Electrotherm India Ltd has informed that the Company has bagged orders worth US $ 14.06 Million (US Dollar Fourteen Million Six Thousand Only) from Istanbul, Turkey for Basic design and Engineering, Manufacturing, Supplying and Supervising Erection and Commissioning of Induction Melting Furnaces, Electrical and Cooling Systems, Metal Refining Konverter, AC Ladle Refining Furnace, Continuous Casting Machine, Laboratory and other Quitrent for Steel Billet Plant of 200,000 tons per Annum capacity.
January 25, 2008
HDIL Q3FY08 Results
Housing Development & Infrastructure Ltd (HDIL) has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 2702.30 million for the quarter ended December 31, 2007. Total Revenue is Rs 5165.10 million for the quarter ended December 31, 2007.
Labels: HDIL, Q3FY08 Results
Reliance Capital Q3FY08 Results
Reliance Capital Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 1352.40 million for the quarter ended December 31, 2007 as compared to Rs 725.70 million for the quarter ended December 31, 2006. Total Income has increased from Rs 1212.40 million for the quarter ended December 31, 2006 to Rs 3754.60 million for the quarter ended December 31, 2007.
Labels: Q3FY08 Results, Reliance Capital
Central Bank Q3FY08 Results
Central Bank of India has announced the following Unaudited results for the quarter ended December 31, 2007:
The Bank has posted a net profit of Rs 2010.10 million for the quarter ended December 31, 2007 as compared to Rs 1341.00 million for the quarter ended December 31, 2006. Total Income has increased from Rs 16872.70 million for the quarter ended December 31, 2006 to Rs 22054.80 million for the quarter ended December 31, 2007.
Labels: Central Bank of India, Q3FY08 Results
Areva's contract win in Qatar to boost company revenues
Areva T&D India Ltd has announced the following Press Release in connection with AREVA's Transmission and Distribution contract win in Qatar will positively impact the Company in India:
"AREVA's Transmission and Distribution division (T&D) was awarded its greatest Contract ever, with Kahramaa, the Qatar General Electricity and Water Corporation, earlier this month. Totaling almost 500 million euros the contract is part of the Qatar Power Transmission System Expansion program and includes the turnkey delivery of 14 gas-insulated substations (GIS1) to develop and improve the network in the Doha region. The equipment is planned for delivery by the first quarter of 2010.
The contract was officially signed on January 14th in Qatar by His Excellency Abdullah Bin Hamad Al-Attiyah, Deputy Prime Minister of Energy and Industry of Qatar and the Company's CEO Philippe Guillemot, in the presence of His Highness Sheikh Hamad Bin Khalifa Al-Thani, Emir of the State of Qatar, the French President Nicolas Sarkozy and Mrs. Anne Lauvergeon, CEO of AREVA.
This major contract win will have direct impact on AREVA T&D in India since 86 millions euros of the global order will be produced and exported from the new Padappai / Chennai GIS factory that should enter into production this year.
This GIS factory will become the flagship of AREVA T&D in India. Thanks to its state-of-the art technology and world-class standards, it will enable the Company to respond to the booming demand for electricity in the country and increase the products exports, which had already reached 22% in 2007.
Rathin Bas Country President, AREVA T&D India and Managing Director, AREVA T&D India Ltd, said: "We are proud to be part of this major project which demonstrates that our Padappai factory fully responds to international standards and opens new markets to our Company both at local and international levels."
Labels: Areva
Spice Islands to shut down Bangalore unit
Spice Islands Apparels Ltd has informed that the Bangalore production unit of the Company (situated in a leased premises) is now proving uneconomical, particularly due to
i. High level of real estate and rentals
ii. Paucity of labour
iii. Shrinkage of margins due to strengthening of Rupee
iv. Increased input cost, etc.
In view of the above it has been decided by the Board of Directors (subject to approval of shareholders) to dispose off machinery, utilities, furniture and fixtures situated at a leased premises at Peenya, Bangalore. However despite this the Company will continue to manufacture garments either by relocating the same in due course. In the interim, production of garment (woven) will be continued by sub-contracting.
The Company has further informed BSE that the approval of shareholders can be obtained through Postal Ballot. It has therefore been decided to take approval of shareholders, through Postal Ballot, to the proposal of selling off machinery, utilities, furniture and fixtures at Peenya, Bangalore.
Labels: Spice Islands Apparels
Pyramid Saimira acquires Aurona Technologies
Pyramid Saimira Theatre Ltd has announced its strategic acquisition of UK-based Aurona Technologies Ltd, on January 24, 2008. Pyramid Saimira has acquired a majority stake in Aurona Technologies, a leading video games and interactive entertainment software company headquartered in London. Mr. Santosh Pillai, CEO, Aurona Technologies Ltd, will continue in his incumbent role and will also take over as Director. Pyramid Saimira Production Services Ltd, thereby integrating the operations of both the Companies.
Speaking about the acquisition, Mr. P S Saminathan, Managing Director, Pyramid Saimira Group said, "We are extremely happy to announce this strategic acquisition of Aurona Technologies Ltd. This marks the entry of Pyramid Saimira in the high-growth, high-margin animation & gaming Industry. Since our group has access to a huge content library, we will be able to cross-exploit the content properties. Further we are focused on creating a world class vertical on post production / animation / gaming and this acquisition brings not only the existing knowledge base and customer base, but more importantly, high quality management bandwidth, with international exposure."
Mr. N. Narayanan, Director, Pyramid Saimira Group, welcomed the employees of Aurona Technologies into the Pyramid Saimira family, which has now crossed more than 15000 across the globe. This acquisition is in keeping with our vision at Pyramid Saimira to be the world's leading entertainment Company. This acquisition also marks our entry into the European market, given that there is a lot of potential and synergy there for all the businesses we are involved in. With this, Pyramid Saimira Group is present in 3 continents."
Aurona Technologies Ltd has a development centre in Hyderabad and also has a representative office in Los Angeles. The Company delivers full game development from India for platforms such as Sony Playstation 2 console, Nintendo DS and PC. Aurona has progressively moved up the value chain, and has built up the know-how and potential IPs in Racing, Lifestyle and First Person Shooter gaming that can be leveraged Internationally and in India. The Company owns the IP oh a location-based wireless social networking community and also owns IP on a portfolio of six mobile games.
Keynote India Capital Market acted as advisors to Pyramid Saimira in concluding the acquisition, Capital Plc London acted as advisors to Aurona Technologies.
