Hindujas to begin Hutch Essar due diligence next week
New Delhi: The Hinduja Group may begin due diligence of Hutchison Essar next week and has arranged funds for a possible bid to acquire a controlling stake in the mobile firm.

While British telecom firm Vodafone is said have completed due diligence, Essar's bankers and Reliance Communications have completed the first round of the exercise. Once the book reading is complete, the bidding is likely to start this month.

Officials said the company has tied up the funds for the acquisition comprising a mixture of debt and equity. IndusInd Investment is the advisor to the Hindujas.
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Nicholas Piramal signs agreement with Eli Lilly
Mumbai: Pharma major Nicholas Piramal India (NPIL) has entered into an agreement with US pharma giant Eli Lilly to develop and commercialise a select group of the US-company's pre-clinical drug products that span multiple therapeutic areas.

Nicholas Piramal would receive a call-back payment, and potential milestone payments of up to $100 million, plus royalties on sales upon successful launch of the first compound. The Indian company would be responsible for the design and execution of the global clinical development programme, including (investigational new drug) IND-enabling non-clinical studies and human clinical trials up to Phase III.

The NPIL-Lilly alliance seeks to increase productivity in drug development by synergising the unique strengths of both companies and equitably sharing risk and reward.
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Jaiprakash Associates Q3 net up 82 per cent
Mumbai: Construction company Jaiprakash Associates has registered an increase of 82.14 per cent in net profit at Rs102 crore for the quarter ended December 31, as compared to Rs56 crore for the same quarter last year.

The total income increased 13.53 per cent to Rs931 crore for the third quarter this fiscal from Rs 820 crore for the corresponding quarter in the year-ago period, the company informed the Bombay Stock Exchange.

The board of directors of the company has also declared an interim dividend of Rs2 on shares of Rs10 each (20 per cent) for the financial year ending March 31, 2007.
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IOC signs JV with RIL: to invest Rs2,000 crore
Panipat: Indian Oil Corporation plans to invest about Rs2,000 crore in a joint venture with Reliance Industries Ltd (RIL) for retailing natural gas to households and automobiles.

IOC officials said the company is in talks for an equal joint venture for a city gas distribution project along the pipeline Reliance Industries is building from its KG basin field. RIL is building pipelines from Kakinada in Andhra Pradesh to Chennai in South, Ahmedabad in West and Haldia in East.

The proposed joint venture will supply piped gas to households and industries and CNG to automobiles in cities falling along the route of these pipelines. IOC's per city investment would be around Rs200 crore and initially the company has identified 10 cities.
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SAIL to invest Rs1 lakh crore by 2020, raise capacity to 40 mt
New Delhi: PSU steel maker Steel Steel Authority of India (SAIL), plans to invest a massive Rs100,000 crore for expanding capacity to 40 million tonnes by 2020, according to the Steel Minister, Ram Vilas Paswan.

The state-run giant currently has a production capacity of 14.6 million tonnes. The company has already announced its expansion plan till 2010, by which it would scale up the capacity to 23.8 million tonnes at an investment of about Rs40,000 crore.

SAIL chairman S K Roongta said the company's first priority right now is to expand within the country and meet the growing domestic demand.
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Gujarat State Petroleum to enter into oil exploration pact with Polish company
Mumbai: The oil exploration company Gujarat State Petroleum Corp will form a strategic alliance on oil exploration and production with Poland's Polskie Gornictwo Naftowe I Gazownict, an official of the company said.
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Gati signs agreement with CREIL
Mumbai: Gati signed a Memorundum of Understanding (MoU) with China Railway Express International Logistics Company (CREIL) on January 11 to enable the companies to complement each other's strength and service the large base of customers in India and China arising out of the India-China bilateral trade.

Both CREIL and the company will be responsible for all infrastructure arrangements and transportation of shipments in China and India respectively.
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Hindujas considering stake acquisition in Telecom Italia
London: The Hinduja Group which is in the fray for acquiring India's fourth-largest mobile operator Hutchison Essar, is also considering acquiring a controlling stake in Telecom Italia, according to media reports.

Telecom Italia is majority held by Italian tyre and real estate group Pirelli. Hinduja is not engaged in direct discussions with Pirelli but people close to the companies involved said there had been consultations and Hinduja was studying the viability of a deal, the report said.

Marco Tronchetti Provera, the Pirelli chairman who resigned as chairman of TI in September, has said he could seek minority investors in Olimpia, a holding company through which Pirelli exercises control over TI.

Provera has also acknowledged he could sell out the entire stake for the right price, the FT report said.
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Ramsarup to raise funds overseas
Mumbai: Steel wires and ropes maker Ramsarup Industries' board would meet on January 15 to consider raising funds through foreign convertible bonds and depositary receipts. The board would also consider expansion plans.
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Nahar to invest Rs1,000-1,200 crore in real estate development
Ludhiana: Punjab-based Nahar Group plans to invest Rs1,000-1,200 crore on developing housing complexes and an information technology park in 100 acres of land here within next 2-3 years.

The company has hired a Delhi-based property consultant, for preparing a blueprint for the project to be submitted by the end of this month. NIEL has about 170 acres of surplus land at three locations, including 100 acres at Mundian Kalan, 40 acres at Focal Point and 30 acres at Raikot in Ludhiana.

NIEL is also in the process of investing a sum of Rs 814 crore on expanding its spinning and weaving capacities and setting up a power plant, which is expected to be completed by 2008. The company will spend Rs315 crore on the yarn segment, Rs332 crore on the fabric segment and Rs167 crore on power generation. The project would be funded through a mixture of loans under TUF, FCCB and internal accruals.
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Companies seen heading for Gujarat
Ahmedabad: Reliance, Essar and ONGC recently announced some big-ticket investments in Gujarat during the Vibrant Gujarat Global Investors Summit 2007 here, which is attended by top industrialists and business honchos.

Mukesh Ambani chief of Reliance Industries announced an investment of Rs67,000 crore in the Jamnagar SEZ and laying of pipelines and port development.

Kumaramangalam Birla of AV Birla group said the AV Birla group would like to invest Rs200 crore in a Rayon plant in Veraval, 100 crore in a cement plant, 800 crore in Viscose and Textiles Application Centre and Rs, 1,000 in a fibre plant.

Shashi Ruia of Essar announced an investment of Rs10,500 crore for the expansion of the company's Hazira refinery.

PSU companies ONGC and BPCL also announced big ticket investments. ONGC announced an investment of Rs16,000 crore for a petro-complex at Dahej, while another PSU Bharat Petroleum Corporation (BPCL) decided to invest Rs1,700 crore for crude-terminal and pipeline network.

The Adani group plans to pump in Rs25,000 crore in ports and SEZs while Torrent Industries, which supplies power to Ahmedabad, will invest Rs9,000 crore in a coal-based project at Pipavav.

Zydus Cadila announced an Rs5,300 crore expansion plan for other facilities while Dishman Pharma would bring in Rs2,000 crore in engineering projects.

The Welspun Group announced an investment of Rs3,000 crore toward the expansion of its existing facility at Kutch.
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