PRESS DIGEST - Indian Business News - March 16
MUMBAI, March 16 (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.
ECONOMIC TIMES (www.economictimes.com)
* The U.S.-based tower firm, American Tower Corp (AMT.N), is set to acquire Xcel Telecom in a deal worth 7 billion rupees.
* Bharti Airtel (BRTI.BO) will restructure its business into nine verticals under different chief executive officers as it looks to expand into areas beyond voice telephony.
* Auto firm Mahindra & Mahindra (MAHM.BO) has slashed its capital expenditure plan for the next three years ending March 2012 by 5 billion rupees on contract renegotiation with its vendors and focus on outsourcing.
* The federal government is considering a proposal to provide additional capital to public sector power finance firms such as Power Finance Corp (PWFC.BO) and Rural Electrification Corp (RURL.BO). Power projects worth 1,500 billion rupees are awaiting financial closure.
* Two subsidiaries of Oil & Natural Gas Corp (ONGC.BO) will borrow over 100 billion rupees in a month.
FINANCIAL CHRONICLE (www.mydigitalfc.com)
* Indian Oil Corp (IOC.BO) and Reliance Industries (RELI.BO) are in talks to form a joint venture for leasing out retail outlets to sell petrol and diesel. The JV may get subsidy benefit from the government.
* The Insurance Regulatory and Development Authority has set April 1 as the deadline for all life insurance companies to adopt a standard nomenclature for the charges deducted out of the premium paid by a policy holder.
* Computer services and outsourcing firm Perot Systems Corp PER.N is in talks with four Indian hospital chains for backend infrastructure services.
MINT (www.livemint.com)
* State-run NTPC Ltd (NTPC.BO) plans to set up power projects in Kazakhstan to import coal for its fuel-starved Indian plants.
BUSINESS LINE (www.businessline.in)
* State-owned oil firms have hiked jet fuel prices by an average 158 rupees a kilolitre.
DNA (www.dnaindia.com)
* Infosys Technologies (INFY.BO) is looking at small acquisitions around $200 million in the healthcare space.
($1= 51.50 rupees)
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