Labels: Pyramid Saimira
Adani Enterprises gets into Energy, Real Estate and Agri businesses
Adani Enterprises Ltd (AEL) has informed about the Company's plans major initiatives in ENERGY, REAL ESTATE & AGRI BUSINESSES
"In its annual strategic review, AEL, a diversified conglomerate, has identified several new initiatives in the ensuing 3 to 5 years.
ENERGY
AEL has a significant presence in the Energy commodities of coal, power, petroleum products trading and city gas distribution. In order to be present across the value chain in these business areas, the Company initiated its foray into power generation, coal mining, oil & gas exploration, as well as expanding the city gas distribution footprint to several other cities in India.
Power Generation
In the power generation space, the Company is targeting a total power generation capacity of around 10,000 MW to be operational in a phased manner.
* Current Initiatives
- Mundra, Gujarat: 2640 MW Capacity
- Gondia, Maharashtra: 1980 MW Capacity
* New Initiatives
- Mundra, Expansion: 1980 MW Capacity
- Rajasthan : 1320 MW Capacity
- Dahej, Gujarat: 1980 MW Capacity
Coal Mining
The Company has begun initial operation of coal mining at Indonesia, on the coal blocks at
Bunyu Island, which are slated to commence operations by April 08, and will reach full
production capacity in the next 2 years.
New Initiatives:
With the Company’s strength in mining and logistics, it has already tied up with Rajasthan Rajya Vidyut Utpadan Nigam Ltd for mining coal at Chattisgarh and supplying the same to the power stations in Rajasthan for the next 20 years.
The Company is actively pursuing the proposed coal mining initiatives of the various state electricity boards and other PSUs in the states of Chattisgarh and Orissa in India and overseas.
City Gas Distribution
The city gas distribution business of supplying clean and environment friendly fuel to the industries, commercial establishments and households through a piped gas network is already operational in the cities of Ahmedabad and Baroda.
New Initiatives:
A similar distribution infrastructure is being set up in the cities of Jaipur and Udaipur in Rajasthan, Lucknow, Khurja and Noida in Uttar Pradesh and Faridabad in Haryana. There
are plans to further expand this business to other cities in India.
Oil & Gas Exploration
In the oil arid gas exploration field, the Company through its subsidiary Adani Welspun
Exploration Ltd (AWEL), a 65/35 JV Company of Adani Group and Welspun Group,. has
already three exploration blocks under its purview in India and Thailand
New Initiatives:
We further report that the Company has recently been awarded another block - L22/50 in
Thailand in its latest bidding round.
It is also exploring opportunities for other blocks in India and overseas, including bidding through the NELP VII program.
REAL ESTATE
The Company made it foray into large integrated real estate projects a year back and now has more than Six projects in progress entailing around 100 mn sq. ft of development.
A large integrated township spread over 578 acres is Coming up at Ahmedabad with over 40 mn. sq. ft of development. A slew of high end commercial and residential projects are progressing at Mumbai with each project ranging from a minimum of 2 mn sq. ft and upwards.
* Current Initiatives
- Shantigram Township at Ahmedabad: 41.5 approx Mn.Sq.Ft (Saleable area)
- BKC at Mumbai: 2.2 approx Mn.Sq.Ft (Saleable area)
- Mill Land at Mumbai: 2 approx Mn.Sq.Ft (Saleable area)
* New Initiatives
- Mundra Township: 50 approx Mn.Sq.Ft (Saleable area)
- Cochin: 3.2 approx Mn.Sq.Ft (Saleable area)
- Surat: 5.6 approx Mn.Sq.Ft (Saleable area)
AGRI
Presently, AEL's Agri initiatives through its various entities comprises of :-
Edible Oil Business: Adani Wilmar Ltd. (50:50 JV with Wilmar Group of S'pore)
Total Refining Capacity: 3,200 Tonnes Per Day
Total Crushing Capacity: 2,900 Tonnes Per Day (including 2,100 TPD Capacities of Toll units)
New Initiatives:
The Company now plans to expand its business into the entire Indian sub-continent and is
targeting to reach crushing capacities upto 10,000 Tonnes Per Day and refining capacities upto 7200 Tonnes Per Day.
Fruits & Vegetables: Adani Agrifresh Ltd
Current Capacity: 18000 MT
The Company has set up modern Controlled Atmosphere Storage Facilities for storage of fruits and vegetables with European technology, which enhances the storage life of the fruits and vegetables to as long as 8-9 months.
New Initiatives:
The three CASF units in Himachal Pradesh Will soon be replicated across several states and will cater to a variety of fruits and vegetables and will also be integrated with processing of the fruits.
Grain Silos: Adani Agri Logistics Ltd.
Current Capacities: 550,000 MT
The Company has been awarded the project by Food Corporation of India ("FCI") to implement a bulk food grains handling, storage and transportation project which will be implemented on a commercial Build, Own, Operate ("BOO") format. The Project includes the development, design, financing, construction, operation and maintenance of state-of-the-art facilities at the project sites. The Project is spread across eight (8) locations across India namely Moga, Kaithal, Hooghly, Navi Mumbai, Chennai, Coimbatore, and Bangalore.
New Initiatives:
The Company plans to create more storage capacities & related infrastructure at multiple locations across India."
Labels: Adani Enterprises
FACT Q3FY08 Results
Fertilizers & Chemicals Travancore Ltd (FACT) has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net loss of Rs 544.60 million for the quarter ended December 31, 2007 as compared to net loss of Rs 269.30 million for the quarter ended December 31, 2006. Total Income has decreased from Rs 4259.00 million for the quarter ended December 31, 2006 to Rs 1484.40 million for the quarter ended December 31, 2007.
Labels: FACT, Q3FY08 Results
January 23, 2008
Polaris Software Q3FY08 Results
Polaris Software Lab Ltd has announced the following Audited results for the quarter ended December 31, 2007:
The Company has posted a profit after tax of Rs 134.600 million for the quarter ended December 31, 2007 as compared to Rs 293.759 million for the quarter ended December 31, 2006. Total Income has decreased from Rs 2454.864 million for the quarter ended December 31, 2006 to Rs 2410.390 million for the quarter ended December 31, 2007.
