ICICI Bank is reportedly taking cost control measures that could save the bank up to Rs 1300 crore in the year to March 2010. The bank also plans to rejig its business model as a result, driving more of its consumer business through its branch network rather than through external selling agents.
DLF is reportedly close to raising $300 million through external commercial borrowing to invest in its integrated township projects.
Indian Continent Investment, a company owned by the founders of Bharti Airtel, paid Rs 402 crore in two separate off-market transactions to pick up 0.256% in Bharti Airtel on Wednesday, 17 June 2009. Indian Continent Investment earlier owned 6.27% of Bharti. Founders and their associates owned 67.15% in Bharti Airtel at the end of March.
The oil ministry is reportedly examining a proposal to force oil and gas producers to pay royalties to the government on the basis of sale prices rather than the present system of wellhead value, hurting profits of ONGC, Reliance Industries and Cairn India.
Reliance Communications has reportedly started preliminary talks with China Mobile for a strategic alliance and possible equity participation of 5-6%.
The boards of Emami and Zandu Pharmaceutical approved demerging Emami's realty unit into a separate firm and merging Zandu's consumer goods (FMCG) business into Emami. Emami's realty business will be spun off into a separate company to be called Emami Infrastructure.
The boards of State Bank of India and its associate State Bank of Indore have approved an acquisition of the latter by the country's biggest lender. State Bank of India has already absorbed State Bank of Saurashtra and has said it is progressively looking to merge its other associate banks.
Prime Minister Manmohan Singh is reportedly considering inducting Nandan Nilekani, co-chairman of software firm Infosys Technologies, by offering him the rank of a cabinet minister but without charge of any departmant or ministry.
Shipping Corporation of India has reportedly shelved its plan to purchase four very large crude carriers worth $320 million, as the global shipping industry faces headwinds.
Life Insurance Corporation and its unit LIC Housing Finance reportedly plan to launch a real estate-focused domestic private equity fund with an initial corpus of Rs 500 crore.
Neyveli Lignite Corporation reportedly plans to set up a 1,000-megawatt hydro power project in Uttarakhand as part of its diversification plans.
Sun Pharmaceutical Industries has received approval from the US Food and Drug Administration to launch generic version of Pfizer's blood pressure drug Accupril. The drug has annual sales of about $45 million in the United States, the Indian drug maker said in a statement.
International Finance Corp (IFC), a World Bank unit, will lend $50 million to Apollo Hospitals Enterprise for India's largest hospital chain to expand into smaller cities. Apollo will set up 15 new hospitals in the next three years, the IFC said in a statement. The IFC funds private sector firms in developing countries. Apollo has 43 hospitals across India and South Asia.