GMR cash blitz

New Delhi, Dec. 2: The gmr group plans to invest more than Rs 60,000 crore over the next five-six years to enhance its power generation capacity in the country and acquire coal assets abroad. “We have targeted a generation capacity of nearly 12,000MW in the next five to six years. Of these, at least 7,000MW will be operational by 2010,” gmr Energy CEO Raaj Kumar said. The group is also developing two thermal power plants of 1,050MW each in Orissa and Chhattisgarh.

BEML arm

Chandigarh, Dec. 2: beml Ltd has floated a subsidiary in Brazil to source and assemble mining and construction equipment for the growing Latin American markets. “We also have plans to set up an assembly plant here for this purpose,” beml chairman and managing director V.R.S. Natarajan said. The company also plans to open its office in China to procure mining equipment.

Transco bid

New Delhi, Dec. 2: State-run Power Grid Corporation of India is pitched against three contenders from Italy, Malaysia and China to run the transmission utility of the Philippines. A final decision is likely this month. Powergrid is eyeing up to a 20 per cent stake in Transco, which was formed to manage the assets of National Transmission Company.

Air India hub

Mumbai, Dec. 2: Air India has zeroed in on Munich and Vienna to set up its European hub to support its expansion plans. With London, Paris and Frankfurt already over-crowded, it is becoming increasingly difficult for Air India to get more slots for expanding its operations.

Realty FDI

New Delhi, Dec. 2: Foreign direct investment (FDI) in the realty sector may jump around six-fold to $30 billion over the next 10 years, with the sector projected to grow at more than 30 per cent in the next few years, industry body Assocham said.

Telecom meet

New Delhi, Dec. 2: Telecom secretary D.S. Mathur is understood to have called a meeting of all mobile operators tomorrow in a bid to end the stalemate over the spectrum issue.

PNB move

New Delhi, Dec. 2: New Delhi-based Punjab National Bank (PNB) will take a call on amalgamating its housing finance arm — pnb Housing Finance Ltd — in the next five to six months.