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 What Is India News Service Tuesday, February 27, 2007

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Congress Party Loses State Elections

Main coalition partner of the United Progressive Alliance (UPA) governing the federal government, the Congress Party, lost several key states including economically rich Punjab and militarily rich Uttarakhand.

Japan's New Spy Satellite Network

With a successful launch of the last of a fleet of four reconnaissance satellites, Japan has finally managed to realize a decade of hard work aimed at creating a network of spy satellites that can focus, peer, and poke any place in the world.

Populist Railways Budget

Railways Minister Lalu Prasad Yadav presented a populist budget that cut prices across the board with the claim that increased traffic will bring in more revenue but critics have castigated him on adopting policies that will ruin Railways.

* * *

Indo-EU Talks Focus on Labor, Ecology
Reports indicate that the European Union is keen to introduce "sustainable development" in its investment agreement with India and would like to introduce labor and environment targets despite the fact that both sides had agreed to exclude these topics.

Suicide Attempt on Cheney
A Taliban suicide bomber failed in his attempt to assassinate visiting U.S. Vice President Dick Cheney in Afghanistan after bad weather forced him to stay back in a military base after he concluded discussions on the threat of al Qaeda and the Taliban.

MiG-21s to Stay Longer
Indian Air Force (IAF) Chief-designate Air Marshal F.H. Major said that the MiG-21s will stay longer through mid-life up-gradation as new aircraft are inducted over the next eight to nine years.

US, Italian, German envoys hurt in LTTE attack
The Ambassadors of United States, Italy and Germany were today injured along with 10 others when Tamil Tiger rebels fired artillery shells at their helicopters in eastern Sri Lanka's Batticaloa district.


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Ancient Indian dynasties documented their administration,
significant developments, grants, and milestones as inscriptions in
temples. The Archaeological Survey of India (ASI) has documented
these inscriptions from 1886. These pages contain inscriptions from
Pallava, Chola, Pandya, Western Chalukya, Eastern Chalukya,
Rashtrakuta, Hoyasala, Vijayanagara, Vishnukundin, Kakatiya,
Reddi, Vaidumba, Chinda, Eastern Ganga, Gajapathi, Kalchurya,
Qutb-Shahi of Golkonda, and Moghul,  dynasties.

China to Buy India Coffee
Specialty Coffee Association of Hong Kong & the People's Republic of China Director Barry Yuen said that China has an estimated five million coffee drinkers whose needs are mostly met through imports.

PowerGrid to Raise Rs. 3800 Cr Debt
The Power Grid Corporation of India Limited (PGCIL) is planning to raise Rs. 3,800 crore (USD 863 million) through debt instruments such as bonds and loans during the fiscal year 2007-2008.

HOV Services to buy US BPO unit for Rs 600 cr
The Pune-based business processing outsourcing company HOV Services (HOVS) has agreed to acquire a US-based BPO for $148 million (over Rs 600 crore).

Mahindra-Renault-Nissan car facility near Chennai
Mahindra & Mahindra, Renault and Nissan today announced a joint venture to produce cars at a new plant near Chennai, at an investment of Rs 4,000 crore.

NTPC eyes Rs900cr from US pension funds
The National Thermal Power Corporation (NTPC), the country’s largest power generator, is likely to raise around Rs 900 crore from US-based pension funds in the next financial year to fund its capacity addition programme under the Eleventh Plan.

Marine products export to EU up 34% in value
Marine products export increased by 13 per cent, both in volume and value, during the first nine months of the current fiscal.

NTPC bids for Globeleq's Egypt power plant
NTPC Ltd on Monday said it is submitting a bid to buy a 685.2-MW power project owned by British power investment firm Globeleq in Egypt.

Autoline acquires 51% in Stokota
Auto component company Autoline Industries Ltd has signed a memorandum of understanding with special vehicle manufacturer Stokota NV to acquire 51 per cent stake in Stokota's global operations for approximately Rs 66.8 crore in cash and equity.

Granules picks Ridgeback as strategic investor
Granules India Ltd has decided to rope in Ridgeback Capital Investments, a US-based focused pharma fund, as a strategic investor.

Guj Ambuja sells 11% in ACIL to Holcim
Gujarat Ambuja Cement (GACL) today sold 11% stake in Ambuja Cement India (ACIL) to Swiss cement major Holcim for Rs 526.5 crore.


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