Bharti Airtel Ltd. (BHARTI IN) and Idea Cellular Ltd. (IDEA IN): The two mobile-phone carriers and Vodafone Essar Ltd. said on Dec. 8 they will merge their wireless infrastructure businesses in India to help cut costs and improve efficiencies. Bharti, India's largest wireless carrier, rose 19.75 rupees, or 2.1 percent, to 959.65. Idea Cellular, majority controlled by billionaire Kumar Mangalam Birla, fell 3.2 rupees, or 2.4 percent, to 133.15.
Reliance Industries Ltd. (RIL IN): India's biggest company by market value agreed to invest in a uranium venture in Australia, its first in the country, with Uranium Exploration Australia Ltd. Reliance will earn a 49 percent interest in eight exploration licenses held by Uranium Exploration in exchange for A$3.45 million ($3 million), Sydney-based Uranium Exploration said today in a statement to the Australian Stock Exchange. Reliance declined 32.9 rupees, or 1.1 percent, to 2,841.65.
Indian Oil Corp Ltd. (IOCL IN): the state-run refiner and marketer is planning a joint venture with Egyptian General Petroleum Corp for the construction of a $9 billion refinery- cum-petrochemical complex which could be built near Port Said, the Economic Times reported, citing B.M. Bansal, Indian Oil's director for planning and business development. Indian Oil fell 9.15 rupees, or 1.5 percent, to 590.65.
GMR Infrastructure Ltd. (GMRI IN): The company is planning to place a $1.7 billion bid to acquire state-owned assets in Singapore, the Hindustan Times quoted Chairman G.M. Rao as saying. GMR fell 15.60 rupees, or 6.1 percent, to 242.2.
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