Following are the important business news carried by leading financial dailies on Tuesday Dec. 11, 2012:
NTPC to sign FSAs with CIL within a month
Power major NTPC has decided to sign fuel supply agreement (FSA) with Coal India with in a months time. Both the parties have agreed to bury the differences over the revised draft of FSAs, in a meeting held at Kolkata, in which the chiefs of both the public sector undertakings, S Narsing Rao of CIL and Arup Roychoudhury of NTPC were present.
RINL mulls cement plant to dispose byproducts
Rashtriya Ispat Nigam, the corporate entity of Vizag Steel, is mulling setting up of a cement plant as part of its plans to dispose byproducts such as slag and fly ash, a senior company official said. RINL may also enter into a long-term contract to supply these byproducts to prevent their accumulation that can lead to environmental issues.
Punj Lloyd bags Rs 5.28 bn project in Singapore
Diversified global conglomerate Punj Lloyd Group said it has bagged a contract worth Rs 5.28 billion in Singapore to construct a new prison headquarter. "Punj Lloyd Group said it bagged Rs 5.28 billion worth project from the Singapore prison service to construct the new prison headquarters of the Changi prison complex," the company said in a statement.
MTNL to raise Rs 50-70 bn via sovereign bonds
State-run telecom operator Mahanagar Telephone Nigam (MTNL) is planning to raise about Rs 50 billion to Rs 70 billion by issuing sovereign bonds this fiscal year to reduce its debt burden. "We have sought government approval for the sovereign bonds. The timing of the issue depends on the government approval. We will issue bonds within three months from the date of approval," said A K Garg, chairman and managing director, MTNL.
NMDC price band fixed at Rs 145-150 a share
The government fixed a price band of Rs 145-150 a share for its stake sale of 10% in NMDC on stock exchanges on Wednesday that could fetch up to Rs 59.47 billion. The price band is at a discount of 3.07-6.3% at closing price of NMDC shares on BSE at Rs 154.75 a share.
Sistema warns of huge claims if licence issue not resolved
Russia's Sistema has warned it will seek "billions of dollars" in damages from India if licence cancellation issue of its Indian telecom venture Sistema Shyam is not resolved in time. Sistema JSFC has written to the Department of Telecom and the Ministry of External Affairs said: "In addition to the billions of dollars in damages that we would seek in arbitration under Bilateral Investment Treaty, failure to resolve this case could threaten India's broader diplomatic interests with Russia and standing in global business community."
Maruti launches limited edition of A-Star
The country's largest car maker Maruti Suzuki India launched a limited edition of its hatchback A-Star that will be costlier by Rs 14,990 than the existing variant. As per Maruti Suzuki India (MSI) official website, the price of A-Star varies between Rs 3.76 lakh and Rs 4.61 lakh (ex-showroom, Delhi).
Cargill India acquires Wipro's Sunflower Vanaspati brand
US-based food producer and marketer Cargill India has acquired the iconic Sunflower Vanaspati brand from Wipro, consolidating its leadership position in the market with the purchase of the brand built by the Bangalore-based company decades before it emerged as an IT major.
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