September 28: The Lensman`s View
September 28: The Lensman`s View
Laborers work in a railway coal yard on the outskirts of Ahmedabad
GVK Power & Infrastructure is scouting for coal and gas assets overseas in the range of $200 million to $1 billion to fire its power projects in India, the company's vice chairman said on Tuesday.
GVK is also considering bidding for Indian highway projects worth up to $1 billion, G V Sanjay Reddy said at the Reuters India Investment Summit.
The company is looking for coal and gas assets in Indonesia, Australia, Africa and in South East Asia, he said.
"Depending on how much equity it is, we can easily put in $200 to $300 million," Reddy said. "If we need more equity, then we may look at partners to supplement our requirements."
Anil Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group, speaks during his company's Annual General Meeting in Mumbai
Reliance Communications, India's second-biggest mobile carrier, is in talks with investors for a sale of stake in its tower unit, Chairman Anil Ambani said on Tuesday.
In an unexpected blow, the company's agreement to spin off the mobile towers unit, Reliance Infratel, into a venture with GTL Infrastructure had fell apart earlier this month.
That deal, announced in June, would have cut debt by about $3.9 billion, or more than half.
"In Reliance Infratel, we are in discussions with strategic and financial investors to unlock value," Ambani told the company's shareholders at their annual general meeting.
An employee fills a customer's tank at a petrol pump in Kolkata
State-run Oil and Natural Gas Corp may bid jointly with Kuwaiti firms in the auction of oil and gas exploration blocks in India, the company's chairman R S Sharma told reporters on Tuesday.
India aims to launch the next round of licensing for oil and gas blocks in the third quarter, the oil ministry said in June.
File photo of a construction site on the outskirts of New Delhi
The difficulty of getting big projects to the construction stage adds to the risk of investing in Indian infrastructure, and improving the success rate of deals remains elusive, a Morgan Stanley executive said.
"The harder question is in the planning and permissioning stages of projects prior to the pure construction phase, and I think that is where the government and the regulators and the market players have work to do," said Gautam Bhandari, a managing director who heads the firm's infrastructure fund in India.
"I think once that gets solved you'll get increased levels of FDI (foreign direct investment)," he told the Reuters India Investment Summit on Monday.
India, behind schedule on some of its infrastructure-building targets, intends to double spending in the sector during the five years starting in 2012 to $1 trillion, with half of that coming from the privat
Reliance Industries Ltd Chairman Mukesh Ambani addresses shareholders in Mumbai
Reliance Retail, part of Mukesh Ambani's Reliance Industries group, plans to add 3,000-4,000 stores across all retail formats over 3-4 years, a official said on Tuesday.
The firm currently has 1,000 retail stores across all formats.
"This will be part of $6 bln in investment that we had announced in 2006 for our retail plans," said Bijou Kurien, president and chief executive lifestyle at Reliance Retail.
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