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Shri Renuka Sugars acquires Brazilian VDI
Shri Renuka Sugars has acquired "Vale Do Ivai S.A Acucar E Alcool (VDI)", a Brazilian sugar and ethanol production company. The acquisition includes two sugar and ethanol production facilities located in the southern state of Parana with a combined cane crushing capacity of 3.1 mn tonnes per annum. In addition, VDI holds strategic stakes in several logistics assets including terminals for staoarge and loading of sugar and ethanol at the port of Paranagua. Larger part of the sugarcane requirements at VDI are met through its own cultivation of more than 18,000 hectares of land on long lease.

WB funds for JNNURM to come with reforms clause
A fresh $1-billion (nearly 4,600-crore) loan from the World Bank under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), to be routed through the Union government, would be linked to cities adopting certain efficiency parameters.

News of the day

Big 3 set to pay record bonuses of $30 billion this year
Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co’s investment bank, survivors of the worst financial crisis since the Great Depression, are set to pay record bonuses this year.
Corporate

Tata Steel up prices by Rs 2,000, SAIL withdraws discounts

Dampening the Christmas mood, leading steel maker Tata Steel has jacked up prices by Rs 2000 a tonne, while the state-run Steel Authority of India (SAIL) has discontinued the discounts with immediate effect, on the back of rising demand. - SCOPE hails Maharatna status - PSUs ONGC, SAIL, NTPC get Maharatna status - SAIL rises 5 per cent - As Stock markets rise, short sellers on the wrong foot - Tata Steel mulls rehab package for Corus staff - Maharatna title likely tomorrow Others are also mulling similar action, with the country"s largest private steel maker by domestic capacity JSW Steel considering a similar action tomorrow. Tata Steel hiked prices of its long steel products by about Rs 2,000 a tonne. "The hike is from immediate effect. We have not revised our flat steel prices," a spokesperson of the company said. "We have removed the Rs 750-1,500 per tonne rebate we were offering on both flat and long steel products with immediate effect," SAIL spokesperson said today. The country"s largest steel maker started offering discounts to distributors in the wake of demand slump due to the economic downturn to bolster sales. Significantly, SAIL is also mulling a price hike next month. JSW Steel Director (Sales & Marketing) Jayant Acharya said the firm is considering to increase price of TMT bars, used by construction firms, by 5-6 per cent from tomorrow. The hike is likely to be of up to Rs 2,000 a tonne. Long steel products are mainly used by infrastructure and construction sectors while flat ones are used by consumer durables industry.


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