The Unaudited Consolidated results are as follows:
The Group has posted a profit after tax of Rs 191.180 million for the quarter ended December 31, 2007 as compared to Rs 322.865 million for the quarter ended December 31, 2006. Total Income has increased from Rs 2780.770 million for the quarter ended December 31, 2006 to Rs 2836.458 million for the quarter ended December 31, 2007.
Labels: Polaris Software, Q3FY08 Results
Shree Renuka approves stock split
Shree Renuka Sugars Ltd has informed that the Board of Directors of the Company at its meeting held on January 23, 2008, inter alia, has considered the following:
1. Approved stock-split / sub-division of the face value of the equity shares of Rs 10/- (Rupees Ten only) each into equity shares of face value of Re 1/- (Rupee One only) each, subject to approval of shareholders through postal ballot.
2. Approved increase in the borrowing powers of the board and creation of Charges upto a limit of Rs 2400 crores.
3. Approved seeking members approval For the above proposals by way of Postal Ballot pursuant to Section 192A of the Companies Act, 1956.
Labels: Shree Renuka Sugars
Bongaigaon Q3FY08 Results
Bongaigaon Refinery & Petrochemicals Ltd (BRPL) has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 849.00 million for the quarter ended December 31, 2007 as compared to Rs 348.60 million for the quarter ended December 31, 2006. Total Income has increased from Rs 13849.00 million for the quarter ended December 31, 2006 to Rs 14730.80 million for the quarter ended December 31, 2007.
Labels: Bongaigaon Refineries, Q3FY08 Results
Hindustan Zinc Q3FY08 Results
Hindustan Zinc Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 7850 million for the quarter ended December 31, 2007 as compared to Rs 13350 million for the quarter ended December 31, 2006. Total Income has decreased from Rs 25460 million for the quarter ended December 31, 2006 to Rs 17690 million for the quarter ended December 31, 2007.
Labels: Hindustan Zinc, Q3FY08 Results
Ballarpur Industries Q3FY08 Results
Ballarpur Industries Ltd has announced the following Unaudited Results for the quarter ended December 31, 2007:
The Company has posted a net profit after taxation of Rs 667.00 million for the quarter ended December 31, 2007 where as the same was at Rs 621.50 million for the quarter ended December 31, 2006. Total Income is Rs 6181.90 million for the quarter ended December 31, 2007 where as the same was at Rs 6040.70 million for the quarter ended December 31, 2006.
The Consolidated Results are as follows:
The Group has posted a net profit after taxation, minority interest & Share in Associates of Rs 738.80 million for the quarter ended December 31, 2007 where as the same was at Rs 624.50 million for the quarter ended December 31, 2006. Total Income is Rs 7490.00 million for the quarter ended December 31, 2007 where as the same was at Rs 6071.70 million for the quarter ended December 31, 2006.
The above consolidated Results for the current quarter include the results of Sabah Forest Industries Sdn, Bhd, Malaysia (SFI), which was acquired by the Company on March 16, 2007. The results are therefore not comparable with the figures of corresponding quarter of the previous year.
Labels: Ballarpur Industries, Q3FY08 Results
Atlanta gets contract in Rajasthan
Atlanta Ltd has informed that the Company, in Joint venture with ARSS, has received a contract of Rs 416.34 million in Jaipur, Rajasthan for the construction of 12 Nos major bridges between Dausa-Gangapur city section in connection with Dausa-Gangapur city New Broad Gauge line project.
Labels: Atlanta
Sun TV - utilization of IPO funds
Sun TV Network Ltd has informed bout the utilization of issue proceeds as under :
"Against the total projected utilization of Rs 572 Crores (net of issue expenses) from the Initial Public Offering (IP0) funds, an amount of Rs 310.35 Crores has been utilised towards capitalization of subsidiaries, Rs 10.33 Crores towards construction of owned corporate office and Rs 24.60 Crores towards purchase of new equipment and up-gradation of existing equipment. The balance proceeds from the IPO after meeting the IP0 expenses, pending utilization have been invested in fixed deposits with banks.
Labels: Sun TV
Chennai Petroleum Q3FY08 Results
Chennai Petroleum Corporation Ltd (CPCL) has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 2256.20 million for the quarter ended December 31, 2007 as compared to Rs 243.50 million for the quarter ended December 31, 2006. Total Income has increased from Rs 59137.60 million for the quarter ended December 31, 2006 to Rs 71029.90 million for the quarter ended December 31, 2007.
Labels: Chennai Petroleum, Q3FY08 Results
L&T bags more orders from Gulf region
Larsen & Toubro Ltd (L&T) has announced that Larsen & Toubro (L&T) group has bagged orders worth Rs 1057 crores in the Gulf Region. L&T (Oman) LLC, a subsidiary of L&T and one of the leading engineering and construction majors in Oman, has bagged three EPC contracts worth USD 116 million (Rs 457 crore), from Oman Electricity Transmission Company (OETC) for Electrical Grid Stations and associated Transmission System in Oman. It has also received another order to build a USD 48 million (Rs 189 crore) factory complex in Oman.
L&T has also bagged an EPC order valued at Rs 411 crore (USD 105 million/ AED 383.62 million) from the Al Ain Distribution Company (AADC) for the construction of 5 nos electrical substations and associated MV Cabling in the Al Ain city of Abu Dhabi.
According to the terms of the contract, L&T will Design and Build these 33/11 kV primary substations to the specifications of the international consultant PB Power & will be completed within 24 months.
Each substation consists of 33 kV gas insulated switchgear, 11 kV air insulated switchgear, 15/20 MVA 33/11 kV transformers, Substation Control and Monitoring System, Protection and telecommunication system, DC system and auxiliaries. The contract encompasses design and construction of civil buildings with complete set of utilities such as air conditioning, fire protection and lighting systems.
The EPC contracts comprise orders for two Grid Stations valued at US$ 89 million (Rs 351 crore) for strengthening the Transmission System in and around Seeb International Airport Area to meet the increasing load demand for New International Airport and other townships coming up in this Area. The scope involves construction of a new 220/132/33kV substation, 2x500MVA Grid Station and associated 220kV Transmission Line System as well as construction of new 132/33kV 3x50MVA Grid Station and associated 132kV EHV Cable Transmission System.
The contract also includes an order valued at US$ 27 million (Rs 106 crore) for the construction of a new 132/33kV 2x125MVA Grid Station and an associated 132kV Transmission Line System. This involves strengthening the Transmission System in Sohar Industrial Area to meet the growing demand in this industrial hub.
