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Punj Lloyd Limited (PLL), a global EPC services provider in energy and infrastructure domains, has signed a Memorandum of Understanding (MOU) to invest Rs 403 crore for acquiring 25.1% stake in Pipavav Shipyard Limited (PSL). The investment is subject to receipt of corporate and statutory approvals and satisfaction of certain conditions precedent. This is a strategic investment by Punj Lloyd to support the growth of its business in the offshore sector. In view of the robust oil prices and the substantial E&P activities in the country, the opportunity for revamping existing offshore platforms and deploying new platforms by upstream oil and gas companies is expected to be significant. The proposed investment in PSL will provide Punj Lloyd access to capabilities to serve this market more effectively. PSL will provide Punj Lloyd access to fabrication facilities for platforms, SBMs, rigs and jackets to exploit the opportunities in this sector. Punj Lloyd is currently executing the Heera Field Redevelopment project for ONGC. The facility at Pipavav Shipyard can also be used for fabrication of vessels for petrochemicals and refineries. […]
The state-run term lender`s Board will meet on August 4 to begin the process of inviting bids from potential suitors. Barclays is reportedly offering a huge premium. Financial daily reported that the public sector term lender's Board would meet on August 4, to consider inviting bids for the proposed stake sale. IFCI proposes to sell up to 26% stake in the company, and the process is expected to be completed in six months. The newspaper also reported that British bank Barclays is willing to offer a huge premium to yesterday's closing price of Rs52.35. At 11:47 p.m., the stock was quoting at Rs56.65 after hitting a high of Rs57.50. […]
Mcleod Russel India Ltd plans to invest up to Rs50 crore in the next two years in D1 Williamson Magor Bio Fuel Ltd, a joint venture company promoted by D1 Oils of the UK and Williamson Magor & Co. Ltd for production of bio-diesel in the east and north-east parts of India. D1 Williamson Magor Bio-fuel Ltd has been promoting jatropha plantation farmers on their privately owned waste land under contract farming arrangements for use of jatropha oil seeds for manufacture of bio diesel. The company has undertaken plantation on about 8,000 hectares of land during 2006 and plans to undertake 50,000 hectares each year from 2007 onwards. The plantation has already been completed on 29,000 hectares during 2007. The company plans to undertake plantation of total 200,000 hectors by 2011-12. The investment by the company involves creation of manufacturing facilities of crude oil and refinery, working capital arrangements and initial support towards the plantation by the farmers. The total investment required for development of production facilities of up to 2009-10, year of commencement of commercial production, is approximately Rs300 crore. […]
Elder Pharmaceuticals Ltd has announced that the Company has finalized a 20% strategic stake in Neutra Health PLC, an AIM listed company in the United Kingdom. This entails an investment of Sterling Pounds 5.63 million (approximately Rs 46 – 47 crores) in respect of 35197026 equity shares having a face value of 10 pence at 16 pence per share. Neutra Health PLC has three subsidiaries which market and distribute a range of neutraceutical products such as vitamins, specialized health supplements, over the counter medicines and 'detox in a box' health treatments, as well as TravelGuard range of travel related health products. Neutra Health has a turnover of 23 Million Sterling Pounds and a market capitalization of close to 16.8 Million Sterling Pounds. […]
Infosys has bought the captive BPO division of Philips, sources said.
Philips BPO has centres in Chennai, Warsaw and Thailand, sources said, adding that it has 1,500 employees. 700 employees will be based in Poland.
The deal is likely to be between USD 200 and USD 300 million, sources said. With the acquisition, Infy can look forward to assured revenues of USD 300 million, sources added.
The acquisition will add to finance and […]
Alcan Inc., the world's third-largest aluminum company, agreed to sell its 45 percent stake in India's Utkal Alumina International Ltd. to its partner in the venture, Hindalco Industries Ltd. The sale probably will be completed during the third quarter, and the financial terms weren't disclosed, Montreal- based Alcan said today in a statement. Hindalco already owns the remaining 55 percent of Utkal Alumina. The venture was established in 1992 to develop a bauxite mine and alumina refinery with potential capacity of as much as 3 million tons a year in the Indian state of Orissa. Bauxite ore is refined into alumina, which is smelted into aluminum. Alcan said in April, when it announced plans to sell its stake, that it didn't have enough influence in the venture. […]
BCCL has acquired a stake in Pampered Home, a Mumbai-based company which specialises in the design, manufacture and retail of designer name plates under the brand 'Identiti.' Founded in 2003 by Seema and Rattan Joneja to fulfill the need of homemakers, it commenced smart retailing, (i.e. small format stores in high footfall areas targeting a large catchments.) in October 2004 at Inorbit Mall and Nirmal Lifestyle in Mumbai. Each of the name plates designed & manufactured by Identiti are personalised to suit a customer's specific needs. […]
Media house TV18, Financial Technologies India Ltd and Liberty Shoes are among the seven bidders interested in buying a stake in Delhi Stock Exchange (DSE) as the defunct bourse gets ready to restart operations. “So far we have received seven bids, including Financial Technologies, for 51 per cent brokers' stake.” BB Sahny, DSE director and chairman of the demutualisation committee, said. Two foreign entities Kuwait-based Noor Investments Ltd and US-based Horizon Assets Management Company, domestic footwear manufacturer Liberty Shoes and a group company of TV18 have also bid for picking up stake in the bourse. […]
Biocon Ltd today said it will sell its enzymes venture to Denmark-based Novozymes for USD 115 million to focus on core bio-pharmaceuticals business. The agreement between the two companies has been signed today and the business transfer agreements are expected to be dosed before the end of third quarter of calendar year 2007, the company said in a communique to the Bombay Stock Exchange. “We believe this is the right time to divest our enzymes business and focus on unleashing the full potential of our bio-pharma businesses,” Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said. […]
India’s largest conglomerate Tata Group is in the early stages of evaluating a bid for the Jaguar and Land Rover brands which, if completed, would rank among India's biggest overseas takeover deals, The Daily Telegraph reported Wednesday . Tata Motors, which is controlled by Ratan Tata, India's best-known businessman, is understood to have instructed advisers to begin evaluating the merits of a joint offer for Jaguar and Land Rover, which have been earmarked for disposal by struggling American car giant Ford. Analysts suggest that Jaguar and Land Rover may fetch about USD 1.5 billion. Sources told CNN-IBN that Tata Motors' evaluation of a bid was at an “exploratory” stage and that speculation is rife that Tata Motors has already signed a confidentiality agreement with Ford in recent days. […]
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