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Monday, October 20, 2008

PRESS DIGEST - Indian Business News - Oct 20

MUMBAI, Oct 20 (Reuters) - Indian newspapers carried the following stories in their print or Web editions on Monday. Reuters has not verified these stories and does not vouch for their accuracy.


* The government may ease rules for more foreign direct investment to infuse more investments into the Indian economy.

* The Anil Dhirubhai Ambani Group is looking to buy out the Asian insurance business of American International Group (AIG) (AIG.N: Quote, Profile, Research). The asking price for AIG's wholly-owned arm has been pegged around $10 billion.


* Bharat Heavy Electricals Ltd (BHEL.BO: Quote, Profile, Research) fears that raising funds to buy equity in projects which would generate 6,400 megawatt of electricity in partnership with state governments will be difficult due to the current liquidity crunch. The company has plans to develop 8 units of 800 megawatts each.


* NTPC Ltd (NTPC.BO: Quote, Profile, Research), India's biggest power producer, has been told to keep away from nuclear energy and concentrate on its core business of thermal power generation. Nuclear Power Corp of India Ltd will have a monopoly on nuclear power generation for at least another decade.

BUSINESS STANDARD ( * The Securities and Exchange board of India said it is keeping its options open on banning short sales. So far the market regulator has maintained that there is no need to ban short selling.

* The Reserve Bank of India is keeping close tabs on all remittances made by Indian banks. The central bank is now monitoring transactions every day. Banks normally report transactions fortnightly and monthly.

* Subscribers to direct-to-home satellite television will soon be able to switch operators without paying for a new set-top box that comes with every connection.


* Telecom operators will have to pay up to 50 percent higher licence and spectrum fee. The department of Telecommunications has decided to hike licence and spectrum fee by 1 percentage point.

($1= 48.88 rupees)

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