The Mint report for 12 Nov 2009

The Mint report for 12 Nov 2009

The government is worried about a Chinese river project in southern Tibet. It’s concerned that a Chinese plan to divert water that goes into the Brahmaputra river will affect Indian hydroelectric projects downstream in Arunachal Pradesh. According to government estimates, the Arunanchal Pradesh itself has the potential to generate 50,328MWof hydropower.

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The UPA government is expected to push for new laws that could overhaul India’s judicial system. Some of the proposed legislation will try and return the power to make judicial appointments back to the executive. Currently in India, only judges are allowed to appoint other judges. The government plans to introduce bills that try to change that during the winter session of Parliament, which starts on 19 November.

Indian television could see some major changes. On Thursday, the cabinet approved policy guidelines for Headend-in-the-Sky or HITS operators. Under the new rules, cable operators can lease space on satellites and use it to receive TV channel signals over long distances. The HITS operator will then be able to pass on the TV signals to customers through cables.

Infosys Technologies is set to acquire an American software services company. Its back office unit, Infosys BPO, will acquire McCamish Systems with an upfront payment of $38 million. It could also pay another $20 million based on targets. McCamish Systems provides BPO services to the insurance and financial services industry and posted revenues of about $38 million in 2008.

Industrial production grew faster than expected in September. Output at factories went up 9.1% compared to a year earlier. The figures come at a time when policymakers are trying to time the withdrawal of the stimulus package put in place after the slowdown.

Tata Steel has approved a new convertible bonds offer that will make its repayments easier. The offer will be in exchange for $875 million securities. Under the deal, the convertible bonds will have a yield-to-maturity ratio of 4.5% and will mature in November 2014.

The CEO of Renault-Nissan Carlos Ghosn says governments will need to provide incentive to help make the shift to electric cars. Renault-Nissan plans to release its electric car Leaf next year in the United States and Japan.