Corporate Snippets

SAIL has indicated that the proposed JV with Posco would be frozen by November. (BL)

NMDC is reportedly at an advanced stage of conducting due diligence for buy out of coal assets overseas. (BL)

National Environment Appellate Authority has suspended clearance to Vedanta’s bauxite mining project in Orissa. (BS)

United Spirits will launch an open offer starting November 10 to buy back shares from shareholders of Pioneer Distilleries. (BS)

Indian Railway Finance Corporation has received a nod from CBDT to issue tax-free ‘Railway Bonds’ amounting to Rs ~31 bn during 2010-11. (BL)

Tata Motors plans to hike the prices of its passenger cars, Indica and Indigo, by a ‘significant’ amount with effect from October 1. (TOi)