These projects will be executed by the Power Transmission & Distribution Sector of L&T Oman, and are to be completed in 15 months, under the consultancy of M/s Energoprojekt Entel LLC.
At present L&T is already executing 6 Nos 33/11 kV Substations at Al Ain, and this new contract will offer considerable synergies in construction. The order was secured against stiff international competition.
These L&T-built substations inside the Al Ain City will reinforce the region's power distribution network, and will help to meet the increased demands for power in the region.
LTO secured yet another order valued at US$ 48 million (Rs 189 crore) from a reputed business Group of Oman for construction of a workshop including associated buildings and other infrastructure facilities. This is to be completed in 18 months under the supervision of consultants of International repute.
Labels: Larsen and Tourbo
Reliance Energy wins Airport Metro Express line contract
With reference to earlier announcement dated January 23, 2008 regarding Airport Metro Express Line, Delhi, Reliance Energy Ltd has announced the following Press Release :
"Reliance Energy Ltd in consortium with CAF of Spain has been awarded the Airport Metro Express Line (AMEL), Project on BOOT basis for a concession period of 30 years. The proposed 22.7 km of high speed metro rail line shall connect New Delhi Railway Station and New Delhi International Airport through Cannaught Place. The Airport Line is envisaged to be developed in line with state-of technology and shall be comparable to the world's best Airport Link expresses viz. Heathrow, Hong Kong, etc.
The project has been awarded by Delhi Metro Rail Corporation Ltd (DMRC) through an International Competitive bidding process. The estimated project cost is about Rs 2,500 crore; the project is scheduled to be operational in July 2010.
Reliance Energy Ltd is already implementing the Mumbai Metro Line 1 Project (Versova — Andheri — Ghatkopar) in Mumbai in association with Mumbai Metropolitan Region Development Authority (MMRDA); in the Metro Sector. Mumbai Metro Line 1 and Airport Metro Express Line, Delhi are the only Projects to be undertaken on a PPP framework;
Reliance Energy Ltd and its affiliates are engaged in several mega projects under implementation and under consideration, in power generation, transmission, and distribution, as well as infrastructure development in areas such as highways, bridges, metro rail, real estate, etc.
A large number of new mega infrastructure projects are also soon being put to bid, to provide further impetus to the country's rapidly accelerating economic growth.
Labels: Reliance Energy
D-Link India Q3FY08 Results
D-Link India Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit after tax of Rs 70.389 million for the quarter ended December 31, 2007 as compared to Rs 62.151 million for the quarter ended December 31, 2006. Total Income has increased from Rs 756.171 million for the quarter ended December 31, 2006 to Rs 782.149 million for the quarter ended December 31, 2007.
Labels: D-Link India, Q3FY08 Results
Reliance Energy wins Airport Metro Express Line
Reliance Energy Ltd has informed that the Company, in consortium with CAF of Spain, has been awarded the Airport Metro Express Line, Delhi project on BOOT basis for a concession period of 30 years. The proposed 22.7 km of high speed metro rail link shall connect New Delhi Railway Station and New Delhi International Airport through Cannaught Place.
The project has been awarded by Delhi Metro Rail Corporation Ltd (DMRC) through an International Competitive bidding process. The estimated project cost for is about Rs 2,500 crore; the project is scheduled to be operational in July 2010.
Labels: Reliance Energy
Pyramid Saimira opens multiplex at Faridabad
Pyramid Saimira Theatre Ltd has announced that Pyramid Saimira Group, has inaugurated its first multiplex in Faridabad, on January 22, 2008. The 3-screen multiplex is housed in SLF mail at Indraprastha Colony. This will be the first of the many multiplexes that the Company plans to inaugurate in the National Capital Region. With this inauguration, Pyramid Saimira has added 522 seats to its existing capacity of 4,34,955 seats in all. Pyramid Saimira now has a total of 4,35,477 number of seats.
Speaking on this inauguration Mr. Saminathan, Managing Director, Pyramid Saimira Group said, "We are extremely happy to foray into the National Capital Region, which is a pivotal market to us. We plan to invest Rs 50.00 crore in North India towards the construction of multiplexes, improvement of infrastructure and digitization, amongst other developmental activities, in the current fiscal. Faridabad, with a population of close to two million, offers tremendous potential for companies operating in the entertainment space and we will be glad to capitalize on this opportunity. We plan to open many more multiplexes in the near future in all the happening areas of the city. We have just started penetrating the Haryana market and expect to capture big market share in Haryana by end of 2008."
The Pyramid Saimira group also forayed into the F&B business with the launch of its first food court at the SLF Mall at Faridabad in December, 2007. Pyramid Saimira promises to provide a unique and pleasurable experience to all its customers, visiting the Multiplex and SLF Mall, in a relaxed ambience.
Recently, Pyramid Saimira acquired 51% in the Mumbai-based Dimples Cine Advertising & Dimples Cine Activations. The Company also acquired Texas-based FunAsiA through its subsidiary; Pyramid Saimira Entertainment America, Inc., as well as an existing theatre and radio drive-time hours in Chicago and radio time in Houston.
Labels: Pyramid Saimira
Sun TV Q3FY08 Results
Sun TV Network Ltd has announced the following Unaudited Results for the quarter ended December 31, 2007:
The Company has posted a profit after taxes of Rs 1023.00 million for the quarter ended December 31, 2007 where as the same was at Rs 597.70 million for the quarter ended December 31, 2006. Total Income is Rs 2319.90 million for the quarter ended December 31, 2007 where as the same was at Rs 1250.20 million for the quarter ended December 31, 2006.
The petition for amalgamation of the erstwhile Gemini TV Pvt Ltd ('GTPL') and the Satellite Television business of Udaya TV Pvt Ltd ('UTPL') was sanctioned by the Hon'ble High Court of Judicature at Madras, on March 29, 2007, with an appointed dale of April 01, 2006. Accordingly, the financial results for the quarter ended December 31, 2007 and year ended March 31, 2007 include the results of GTPL and the Demerged Undertaking of UTPL and are therefore, not comparable with corresponding quarter and nine months period of the previous year, which does not include the figures of erstwhile GTPL and the Demerged Undertaking of UTPL. Previous periods / years figures have been regrouped / reclassified wherever necessary to conform to current period's classification
Labels: Q3FY08 Results, Sun TV
Elecon Engineering secures new orders
Elecon Engineering Company Ltd has informed that the Company has been awarded some prestigious orders aggregating to Rs 47.54 Crores from following clients for design, engineering, manufacturing, testing, supplying, erectioning and commissioning of Material Handling Equipments and other Equipments.
