Following are the important business news carried by leading financial dailies on Friday Dec. 07, 2012:
Visa Steel eyes strategic partner in core business
Visa Steel, which went into a corporate debt restructuring (CDR) programme two months ago, is looking for a strategic investor in its core long steel business. Vishal Agarwal, managing director, Visa Steel told Business Standard, "In the special steel business we are open to the idea to have a strategic investor." He did not give details but said that the company will evaluate as it goes forward.
Raymond`s enters energy drink space
Textile firm Raymonds' consumer good brand KamaSutra forayed into the energy drink category, where it is eyeing 20% market share in the next two years. "We wanted the energy drink, KS E Drink, launched in a different space. We have positioned it differently. Everybody else is in the sporting arena. We believe there is a huge market for this because the brand identity of KamaSutra and the opportunity to scale that up is huge," Raymond Chairman and MD Gautam Singhania told reporters after the launch.
ONGC gets project operator's nod for USD 5 bn Kashagan stake buy
State-owned ONGC, which trumped a strong bid by arch-rival China National Petroleum Corp to bag ConocoPhillips' stake in Kazakhstan's giant Kashagan oilfield, has won project operator Eni's approval for its USD 5 billion acquisition. In its biggest acquisition till date, ONGC Videsh, the overseas arm of Oil & Natural Gas Corp last month agreed to pay US energy giant ConocoPhillips about USD 5 billion for the 8.4% stake in Kashagan, the biggest oilfield discovery in over four decades.
Tata Power inks distribution pact for Jamshedpur
Tata Power has formed a special purpose company TP Power Distribution, and executed the distribution franchisee agreement with the Jharkhand State Electricity Board (JSEB) for the Jamshedpur circle. S Padmanabhan, executive director, Tata Power, said, "At Tata Power, we are committed to providing our customers reliable and quality power teamed with superior customer service. We are looking forward to adopting the same philosophy to serve all our customers in Jamshedpur."
LT Foods to invest USD 50 m in Africa arm over 3 years
LT Foods plans to set up a subsidiary in Africa for milling rice, as it gears up to service the continent's growing local market. "We are in active dialogue with a couple of players in Africa to set up a local milling capacity," said S. Venkatesh, Head of International Trade at LT Foods. The company plans to invest about USD 50 million in its African subsidiary over the next three years, he said.
Coal India plans huge spend on mining equipment
Amid the slowdown in the global mining sector, Kolkata offers a lifeline to the mining equipment industry. Top honchos of the world's leading mining equipment companies, such as Caterpillar, Komatsu, Hitachi and P&H are in Kolkata to take part in pre-bid meetings (between December 6 and 8) for Coal India's multi-billion dollar equipment purchase plan.
Maruti to hike car prices by up to Rs 20,000 from Jan
The country's largest car maker Maruti Suzuki India today said it will increase the vehicle prices across all models by up to Rs 20,000 from January due to increasing pressure on margins due to currency fluctuation. "There will be a hike in the prices of our products. Quantum will vary depending on models, but it can be up to Rs 20,000," Maruti Suzuki India Chief Operating Officer (Marketing & Sales) Mayank Pareek told PTI.
NTPC raises Rs 6 bn term loan
NTPC on Thursday said it has raised Rs 6 billion term loan from The Jammu & Kashmir Bank. The funds would be used to part-finance the capital expenditure of its projects. "The loan facility has been extended at the base rate of the bank, which is the bare minimum rate at which a bank can lend. This loan has a door-to-door tenure of 15 years and will be utilised to part-finance the capital expenditure of NTPC," the public sector power producer said in a statement.
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