Top 3 business stories of Oct 12: IL&FS Engineering and Construction Company bags massive Rs 162.58 crore pipeline order from GAIL and more

1. IL&FS Engineering and Construction Company bags massive Rs 162.58 crore pipeline order from GAIL

Indian construction major IL&FS Engineering and Construction Company has won a massive Rs 162.58 crore pipeline order from GAIL in Bihar.

The engineering major "has received the Fax of Acceptance (FOA) from GAIL for laying and construction of pipeline along with associated facilities of section II pipeline from Chainage 159.70 km to Receiving Terminal Cum Future IP Station-4 at Dobhi (Chainage 345.08 km.) for Phulpur-Haldia Pipeline Project (Phase 1B) in Bihar", as per a BSE filing.

Also Read: IL&FS Engineering and Construction Company bags massive Rs 162.58 crore pipeline order from GAIL

2. Global recall of Note 7 could burn a $17 billion hole in Samsung accounts

Samsung decided to recall 2.5 million Note 7s in early September. Earlier, reports claimed the phones are catching fire and it has finally announced the recall. The recall of Samsung's flagship device Galaxy Note 7, would hamper the company's business by a great margin. The loss could be as huge as $17 billion.

If Samsung stops selling the Note 7s, that will translate into lost sales of up to 19 million phones that the firm was expected to generate during the Note 7's product cycle, according to analysts.

Also Read: Global recall of Note 7 could burn a $17 billion hole in Samsung accounts

3. Ssangyong Motor Co to set up manufaturing plant in China by forming joint venture with China's Shaanxi Automobile Group

Mahindra Group's South Korean arm Ssangyong Motor Co will set up a manufacturing plant in the world's largest automobile market, China by forming a joint venture with China's Shaanxi Automobile Group.

Ssangyong Motor Co, which was acquired by Mahindra & Mahindra in 2011, has signed a letter of intent (LOI) with the China's Shaanxi Automobile Group for a joint venture that will establish local production plant for CBU vehicles as parts of its efforts to grow in China.

Also Read: Ssangyong Motor Co to set up manufaturing plant in China by forming joint venture with China's Shaanxi Automobile Group