1. Client: M/s. BGR Energy Systems Ltd, Chennai
- Details: 1X 500MW Khaperkheda TPS Expansion Project of Maharashtra State Power Generation Co. Ltd.,- Major Coal handling Equipments.
- Value: 31,00,00,000
2. Client: Andhra Cement Ltd., Secunderabad
- Details: Wagon Tippler & Side Arm Charger and Crusher & Vibrating Feeder
- Value: 10,85,00,000
3. Client: M/s. ACC Ltd. Mumbai
- Details: Wagon Tippler & Side Arm Charger for ACC's Expansion Project of New Wadi Plant.
- Value: 4,89,48,750
4. Client: M/s. ENERGO Eng. Projects Ltd., New Delhi
- Details: Elecon Make Roller Screen Capacity of 1000 MTPH for 2 X 507.5 MW, Nagarjuna Thermal Power Plant, Karnataka
- Value: 80,00,000.
Labels: Elecon Engineering
Essar Shipping to consolidate businesses
Essar Shipping Ltd (ESL) has announced a plan to explore opportunities for re-organisation / consolidating the business of ESL with certain other businesses of the Essar Group to become a one-of-a-kind integrated logistics company. As part of this re-organisation exercise, the Company is exploring the option of bringing the drilling & exploration business carried on by Essar Oilfields Services Ltd and several ports and terminal assets under itself. With interests in dry bulk ports and oil terminals, crude and dry bulk carriers, port to plant logistics, and oil field services, this re-organisation will enable ESL to provide end-to-end solutions to its customers.
The Board of ESL on January 22, 2008 passed a resolution constituting a “Re-organisation Committee” and authorising it to explore the best means to effectuate the re-organisation. The Re-organisation Committee was also authorised to appoint financial advisors, legal advisors as well as independent valuers for carrying out valuations to recommend swap ratios and acquisition values for any mergers or arrangements that may be considered by the Re-organisation Committee.
In addition, the Board has passed an omnibus resolution authorising various capital raising alternatives, and to facilitate this process has appointed a ‘Finance Committee”. The Board is also exploring changing the name of the company.
Any re-organisation proposed by the committee(s) and any capital raised by ESL is subject to shareholder and regulatory approval. To give effect to the above, an Extraordinary General Meeting has been scheduled on February 23, 2008.
"The re-organisation/consolidation will aim to align all Essar Group’s logistics infrastructure related companies under one roof. We believe this will allow us to provide end to end solutions to our customers and will provide ESL shareholders a larger, balanced platform for growth. It may also help ESL create value in the ports and terminals business in future and to facilitate organic and inorganic growth in this sector." said Mr. Shashi Ruia, Chairman, of the Company.
Labels: Essar Shipping
January 22, 2008
Nicholas Piramal - scheme of arrangment
Nicholas Piramal India Ltd (NPIL) has informed that February 22, 2008 has been fixed as the Record Date for the purpose of determining entitlement of equity shareholders of NPIL to receive equity shares of NPIL Research & Development Ltd (NRDL), pursuant to the Scheme, in the ratio of 1:10 i.e. 1 (one) equity share of Rs 10 of NRDL credited as fully paid up to be allotted for every 10 (ten) equity shares of Rs 2 each held in NPIL as on the said Record Date.
Labels: Nicholas Piramal
Pidilite Q3FY08 Results
Pidilite Industries Ltd has announced the following Unaudited Results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 409 million for the quarter ended December 31, 2007 where as the same was at Rs 241 million for the quarter ended December 31, 2006. Total Income is Rs 3987 million for the quarter ended December 31, 2007 where as the same was at Rs 2880 million for the quarter ended December 31, 2006.
The Scheme of demerger of the Vinyl Acetate Monomer (VAM) Manufacturing Undertaking of Vinyl Chemicals (India) Ltd. (VCIL) at Mahad into the Company (Appointed date being April 01, 2007) has been approved by the Hon'ble High Court of Judicature at Bombay on December 14, 2007 (Effective date January 18, 2008). Accordingly, figures for the quarter ended December 31, 2007 include figures of the said demerged Manufacturing Undertaking of VCIL at Mahad. Also the segment wise revenue, results and capital employed of the demerged manufacturing undertaking of VCIL at Mahad, are included in the segment namely Others. Therefore figures for the quarter ended December 31, 2007 are not comparable with corresponding figures of previous year which do not include figures of demerged Manufacturing Undertaking of VCIL at Mahad.
Labels: Pidilite Industries, Q3FY08 Results
Mindtree to drop consulting off its name
MindTree Consulting Ltd has informed that the Board of Directors of the Company at its meeting held on January 22, 2008, inter alia, has transacted the following:
1. Postal ballot : The Board of Directors of the Company has decided to approach the shareholders of the Company for passing Special Resolution under Postal Ballot. The proposed Special Resolutions are to seek approval of shareholders to change the name of the Company from "MindTree Consulting Ltd" to "MindTree Ltd" and to borrow moneys over and above the aggregate of paid up share capital and free reserves. The Board has appointed Mr. K Srinivasan, Consulting Company Secretary as Scrutinizer for conducting the Postal Ballot. The Company will soon be dispatching the Postal Ballot papers to the shareholders.
2. Name of "TES PV Electronic Solutions Pvt Ltd", 100% subsidiary Company, has been changed to "MindTree Technologies Pvt Ltd".
3. Merger : The Board approved the proposed merger of MindTree Technologies Pvt Ltd, wholly owned subsidiary, with the Company and would be effective upon receipt of relevant statutory approvals.
Labels: Mindtree Consulting
HCL partners with Visiprise
HCL Technologies Ltd (HCL) has announced that the Company has entered into a global consulting partnership with Visiprise, Inc. for the Life Sciences industry, covering all aspects of the medical device manufacturing cycle. Visiprise provides manufacturing execution solutions (MES) that help global manufacturers to gain visibility into operations, achieve shop floor control and manage product and process traceability. The consulting agreement will include joint marketing, sales and pre-sales services and will result in the ability for seamless licensing, blueprinting, implementation, plant-business integration, roll out, support, upgrade / migration and instance consolidation services to manufacturers.
