By :

Shreya Gaba

Private Equity Stars may

team up

Three leading US based private equity firms- Carlyle,

Kohlberg Kravis & Roberts and Warburg Pincus are

likely to acquire an effective stake of 15-18% in

“HERO HONDAMotors”

Discussions with three PE firms to sell 60-70% stake

in a special purpose vehicle to fund the acquisition of

Honda’s 26% shareholding and it is likely to be

completed in two phases.

IOC plans to raise petrol

prices

India’s biggest fuel retailer IOC is considering raisingpetrol prices by 35 paise per litre this week as thecrude oil prices have gone up.

If government increases the prices this will be thethird hike in petrol prices since government freed itspricing on June 26

IOC decision is expected to be followed by otherstate run fuel retailers- Bharat Petroleum Corp andHindustan Petroleum Corp

Tatas to call back Nanos

to fit safety add-ons

Tata motors said they would ask Nano customers to

bring back their cars to add safety devices free of

cost to prevent tge vehicles from catching fire.

Company officials said these are the additional

protection being provided, else Nano is quite safe.

Telcom Minister A Raja

resigns

Under fire over his role in 2G spectrum allocation, telecom minister A Raja has decided to step down. He will submit his resignation to the Prime Minister. Earlier, the Congress wanted the DMK to take the first step in this direction and ask Raja to quit. But, according to DMK sources, the party made it clear that it will not act in haste.

While Congress is keen to see an end to the Spectrum controversy and normal functioning of Parliament, DMK has contended that it will await tabling of the CAG report and the outcome of the Supreme Court hearing tomorrow on the issue.

After meeting the prime minister this evening, Telecom Minister A Raja confirmed that he had resigned.

"In order to avoid embarrassment to the Government and maintain peace and harmony in Parliament, my leader (DMK chief M Karunanidhi) has advised me to resign," Raja told

Orissa to move SC

Orissa government is likely to challenge the Union

ministry of environment & forest’s decision to deny

permission to state owned Orissa Mining

Corporation (OMC) to mine bauxite in the Nyamgiri

hills

OMC had entered into a JV with Vedanta Aluminum

for mining to deed VAL’s refinery at Nyamgiri. State

government had committed to supply 150 million

tons of bauxite to VAL.