PRESS DIGEST-Indian Business News – June 2

MUMBAI, June 2 (BestGrowthStock) – Indian newspapers carried the
following stories in their print or Web editions on Wednesday.
Reuters has not verified these stories and does not vouch for
their accuracy.


* Reliance Industries Ltd (RELI.BO: ) is likely to make its
first big investment in coal-fired power plants on surging
demand for electricity and the attractive rates of return,
after the non-compete agreement with the Anil Dhirubhai Ambani
Group (ADAG) ended.

* State-run National Textile Corporation, the textiles
major having large land bank in metros, is close to selling two
of its central Mumbai properties that will together raise more
than 20 billion rupees.

* Yogesh Munjal, a member of the Munjal family that owns 29
percent of Hero Honda Motors (HROH.BO: ), will assume control of
a group auto component firm Munjal Showa Ltd (MNJL.BO: ), in a
move which could signal a wider untangling of cross-holdings.
He will likely relinquish his stake in other group companies
like Hero Honda.

* The Maharashtra Industrial Development Corporation (MIDC)
and GAIL (India) Ltd (GAIL.BO: ) have decided to form an equal
joint venture to supply natural gas to industrial estates
across the state of Maharashtra.

* The Bank of Ireland (BKIR.I: ) has shortlisted HCL
Technologies (HCLT.BO: ) and International Business Machines Corp
(IBM.N: ) for an outsourcing contract potentially worth over $600
million that involves managing the bank’s IT infrastructure
including desktops, servers and other communication networks.


* State-run miner Coal India Ltd (CIL) may push its initial
public offering (IPO) to September or October, instead of
July-August as planned earlier, due to the ongoing euro zone

* Macquarie-SBI, a joint venture between Macquarie Capital
and State Bank of India (SBI.BO: ), is in advanced negotiations
with GMR Infrastructure Ltd (GMRI.BO: ) to invest $100 million in
the latter’s airports division.

* State-run carrier Air India plans to raise a long-term
loan of $1.15 billion to refinance 21 new A-320 aircraft.

The airline has invited request for qualification (RFQ)
from both Indian and foreign banks and financial institutions
for their loan.


* Reliance Power Ltd (RPOL.BO: ) is working on plans to
invest close to 100 billion rupees to ramp up its 220 megawatt
Samalkot project in the state of Andhra Pradesh to 2,400
megawatt unit.

($1= 47.16 rupees)

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(Compiled by Kaustubh Kulkarni; Editing by Rosemary

PRESS DIGEST-Indian Business News – June 2