Morning Bell
Coal India
The Department of Public Enterprises has found that Coal India meets the criteria for the Maharatna status, which will provide it with more autonomy. DPE said that the case is fit for Maharatna because the turnover of the company is more than Rs 52,000 crore, the net worth is Rs 25,000 crore and average profit is about Rs 6,000 crore and it has an international presence. (Source: Business Standard)
GAIL in talks with GVK, GMR for LNG terminal
GAIL (India) Ltd is in talks with GVK Power and Infrastructure Ltd and GMR Group to set up a 5 million tonne per annum liquefied natural gas terminal estimated to cost Rs.4,000 crore. The proposed joint venture will ensure the two private sector firms, both of which have investments in power, have assured infrastructure for a crucial fuel supply—natural gas. (Source: Live Mint)
TIL Ltd to expand crane range, double capacity
TIL Ltd is planning to expand its mobile crane range and take its manufacturing capacity to 400 cranes a year. TIL currently produces 200 mobile cranes a year with lifting capacities of 20-75 tonne at its Kolkata facility. The second facility in Kharagpur will make cranes with a capacity of up to 150 tonne. (Source: DNA MONEY)
ICICI Bank, Aircel sign MoU for financial inclusion
ICICI Bank and Aircel announced a joint initiative to drive financial inclusion in the country. Under the MoU, the partnership will offer various financial products including savings accounts, prepaid instruments and credit products. (Source: Bussiness Standard)
Tata Steel may raise $500mn for capex, debt clean up
After the successful follow on offer for Rs 3,700 crore, Tata Steel is all set for another round of fund raising. Sources indicate that the steel giant is looking to raise about USD 500 million for long term capex plans and to reduce debt. The company may opt for the perpetual bond route to raise the amount. Sources say this is so that there is no dilution promoter stake further. (Source: Moneycontrol)
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