the West Bengal Government on the industrial front, IT major Infosys Technologies and Wipro separately announced their investment plans for setting up their facilities in the state. While Wipro already has a unit here, Infosys makes a beginning. Arcelor Mittal Chief Executive Lakshmi N. Mittal became chairman of the steel maker on May 13, increasing his control over the company, two years after the take over bid.