News Capsules 11 Jun

• Reliance Industries Ltd (RIL) has increased LPG supplies to Indian Oil, Bharat Petroleum and Hindustan Petroleum from its twin refineries at
Jamnagar, forcing state-run firms to sell cooking fuel cargoes that they had contracted from overseas suppliers. RIL’s production has to be necessarily
sold to state-run firms and is not allowed to export LPG.
• Larsen & Toubro will sell its 11.49 per cent stake in the Aditya Birla Group-owned UltraTech Cement in the open market, after the latter waived its first right of refusal to buy the stake.
• Mahindra & Mahindra (M&M) is likely to buy out its local partner in Mahindra South Africa (Mahindra SA), which is currently a 92 per cent subsidiary. The company is also evaluating the possibility of starting a local completely knocked down (CKD) assembly unit there. A decision on buying out the stake of its local partner is likely to be taken in a month’s time. The 8 per cent stake is held by African Automotive Investments Corporation, a
subsidiary of African Resources and Logistics Corporation.
• Kingfisher Airlines is looking to roll over close to Rs 800 crore of its short-term debt, even as it finalises the paperwork to borrow another Rs 1,500 crore from a few Indian public sector banks.
• The Maharashtra Government has ordered a high-level inquiry into wind turbine maker Suzlon Energy’s land deals in the past two to three years at
Dhule and Nandurbar, where it is setting up the world’s largest wind energy park.
• Bosch Limited, the flagship company of Bosch Group in India, plans to commission its unit in Tata Motors' Vendors Park in Sanand, near Ahmedabad, by October 2009. The auto component company is planning to be on schedule with its supply to Tata Motors' Nano.