Morning Bell 19-Jan-11

Tata Steel to invest up to Rs 3,000 cr in Europe ops

Tata Steel will double its investments on European operations to Rs 2,900-3,000 crore annually in the next couple of years to increase productivity. The investments are mainly for improving productivity and for various other initiatives being targeted in Tata Steel Europe. (Source: Business Standard)

Petronet in 2-yr deal to buy 1.1 mln T LNG/yr

Petronet LNG has signed deals to source 1.1 million tonnes of liquefied natural gas annually for the next two financial years. It is sourcing LNG from various suppliers in small quantities. These volumes are on top of 7.5 million tonne per year LNG that it gets from RasGas. (Source: Economic Times)

Gail to raise Rs 3,500 cr, to invest Rs 35kcr in 4 yrs

Gail plans to raise Rs 3,500 crore from market as part of its Rs 7,000-crore capital expenditure plan in the next financial year. Gail plans to add 1,500 km pipelines by next year that would raise its gas transmission capacity to 230 million standard cubic meters per day (mmscmd) from current 180 mmscmd. The company is raising $150 million through external commercial borrowings (ECB) next month and applied for a loan of Rs 300 crore from Oil Industry Development Board (OIDB). (Source: Economic Times)

Surya Roshni to expand product range

Surya Roshni has decided to expand its product portfolio due to rise in global and domestic demand. It is gradually adding section pipe (square/rectangle) with full size and ranges in its product portfolio. Surya Group, having a present turnover of Rs 2500 crore, is projected to double it in next two years. (Source: Business Standard)

Reliance Communications raises $255 mn to partly refinance 3G spectrum fee

RCom has raised $255 million through external commercial borrowing (ECB) from consortium of banks to partly refinance the amount paid for 3G spectrum in the auction last year. The loan is funded by a consortium of banks led by Australian and New Zealand Banking Group, BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank Ltd and Intesa Sanpaolo Spa. (Source: Business Standard)