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18 August | The Mint report

18 August | The Mint report
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First Published: Wed, Aug 19 2009. 01 15 AM IST
Updated: Fri, Aug 21 2009. 01 02 AM IST
New Delhi: The top leadership of BJP is set to begin its three-day brainstorming session in Shimla on Wednesday. It’s expected to focus on overhauling the party’s organization, and developing strategies for the future.
NTPC officials are going to meet the Prime Minister, to talk about the company’s stance in the ongoing gas supply dispute, with Reliance Industries. It’s also going to bring up its case with the parliamentary committee on public undertakings. NTPC is fighting a case against Reliance Industries over the supply of gas. NTPC wants RIL, to supply 12 million cubic metres of gas per day, at $2.34 per million British thermal units.
RIL is also planning to sell up to 15% of its stake in the massive port it’s building, at Rewas, in Maharashtra. A unit of RIL owns a 55% stake in Rewas Ports Limited, the company set up to build a deep-water port.
Anil Ambani’s Reliance Communications, or RCom, is talking to Kuwaiti telecom company Zain, about buying its Africa operations, which some say is worth about 10 billion dollars. RCom is the latest Indian phone company trying to enter the promising African market, where mobile phone penetration is low, and the potential for growth is high. India’s GSM operator Bharti, is currently in exclusive merger talks with South Africa’s MTN.
One of Japan’s biggest drug makers, is considering a tie-up with an Indian company. Daiichi Sankyo, is talking to Indian drug maker Lupin, about cooperating in Japanese, American, and European markets. Daiichi Sankyo already owns Ranbaxy Laboratories, India’s largest pharmaceutical company.
Indian retailers continue to feel the effects of the downturn. Several top executives have left Vishal Retail, one of India’s largest supermarket chains. Senior executives told Mint, the company’s founder, Ram Chandra Agarwal, was keeping all the key decision-making to himself. But Aggarwal says he had to let people go, to manage costs.
Markets partially recovered on Tuesday after massive losses on Monday. The Sensex rose 250 points to close at 15,035 ,while the Nifty rose 71 points to end trade at 4,459.
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First Published: Wed, Aug 19 2009. 01 15 AM IST