AI expects to cut its losses by 75% in FY11 NEW DELHI: State-run carrier Air India,which incurred a loss of 54 billion rupees in FY10,expects to pare losses by around 75 percent in FY11,chairman Arvind Jadhav said on Wednesday. The airline is currently going through a debt restructuring process as it looks to clean up its balance sheet with SBI Capital managing its overall debt recast. ONGC plans to invest $4.05 bn in UD-1 gas New Delhi: State-owned Oil and Natural Gas Corp (ONGC) plans to invest $4.05 billion in producing natural gas from its ultra deepsea UD-1 discovery in a block that sits next to Reliance Industries prolific KG-D6 fields. We have tentatively planned a capital expenditure of $2.31 billion in producing gas from UD-1 discovery in block KG-DWN-98/2 and another $1.73 billion in operating expenditure, a company official said. Tata Capital plans to raise $1 bn PE fund Mumbai: Tata Groups non-banking finance arm Tata Capital on Wednesday said it is planning to mobilise $1 billion by December 2011,from domestic as well as overseas investors under its various private equity funds. The company has already received commitments worth Rs 900 crore from domestic investors,Tata Capital managing director and chief executive Praveen Kadle said. Cabinet may decide on bank merger today New Delhi: The Cabinet is likely to take up the proposal to merge State Bank of Indore with the parent SBI on Thursday. According to sources,the proposal would come up for discussion at a Cabinet meeting under the chairmanship of Prime Minister Manmohan Singh. If given the nod,this will be the second merger of an associate bank with the SBI. Bharti may share infra in Africa to cut costs New Delhi: Telecom major Bharti Airtel,which had acquired Zains Africa operations recently,has said it will partner existing players to share infrastructure to reduce operational costs. We have decided to form tower companies in each country in the next few quarters and that will definitely help, Bharti Airtel chief executive (international) and joint MD Manoj Kohli said. Ahuja named Barclays Wealth director Mumbai: Barclays Wealth on Wednesday said it has appointed Rahul Ahuja,who has 14 years of experience in corporate banking,as a director. Ahuja,based in Delhi,will be responsible for servicing and enhancing the private client base of the wealth management division of Barclays in India,a release said. Dell plans entry into mobile handset mkt New Delhi: IT giant Dell plans to bring its range of smartphones to India. As we work on plans to bring the smartphones to this market,we continue to explore various go-to-market options, Dell India General Manager (Consumer) Mahesh Bhalla said.
