Dabur India invest USD 15 million in Srilanka

Dabur India invest USD 15 million to line up an export-oriented facility for manufacturing a spread of fruit-based beverages in Sri Lanka at Gampaha, north of Colombo.The new producing facility can have a capability to provide 2.8 lakh cases of fruit-based beverages each month, and can be commissioned in August-September 2012.The plant will initially employ 75 people when operational, and the company plans to increase number of staff to around 200 by 2013-14.  Dabur’s Food business had reported over 28% growth in 2010-11 despite the provision constraints.
Apart from Sri Lanka, Dabur already has producing units in neighbouring Bangladesh and Nepal. It conjointly has facilities in Dubai and Ras-al-Khaimah in UAE, except for Nigeria, Egypt and Turkey.

Reliance Broadcast Networkto raise Rs 1000 via the qualified institutional placement route

Reliance Industries is putting in place the building blocks for a nationwide rollout of its planned fourth generation wireless broadband network also submitted a proposal to the government regarding KG-D6 on pricing today. With the elder Ambani pulling up his sock, Anil Ambani too is geared to make his splash. ADAG company Reliance Broadcast Network has received approval from its shareholders to raise Rs 1000 via the qualified institutional placement route. He says that phase III of radio is indeed going to be a game-changer and the government policy of raising FDI limit to 26% will bode well for the industry.

GAIL India Ltd to acquire 5.2% stake in Petronet LNG from Asian Development Bank

GAIL India Ltd is keen to acquire 5.2% stake in Petronet LNG  from Asian Development Bank for over Rs 600 crore for it. ADB has offered to sell its 39 million shares or 5.2% stake in Petronet, which is valued at over R614 crore at Monday’s trading price of Rs 157.85 per share.GAIL, ONGC, IOC and BPCL hold a 12.5% stake each, to restrict the public sector holding in the company at 50%. GdF holds 10%. Under the share holders’ agreement (SHA), the five have the first right of refusal over ADB stake.

State Bank of India Rating done by Moody’s Investors Service

Moody’s Investors Service reportedly downgraded State Bank of India’s  bank financial strength rating, or standalone rating, to ‘D+’ from ‘C-’. the revised rating maps to a baseline credit assessment of ‘Baa3’. The hybrid debt rating of the Indian state-run lender was cut to ‘Ba3(hyb)’ from ‘Ba2(hyb)’. The revised bank rating carries a stable outlook and the hybrid rating a negative outlook.