The strategic partnership will further strengthen HCL's position as "Innovators / leaders" in the Manufacturing IT landscape with initial focus on medical devices further expanding to Hitech, Aerospace, Auto and other discrete industries. Under this agreement Visiprise will also be training and certifying HCL consultants on Visiprise solutions.
Speaking on the occasion Mr. Pradep Nair, VP, Global Life Sciences and Healthcare practice, of the Company said, "With increasing global competition, it is imperative for manufacturers to innovate faster, cheaper, with sustained / better quality meeting stringent regulatory norms. Manufacturers are therefore making strategic investments in comprehensive IT solutions focused towards improving efficiency in the plant operations and Increasing collaboration between engineering, enterprise and plant functions as well as extended eco systems such as partners and suppliers. HCL's partnership with Visiprise is well poised in bringing about the transformational change in plant operations. We believe that Visiprise's technology and strategic alignment with SAP and PLM vendors will help customers in seamless business integration from shop-floor to top-floor, which aligns well with HCL's focus towards Manufacturing IT solutions and services."
Labels: HCL Technologies
Balaji Telefilms Q3FY08 Results
Balaji Telefilms Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 188.170 million for the quarter ended December 31, 2007 as compared to Rs 217.701 million for the quarter ended December 31, 2006. Total Income has decreased from Rs 863.058 million for the quarter ended December 31, 2006 to Rs 836.572 million for the quarter ended December 31, 2007.
Labels: Balaji Telefilms, Q3FY08 Results
TNPL Q3FY08 Results
Tamil Nadu Newsprint & Papers Ltd (TNPL) has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 284.80 million for the quarter ended December 31, 2007 as compared to Rs 223.00 million for the quarter ended December 31, 2006. Total Income has increased from Rs 2220.40 million for the quarter ended December 31, 2006 to Rs 2388.60 million for the quarter ended December 31, 2007.
Labels: Q3FY08 Results, TNPL
iGate secures multi-million deal with Cummins
iGate Global Solutions Ltd has announced a multi-million dollar agreement with Cummins Inc (NYSE:CMI), currently ranked 221 in the Fortune 500 list of Companies.
As a part of this agreement, iGate will partner with the distribution business unit of Cummins to design, develop, test, and implement a global ERP roll-out across 100 locations in over 20 countries. The scope of this effort includes program management, business process, functional, technical and DBA support services required for the initiative.
"We are pleased to partner with Cummins in this critical business transformation project. This deal is prestigious and strategic for IGATE," said Hari Murthy, Member of the Board and Head of Sales and Marketing, iGATE Global Solutions.
Labels: iGate
NDTV - NBC MoA for stake sale
New Delhi Television Ltd (NDTV) has informed that NDTV and an overseas subsidiary of NDTV have signed a Memorandum of Agreement ("MoA") with NBC Universal, Inc. (NBCU) and a subsidiary of NBCU in respect of the sale / issue by an overseas subsidiary of NDTV of an effective 26% stake to an affiliate of NBCU for a consideration of USD 150 million. The said subsidiary of NDTV is the indirect parent Company of the following Companies: NDTV Imagine Ltd, NDTV Convergence Ltd, NDTV Labs Ltd, NDTV Lifestyle Ltd, NDTV Emerging Markets B.V and the said subsidiary is a joint venture partner in NGEN Media Services Pvt Ltd.
The MoA also envisages that NBCU affiliates would have the option to acquire up to 50% of said subsidiary in the third year of the joint venture at the then fair market value. The MoA and the transaction contemplated therein are subject to receipt of all necessary approvals. The proposed joint venture shall not relate to news channels in India.
Labels: NDTV
Punjab Tractors Q3FY08 Results
Punjab Tractors Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a profit after tax of Rs 254.00 million for the quarter ended December 31, 2007 as compared to Rs 246.00 million for the quarter ended December 31, 2006. Total Income has increased from Rs 2660.00 million for the quarter ended December 31, 2006 to Rs 3039.00 million for the quarter ended December 31, 2007.
Labels: Punjab Tractors, Q3FY08 Results
Grasim Industries Q3FY08 Results
Grasim Industries Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 5537.90 million for the quarter ended December 31, 2007 as compared to Rs 4115.80 million for the quarter ended December 31, 2006. Total Income has increased from Rs 23246.10 million for the quarter ended December 31, 2006 to Rs 26949.60 million for the quarter ended December 31, 2007.
The Consolidated results are as follows:
The Group has posted a net profit (after minority share) of Rs 7218.60 million for the quarter ended December 31, 2007 as compared to Rs 5593.10 million for the quarter ended December 31, 2006. Total Income has increased from Rs 37329.90 million for the quarter ended December 31, 2006 to Rs 44488.30 million for the quarter ended December 31, 2007.
Labels: Grasim Industries, Q3FY08 Results
Dwarikesh Sugar on SAP judgement
Dwarikesh Sugar Industries Ltd has announced the following Please Release in relation to clarification to Supreme Court Interim Judgement on SAP for 2006-07:
"This is with reference to the Supreme court (SC) Judgment passed on January 18, 2008 in SLP petition filed by Basti Sugar Mills Ltd, wherein SC has, by an interim order, set aside quashing of State Advised Price (SAP), earlier allowed by an interim order of Allahabad High Court dated December 19, 2007 in Basti Sugar Mills Ltd's in relation to season 2006-07.
We wish to put on record that State Advised Price (SAP) for payment of Sugar cane for 2006-07 was fixed at Rs 125 per quintal by the State Government & Statutory Minimum price (SMP) was fixed as Rs 80.25 per quintal linked to basic recovery of 9%.
The aforesaid interim order would cast liability on those Sugar factories, who have not paid their all dues as per SAP for season 2006-07.
We further wish to advise that Dwarikesh Sugar Industries Ltd (our Company) has already paid off all the cane dues as per SAP for season 2006-07 & would not be affected by the aforesaid SC order."
Labels: Dwarikesh Sugar
Futura Polyesters considers rights issue
Futura Polyesters Ltd has informed that a meeting of the Board of Directors of the Company will be held on January 29, 2008, inter alia, to consider the following:
1. To consider and approve the quarterly financial results of the Company for the quarter ended December 31, 2007.
2. Revised Scheme of Arrangement under Sections 391 to 394 of the Companies Act, 1956 whereby investment of the Company in Innovassynth Technologies (India) Ltd is proposed to be transferred to an investment Company and further that the investment Company will allot its equity shares as fully paid up shares to the shareholders of the Company in such proportion as may be decided by the Board of both Companies. As per the Scheme the shares of the investment Company is proposed to be listed in the Stock Exchange.
