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Economy News
4 Industrial growth, as measured by the index of industrial production (IIP),
slumped to an 18-month low of 2.71% in November 2010. Last year’s
high base — industrial growth stood at 11.3% in November 2009 —
coupled with the impact of interest rate increases, inflationary pressures
and a moderation in export growth all weighed down IIP growth during
the month. (BS)
4 The Central Bureau of Investigation (CBI) today examined documents of
some public sector banks, including State Bank of India, that had given
loans to real estate firms, allocated 2G licences in 2007-08. While
widening its probe into the 2G spectrum allocation scam, CBI registered a
preliminary enquiry to probe certain public sector banks that furnished
loans to 2G licensees. Under the preliminary enquiry, CBI can only
examine documents, not seize them. (BS)
Corporate News
4 The government is poised to clear the $9.6-billion Cairn-Vedanta deal by
the middle of February, ending five months of uncertainty. The oil
ministry has asked ONGC to stop obstructing the transaction and accept
the fact that it is contractually bound to pay its partner’s share of royalty
in the venture in which the state explorer was given a 30% equity free of
cost. (ET)
4 JK Tyre on Wednesday said that the expansion drive of its manufacturing
facilities at Mysore and new project near Chennai will be ready during the
year. While the Mysore expansion project, which will help the company
raise the capacity of the plant from 0.8mn tyres a year to 1mn tyres, will
be ready by May-June and the Chennai project, with a capacity to
manufacture 0.4mn tyres a year, will be ready by the year-end. (BL)
4 In one of the largest IT deals in the European market, the NYSE-listed
technology services major CSC out bided Indian software services player,
HCL Technologies, to win an outsourcing contract from steelmaker
ArcelorMittal. The only other Indian contender was Wipro Technologies.
The contract from the world’s largest steelmaker is worth $600 million,
spread over five years. (ET)
4 Punj Lloyd has signed a 25-year Power Purchase Agreement with NTPC
Vidyut Vyapar Nigam Ltd for the sale of power from a 5-MW solar
photovoltaic power plant to be built at Jodhpur district in Rajasthan. This
project is being set up as part of the Jawaharlal Nehru National Solar
Mission. (BL)
4 ONGC Videsh Ltd and its partners, Indian Oil Corp and Oil India, are in
last lap of negotiations for developing the Farzad B gas field off the coast
of Iran at an estimated investment of over $5 billion. ONGC Videsh Ltd
and its partners, Indian Oil Corp and Oil India, are in last lap of
negotiations for developing the Farzad B gas field off the coast of Iran at
an estimated investment of over $5 billion. (BS)
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