Following are the important business news carried by leading financial dailies on Tuesday, Dec. 01, 2009.

Business Standard

SAIL plan to raise steel consumption in HP

The Steel Authority of India (SAIL) plans to raise the steel consumption in Himachal Pradesh so that it reaches the national average, top SAIL officials said on Monday. ``There is a lot of scope of raising steel consumption in Himachal infrastructure projects. The current consumption is 16 kg per head and we want to raise this to atleast the national average of 46 kg per head,`` said Steel Secretary, Atul Chaturvedi.

HNG sets up Rs 5.5 bn float glass unit in state

Aims to capture 25% market share by 2012. Kolkata headquartered HNG Group, the parent company of Hindusthan National Glass and Industries, has entered the float glass segment with the firing up of its first float furnace in Halol, Gujarat. Starting up with a production capacity of 600 tonnes per day, group subsidiary HNG Float Glass. aims to capture upto 25% market share in the next two years. For further upscaling, the plant has provision for a second float line which can support an additional 850 tonnes per day.

Glenmark Pharma to outlicense NCEs

Glenmark Pharmaceuticals is confident of outlicensing at least one of its new chemical entities (NCEs) under development before the end of this financial year, according to the chief executive and managing director, Glenn Saldanha. ``We are in negotiations with multiple players and are looking at the right valuations,`` he said on the sidelines of the India Pharma Summit organised by the Department of Pharmaceuticals and the Federation of Indian Chambers of Commerce and Industry.

RIL topples ONGC as largest gas producer

KG D-6 fields` production touched 50.15 mscmd on Sunday. Reliance Industries (RIL) has become the largest natural gas producer in the country with its over 50 million standard cubic metres per day (mscmd) output surpassing that of state-run Oil and Natural Gas Corp`s (ONGC). RIL`s gas production from its D6 fields in the Krishna Godavari basin touched 50.15 mscmd on Sunday, according to the regular output report RIL sent to the oil ministry. This is the first time it has surpassed ONGC`s 49.6 mscmd output.

Cambridge Tech to buy German firm

Cambridge Technology Enterprises (CTE), a Hyderabad-based provider of service-oriented architecture-based solutions, has entered into a definitive agreement to acquire SmartShift GmbH, a provider of tools-based modernisation services for IT systems based out of Germany, for an undisclosed amount. The transaction is expected to close in the first half of 2010. This acquisition positions CTE to take advantage of the fast-growing cloud services market, which according to IDC is expected to reach USD 44.2 billion worldwide by 2013. With this buyout, CTE is entering the European Union market with a development centre in Germany and a number of marquee European reference accounts, the company said.

M&M, BAE ink venture on weapon systems

Mahindra and Mahindra (M&M) and global weapon system manufacturer BAE Systems have signed an agreement to create a joint venture defence company in India to focus on land-based systems. Approved by the Foreign Investment Promotion Board earlier this year, the new company`s initial investment will be USD 21.25 million. M&M will hold 74% stakes and the rest of it will be with BAE, Mahindra officials.

Economics Times

Essar Oil extends talks to buy Shell`s 3 European refineries

Essar Oil will continue negotiating with Royal Dutch Shell to acquire three of its European refineries, the company said on Monday without divulging the fresh deadline for negotiations. The earlier deadline was on Monday, Nov. 30. ``Shell and Essar can confirm that negotiations for the possible sale and purchase of Shell`s three refineries at Stanlow in the UK, and Heide and Harburg in Germany will continue beyond the end of November,`` the foreign company said in a statement.

JSW to restart work on two projects

The JSW Group has decided to revive two projects estimated to over Rs 20 billion together, encouraged by an improvement in the overall manufacturing sector. The Mumbai-based group will resume work on a Rs 15 billion, 5-mt cement plant that it had put on the backburner after doubts were raised last year about cement consumption. The group is also bringing on track a USD 75-million (about Rs 3.5 billion at current exchange rates), 3-mt iron ore project in Chile, as the pick up in manufacturing indicates a return to growth.

Siemens Healthcare to be merged with Siemens

Industry and infrastructure solutions provider, Siemens, announced the merger of Siemens Healthcare Diagnostics (SHDL) with itself. The appointed date of the proposed merger would be Oct. 1, 2009, the company said. The Board of Directors has considered the share exchange ratio, jointly determined by independent valuers - Deloitte Touche Tohmatsu India and ICICI Securities.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.