Asian stocks open mixed
RCom readies for fire sale of its assets to pare debt
Reliance Communications Ltd (RCom), which called off a planned merger of its wireless unit with Aircel Ltd, is preparing to monetize assets ranging from spectrum to real estate as it strives to repay debt owed to banks, reports Mint.
The Times of India reports that RCom’s Rs11,000 crore tower deal with Canada’s Brookfield is being reviewed. According to the report, the original deal was worked on keeping the Aircel merger in mind.
Value of stalled projects rises in September quarter
Data from the Centre for Monitoring Indian Economy Pvt. Ltd (CMIE) shows that the value of stalled infrastructure projects in the quarter ended September increased to Rs13.22 trillion, reports Mint. According to the report, the number increased for the fifth straight quarter.
HPCL wins Rs806 crore award against Malaysian firm
HPCL Ltd has won an arbitration award of Rs806 crore against Malaysia’s M3nergy Berhad, reports The Economic Times. The award pertains to termination of an exploration contract, the report adds.
MMTC to tie up with NMDC for iron ore exports
Metals and Minerals Trading Corp. of India Ltd (MMTC) has initiated dialogue with iron ore producer National Mineral Development Corp. (NMDC) for exports of iron ore to South Korea and Japan, reports Business Standard.
Tata Teleservices may shut down this month
The Tata group is preparing to shut down a large part of its telecom business and an announcement is likely later this month, reports Business Standard.
Adani plans Rs1,500 crore international airport in Mundra
Adani group has firmed up plans to upgrade the existing airstrip at Mundra to a full-fledged commercial airport with integrated cargo and aerospace operations, reports Business Standard. According to the report the group plans to invest around Rs1,500 crore.
Another report says Adani group’s Abbot Point coal terminal in Australia faces the risk of becoming a stranded asset if its proposed Carmichael mine fails to get 1 billion Australian dollar (AUD) subsidy.
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