± State Bank of India has put on the backburner its plan to acquire a stake in Tata Motors Finance, following the Reserve Bank of India’s objection. (BS)
± Tata Motors may set up a plant to manufacture Nano in Indonesia through an alliance. (BS)
± Mahindra & Mahindra has decided not to acquire the over 95% stake in the beleaguered firm Scooters India at present. (ET)
± Glenmark Pharmaceuticals has received the second and final upfront payment of US$25mn from Sanofi. (BS)
± The haircare business of Henkel India is looking to strengthen its presence in the competitive salon market. (BS)
± Essar Oil will raise US$1.5bn (around Rs66bn) in foreign currency loans, instead of rupee loans, for its ongoing projects. (FE)
± RIL is critical of the CAG approach, terming it “erroneous” in concluding that an expense incurred by it is not warranted. (BS)
± The Tamil Nadu Pollution Control Board has issued a closure notice to the Cephalosporin manufacturing facility of Orchid Chemicals and Pharmaceuticals, citing the company’s noncomplaince with regard to the disposal of solid waste. (ET)
± Bharti Infratel, the tower arm of Bharti Airtel, is planning an IPO to raise around US$1bn by selling a 10% stake, partly to provide an exit to existing shareholders. (ET)
