Weekly news (8th nov 14th nov)

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Weekly news (8th nov 14th nov)

  1. 1. By : Shreya Gaba
  2. 2. Private Equity Stars may team up  Three leading US based private equity firms- Carlyle, Kohlberg Kravis & Roberts and Warburg Pincus are likely to acquire an effective stake of 15-18% in “HERO HONDA Motors”  Discussions with three PE firms to sell 60-70% stake in a special purpose vehicle to fund the acquisition of Honda’s 26% shareholding and it is likely to be completed in two phases.
  3. 3. IOC plans to raise petrol prices  India’s biggest fuel retailer IOC is considering raising petrol prices by 35 paise per litre this week as the crude oil prices have gone up.  If government increases the prices this will be the third hike in petrol prices since government freed its pricing on June 26  IOC decision is expected to be followed by other state run fuel retailers- Bharat Petroleum Corp and Hindustan Petroleum Corp
  4. 4. Tatas to call back Nanos to fit safety add-ons  Tata motors said they would ask Nano customers to bring back their cars to add safety devices free of cost to prevent tge vehicles from catching fire.  Company officials said these are the additional protection being provided, else Nano is quite safe.
  5. 5. Telcom Minister A Raja resigns  Under fire over his role in 2G spectrum allocation, telecom minister A Raja has decided to step down. He will submit his resignation to the Prime Minister. Earlier, the Congress wanted the DMK to take the first step in this direction and ask Raja to quit. But, according to DMK sources, the party made it clear that it will not act in haste.  While Congress is keen to see an end to the Spectrum controversy and normal functioning of Parliament, DMK has contended that it will await tabling of the CAG report and the outcome of the Supreme Court hearing tomorrow on the issue.  After meeting the prime minister this evening, Telecom Minister A Raja confirmed that he had resigned. "In order to avoid embarrassment to the Government and maintain peace and harmony in Parliament, my leader (DMK chief M Karunanidhi) has advised me to resign," Raja told
  6. 6. Orissa to move SC  Orissa government is likely to challenge the Union ministry of environment & forest’s decision to deny permission to state owned Orissa Mining Corporation (OMC) to mine bauxite in the Nyamgiri hills  OMC had entered into a JV with Vedanta Aluminum for mining to deed VAL’s refinery at Nyamgiri. State government had committed to supply 150 million tons of bauxite to VAL.

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