3. To consider Rights Issue of equity shares by the Company, aggregating to approximately Rs 26 crores, to its shareholders in such proportion as may be decided by the Board.
Labels: Futura Polyesters
Corporation Bank Q3FY08 Results
Corporation Bank has announced the following Unaudited results for the quarter ended December 31, 2007:
The Bank has posted a net profit of Rs 1909.00 million for the quarter ended December 31, 2007 as compared to Rs 1464.20 million for the quarter ended December 31, 2006. Total Income has increased from Rs 10276.00 million for the quarter ended December 31, 2006 to Rs 12658.30 million for the quarter ended December 31, 2007.
Labels: Corporation Bank, Q3FY08 Results
Greaves Cotton - Piaggio sign long term agreement
Greaves Cotton Ltd has informed that Piaggio Vehicles Pvt Ltd (PVPL), the Piaggio Group's Indian subsidiary, on January 22, 2008 signed a long-term Agreement with the Greaves for the supply of mono-cylinder diesel engines for application on the three-wheeled vehicles manufactured by PVPL.
Under the terms of the 8-year Agreement, Greaves will continue to supply to PVPL the GL400 BSII mono-cylinder diesel engine currently used on the Ape vehicles and starting from April 2010, it will supply to PVPL a new BSIII compliant mono-cylinder diesel engine being developed by Greaves. Consequently Greaves will continue to be a single source supplier of such mono-cylinder diesel engines for 3-wheeled vehicles manufactured by PVPL.
Labels: Greaves Cotton
Bank of India Q3FY08 Results
Bank of India has announced the following Unaudited results for the quarter ended December 31, 2007:
The Bank has posted a net profit of Rs 5118.90 million for the quarter ended December 31, 2007 as compared to Rs 2548.70 million for the quarter ended December 31, 2006. Total Income has increased from Rs 25794.50 million for the quarter ended December 31, 2006 to Rs 37052.10 million for the quarter ended December 31, 2007.
Labels: Bank of India, Q3FY08 Results
Lupin Q3FY08 Results
Lupin Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 1702.80 million for the quarter ended December 31, 2007 as compared to Rs 560.30 million for the quarter ended December 31, 2006. Total Income has increased from Rs 5112.00 million for the quarter ended December 31, 2006 to Rs 7470.50 million for the quarter ended December 31, 2007.
The Consolidated results are as follows:
The Group has posted a net profit after minority interest of Rs 1808.60 million for the quarter ended December 31, 2007 as compared to Rs 620.20 million for the quarter ended December 31, 2006. Total Income has increased from Rs 5153.20 million for the quarter ended December 31, 2006 to Rs 8602.30 million for the quarter ended December 31, 2007.
Labels: Lupin, Q3FY08 Results
Vijaya Bank Q3FY08 Results
Vijaya Bank has announced the following Unaudited results for the quarter ended December 31, 2007:
The Bank has posted a net profit of Rs 1268.80 million for the quarter ended December 31, 2007 as compared to Rs 927.30 million for the quarter ended December 31, 2006. Total Income has increased from Rs 7848.60 million for the quarter ended December 31, 2006 to Rs 11391.90 million for the quarter ended December 31, 2007.
Labels: Q3FY08 Results, Vijaya Bank
Tata Elxsi Q3FY08 Results
Tata Elxsi Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a profit after tax of Rs 140.641 million for the quarter ended December 31, 2007 as compared to Rs 139.627 million for the quarter ended December 31, 2006. Total Income has increased from Rs 805.015 million for the quarter ended December 31, 2006 to Rs 974.314 million for the quarter ended December 31, 2007.
Labels: Q3FY08 Results, Tata Elxsi
Container Corporation bonus issue
Container Corporation of India Ltd has informed that the meeting of the Board of Directors of the Company scheduled to be held on January 30, 2008, inter alia, will also consider the following:
1. Declaration of Interim Dividend, if any, for the FY 2007-08;
2. Recommendation of Issue of Bonus Shares subject to the approval of shareholders for insertion of a clause on "Capitalisation of Profits / Reserves" in the Articles of Association and ratification of issue of Bonus shares.
Labels: Container Corporation
i-flex Solutions Q3FY08 results
i-flex Solutions Ltd has announced the following Audited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 1107.80 million for the quarter ended December 31, 2007 as compared to Rs 910.50 million for the quarter ended December 31, 2006. Total Revenue has increased from Rs 3955.60 million for the quarter ended December 31, 2006 to Rs 4567.40 million for the quarter ended December 31, 2007.
The following consolidated results as per GAAP:
Consolidated Results as per Indian GAAP:
The Group has posted a net income of Rs 1067.00 million for the quarter ended December 31, 2007 as compared to Rs 1112.00 million for the quarter ended December 31, 2006. Total Revenues has increased from Rs 5574.00 million for the quarter ended December 31, 2006 to Rs 6196.00 million for the quarter ended December 31, 2007.
Labels: i-flex Solutions, Q3FY08 Results
Petron Engineering - Acquisition of PECL
With reference to earlier announcement dated January 10, 2008 regarding acquisition of 52.34% of the Paid-up Share Capital of Petron Engineering Construction Ltd (PECL) by Kazstroyservice, PLC, UK, Petron Engineering Construction Ltd (PECL) has now informed BSE that the Company has received letter dated January 15, 2008 from Kazstroyservice, PLC, UK informing to the Company that Kazstroyservice, PLC has directly / indirectly acquired 52.34% of the Paid-up Share Capital of the Company which has been taken on the record by the Company.
Labels: Petron Engineering Construction
Satyam to Become First Indian Company to List on Three Major Stock Exchanges
Satyam Computer Services Ltd on January 22, 2008 has announced that its intention to list its American Depository Shares (ADS) on Euronext in Amsterdam.
With the Euronext listing, Satyam will become the first Indian Company to list on three major exchanges around the world, making it a truly globally-tradeable entity. The announcement was made by Satyam chairman Mr. Ramalinga Raju at the first-ever opening bell-ringing ceremony the National Stock Exchange (NSE) here. Other Satyam board members and leaders were present at the ceremony.
