Following are the important business news carried by leading financial dailies on Monday Dec. 03, 2012:
Bharti Airtel seeking S African partner again: Report
Bharti Airtel is trying to get a South African partner again, three years after its failed bid to link up with local giant MTN, a media report has said. The weekly Sunday Times, citing an unnamed source close to Bharti Airtel Africa, said the company is still seeking expansion on the African continent after it gained a presence in 15 north, west and east African countries following its acquisition of Zain Telecom's business on the continent soon after the MTN deal fell through.
NALCO raises aluminium prices
The state-run National Aluminium Co (NALCO) has raised aluminium prices by Rs 4,500 per ton for all products in the domestic market, effective December 1, company sources said on Sunday. The basic price of standard aluminium ingots after the latest increase is Rs 1,43,700 per ton, said sources who declined to be identified, in line with company policy.
Adani to issue USD 1.5 bn global bond
India's Adani Enterprises said it is planning a USD 1.5 billion global bond issue to fund its Australian coal, rail and port project. Adani Enterprises is developing the Carmichael mine to produce 60 million tonnes a year of coal for export, mostly to power stations in India. The project also involves building a 400-km rail line.
RIL-BP propose single test to get nod for 3 finds
Reliance Industries and UK's BP Plc have proposed to a do a single confirmation test on three natural gas discoveries in KG-D6 block that have so far not recognized as commercial finds by the Oil Ministry. The Directorate General of Hydrocarbons (DGH), the technical arm of the ministry, has since February 2010 not recognised the D-29, 30 and 31 as discoveries as RIL had not performed its prescribed tests to confirm the finds.
JSW Steel plans to raise USD 600 mn from overseas markets
Private steelmaker JSW Steel plans to raise USD 600 million through overseas borrowings by March next year to prepay part of its rupee loan. "We are planning to prepay Rs 35 billion loans by raising USD 600 million subject to the approval of the RBI. Hopefully by the end of the fiscal, we will be going for raising funds," JSW Steel's Joint Managing Director and CFO Seshagiri Rao told PTI.
ONGC Videsh needs to tap developed fields to meet 2018 target
ONGC Videsh (OVL) needs more developed oil and gas-producing assets rather than exploratory acreages to achieve its 20 million tons oil equivalent by fiscal 2018. Industry observers say though the company may continue to acquire exploratory acreages, these will not help it in meeting the immediate production target. An exploratory block will require at least five-seven years to start yielding benefits. OVL`s output in FY12 was 8.75 million tons.
Mylan Labs selected to supply anti-retrovirals to S. Africa
Mylan Laboratories has been selected as one of the lead suppliers of anti-retroviral drugs to the South African Department of Health. The tender period is Jan. 01, 2013 to Dec. 31, 2014. Mylan Labs, based in Hyderabad with manufacturing facilities, is the India subsidiary of Mylan Inc. The value of the contract is Rand 1.12 billion share (approx Rs 7 billion), which represents 19.1% of the Rand 5.9 billion tender value (approx Rs 40 billion), a press release said. In an announcement, Mylan said the selection was through its South Africa-based subsidiary Mylan (Propriety).
HMT plans to invest Rs 2 bn for capacity expansion
State-owned HMT has plans to invest Rs 2 billion for expanding tractors capacity, engine production and roll out premium watches as part of its strategy to reach Rs 30 billion of turnover in the next five years. The company has also sought Rs 4.5 billion package for debt restructuring and infusing money for capital expenditure from the Centre. ``We will invest a sum of Rs 2 billion for ramping up the production capacity of tractors and engine in next two years,`` the company`s CMD S G Sridhar told reporters today at CII-AgroTech.
Durgapur Steel Plant crosses production target
Durgapur Steel Plant of Steel Authority of India said on Saturday that in November it crossed the production target in many of its major shops. Saleable steel output was on target and witnessed a 9% growth over that in November last year. Production of hot metal, crude steel, blend mix and sinter were 109%, 107%, 101% and 106% of the respective targets.