"It is indeed an honor to be the very first Company to ring the opening bell at the NSE and to inaugurate this prestigious way of being recognized as a leading Company. The fact that this event also commemorates our imminent listing on Euronext makes it even more prestigious for us. A Euronext listing is a significant and exciting move for the Company, reinforcing our position as a global organization," Mr. Raju said. "Europe is a dynamic and growing market for Satyam and our listing will demonstrate our continued and growing commitment to the region," he added.
Satyam will also be the first Company to list its existing ADSs on Euronext using the exchange's Fast Path application, a means of expediting the cross-listing of non-European Union-based Companies that are already listed on the NYSE. This initiative provides Satyam the means to directly access a larger pool of capital, and gives investors across the EU the opportunity to directly invest in Satyam through a local exchange.
The NYSE, Euronext and NSE are affiliated entities. Upon listing on Euronext, Satyam establishes its association with all three exchanges under one group, and strengthens its presence in three important markets.
'Listing with Euronext will provide numerous benefits to the exchange's customers, and to
Satyam's investors. In addition to making investing in Satyam easier, it enables extended trading. That is, investors can purchase stock on Euronext and sell it on the NYSE the same day," added Raju.
Labels: Satyam Computer Services
January 21, 2008
Titan Industries to merge associate companies
Titan Industries Ltd has informed that the Board of Directors of the Company at its meeting held on January 21, 2008 has approved the proposal for buy-out of the minority interest in the three domestic Companies, viz, Samrat Holdings Ltd, Questar Investments Ltd and Titan Holdings Ltd (transferor Companies) based on further negotiations with the minority for higher valuation of these Companies. Accordingly, the Board has approved the buy-out of the minority interest, in lieu of the swap ratio in exchange of shares for the consideration in these Companies, at an aggregate value not exceeding Rs 21.90 crores, exclusive of stamp duty and other charges, as may be applicable.
The proposal for the swap ratio for exchange of shares in the transferee Company (Titan Industries Ltd) based on the revised valuations was considered and in the light of the total purchase of minority interest in these Companies, the proposal has now become redundan
Labels: Titan Industries
RSWM enters partnership with Cone Denim
RSWM Ltd on January 21, 2008 has announced that it has entered into a commercial and marketing partnership With the Cone Denim division of International Textile Group, Inc. (ITG)(OTCBB; ITXN), LNJ Bhilwara is a global group with business interests spanning a range of industries and annual sales of over $700 million. Its textile business includes a wide array of yarns and fabrics, exported to more than 60 countries.
International Textile Group Inc., majority owned by WL Ross & Co, is a global, diversified textile manufacturer with annual revenues in excess of $1.0 billion. ITG was formed by WL Ross in 2004 and operates in five primary business segments: Automotive Safety, Apparel Fabrics (Cone Denim and Burlington Worldwide), Government Uniform Fabrics, Interior Furnishings and Commission Finishing. The Company employs over 11,000 people worldwide with operations in the United States, Mexico, China, Germany, Romania, the Czech Republic, Poland, South Africa, Turkey. Nicaragua and Vietnam.
Established in 1891, ITG Cone Denim has been a leading supplier of denim to top denim apparel brands for over 100 years. Known for its innovation, authenticity, quality and service, Cone Denim maintains operations in the United States, Mexico, Turkey and China, and has expansion initiatives underway in Nicaragua to provide broader service and flexibility to customers worldwide.
Under the terms of the agreement, the two Companies will develop and market the LNJ-Cone Denim brand of denim fabric. Cone Denim will lead the product development and design of these fabrics and will market LNJ-Cone Denim products in key markets throughout the world. LNJ-Cone Denim fabrics will be manufactured exclusively by LNJ at their new, state-of-the-art denim facility in Banswara, India.
Riju Jhunjhunwala, Joint Managing Director, of the Company stated; "LNJ Bhilwara Group has a strong reputation globally for innovative and quality textiles. We are delighted with the opportunity to expand our capabilities in denim through partnership with Cone Denim, a world Leader in denim."
Labels: RSWM
Sterlite Technologies Q3FY08 Results
Sterlite Technologies Ltd has announced the following Unaudited Results for the quarter ended December 31, 2007:
The Company has posted a net profit after tax of Rs 264.00 million for the quarter ended December 31, 2007 where as the same was at Rs 128.70 million for the quarter ended December 31, 2006. Total Income is Rs 5022.00 million for the quarter ended December 31, 2007 where as the same was at Rs 3139.60 million for the quarter ended December 31, 2006.
The Company has acquired "Power Transmission Business" w.e.f. July 01, 2006. Hence figures for Nine Months are not comparable to figures for the previous year.
Labels: Q3FY08 Results, Sterlite Techologies
Titan Industries Q3FY08 Results
Titan Industries Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 308.40 million for the quarter ended December 31, 2007 as compared to Rs 275.40 million for the quarter ended December 31, 2006. Total Income has increased from Rs 5430.80 million for the quarter ended December 31, 2006 to Rs 8139.00 million for the quarter ended December 31, 2007.
Labels: Q3FY08 Results, Titan Industries
MRPL & Shell JV to enter Aviation Fuelling Business
Mangalore Refinery & Petrochemicals Ltd (MRPL) has informed that Shell Aviation and the Company on January 21, 2008, announced a landmark agreement to enter into an exclusive joint venture to market and supply aviation fuel, initially at two Indian airports, Bangalore and Hyderabad and later on at other Indian airports.
The Companies will provide complimentary services and strengths to the joint venture; The Company will bring its expertise & and supply of high quality products, and Shell Aviation will bring its global brand, network and customer base in addition to stringent quality control procedures. Together the Companies will offer a compelling co-branded global refueling offer to both the Indian and international airlines. The agreement will become effective early in 2008.
R S Sharma, Chairman, MRPL and C&MD, ONGC hailed the JV agreement as a major initiative by both Companies to cater to the growing Indian Aviation sector and will catalyse the marketing activities of MRPL.
P Rajamani, Managing Director, MRPL said, "Aviation Sector in India is growing at a frantic pace. MRPL has large production of international quality Aviation Fuel which can meet the rapidly growing Indian demand. The JV between MRPL and Shell in aviation field will offer the best quality standards and technical service to domestic and international airlines."
L K Gupta, Director (F) , MRPL said, "MRPL and Shell bring in significant value to the JV which will ultimately benefit the customers. This JV will also put MRPL on international level by supplying Aviation fuel in India to foreign airlines on one hand and on the other, by contracting fuel supply for Indian carriers when they fly abroad."
Labels: MRPL