NetXcell, SinglePoint tie up
Hyderabad, Feb. 11
Telecom application services provider NetXcell Ltd has announced its partnership with SinglePoint, a US-based mobile aggregator and media interactivity expert, to deliver value added services to mobile operators. This would be delivered by gathering information from content providers, media partners and value added service companies in the US market. This partnership opens a new vista for NetXcell to access a huge VAS market in US through SinglePoint’s customer ba se. SinglePoint is the media interactivity expert in mobile that turns viewers into active participants. Its services include mobile message connectivity, applications, reporting and analytics.
Feb 12, 2008 Business Line
Wednesday, April 23, 2008
Etihad Etisalat to invest Rs 70 cr, hire 200 professionals by year-end
Our Bureau
Bangalore, March 25 Etihad Etisalat Co (Mobily), Saudi Arabia’s second largest mobile telephone operator, said on Tuesday that it plans to invest Rs 70 crore in the next three years to expand its operations in India.
The company had set up a wholly owned subsidiary, Mobily InfoTech India Pvt Ltd, last year with an investment of Rs 20 crore to provide IT solutions and consulting services for the parent company.
The company said Mobily InfoTech India Pvt Ltd would hire more than 200 professionals by the end of 2008. At present, it employs about 70 people.
Mr Khalid Al Kaf, Chief Executive and Managing Director, Mobily, said from 2010, Mobily InfoTech India Pvt Ltd would provide services to external telecom operators as well.
He said the Rs 70-crore investment is an initial estimate and the size may increase later.
Mr Al Kaf said the company is open to entering the mobile phone services market in India and is closely monitoring the “very interesting” market in India.
Mar 26, 2008, Business Line
Our Bureau
Bangalore, March 25 Etihad Etisalat Co (Mobily), Saudi Arabia’s second largest mobile telephone operator, said on Tuesday that it plans to invest Rs 70 crore in the next three years to expand its operations in India.
The company had set up a wholly owned subsidiary, Mobily InfoTech India Pvt Ltd, last year with an investment of Rs 20 crore to provide IT solutions and consulting services for the parent company.
The company said Mobily InfoTech India Pvt Ltd would hire more than 200 professionals by the end of 2008. At present, it employs about 70 people.
Mr Khalid Al Kaf, Chief Executive and Managing Director, Mobily, said from 2010, Mobily InfoTech India Pvt Ltd would provide services to external telecom operators as well.
He said the Rs 70-crore investment is an initial estimate and the size may increase later.
Mr Al Kaf said the company is open to entering the mobile phone services market in India and is closely monitoring the “very interesting” market in India.
Mar 26, 2008, Business Line
DoT asks RIM to set up server in India
Blackberry to Blackberry traffic needs to be monitored
Thomas K Thomas
Goa, March 28 The Department of Telecom has asked Research In Motion (RIM), the Canadian company which owns Blackberry services, to look at the possibility of setting up a server in India in case they are not willing to share the decryption code.
The DoT’s request has been supported by Indian mobile operators who are also putting pressure on RIM to amicably resolve the issue at the earliest. Meeting in Capital
At a meeting between DoT and RIM in the Capital on Friday, the Government has asked the company to make necessary arrangements to allow monitoring by security agencies. Officials from the Canadian High Commission were also present during the meeting. RIM has sought more time to respond to DoT’s request.
DoT officials told Business Line that the company has been told that only Blackberry to Blackberry traffic needs to be monitored.
DoT has given a clean chit to data being sent from a Blackberry device to another device or through the Internet as this can be decrypted by the security agencies without getting the codes from RIM. Security concerns
Blackberry services had run into rough weather after security agencies expressed concern that they could not monitor the data being sent through the device due to the high encryption codes.
According to Indian Internet services rules, operators are not allowed to use more than 40 bit encryption code unless they submit a decryption key to the Government.
RIM, which uses more than 128 bit encryption codes to make the transmission secure, has refused to submit the decryption codes on the grounds that it was proprietary. Support for stand
“We are also putting pressure on RIM to do whatever it takes to enable monitoring by security agencies. We support the request to set up a server in India,” said a GSM industry representative.
At present, Bharti Airtel, Vodafone, BPL and Reliance Communications are offering Blackberry services in the country to about 4 lakh subscribers.
Tata Teleservices also wants to offer the service but was stopped by DoT after security agencies raised concerns about monitoring.
Locating a server in India will allow the security agencies to monitor traffic at the gateway without having to break into the Blackberry’s secure transmission codes. According to industry estimates, a server would cost $500,000 at the most.
Earlier, DoT had said that the Government was not interested in banning Blackberry in the country. ISPs’ request
The fallout of the RIM controversy will have a major ramification for the Internet-based application service providers in the country at large. Most of the service providers use 128 bit encryption codes and not all of them have submitted their decryption codes to the Government.
Meanwhile, the Internet Service Providers have asked DoT to raise the permitted encryption levels from 40 bits to 128 bit at least.
Mar 29, 2008, Business Line
Blackberry to Blackberry traffic needs to be monitored
Thomas K Thomas
Goa, March 28 The Department of Telecom has asked Research In Motion (RIM), the Canadian company which owns Blackberry services, to look at the possibility of setting up a server in India in case they are not willing to share the decryption code.
The DoT’s request has been supported by Indian mobile operators who are also putting pressure on RIM to amicably resolve the issue at the earliest. Meeting in Capital
At a meeting between DoT and RIM in the Capital on Friday, the Government has asked the company to make necessary arrangements to allow monitoring by security agencies. Officials from the Canadian High Commission were also present during the meeting. RIM has sought more time to respond to DoT’s request.
DoT officials told Business Line that the company has been told that only Blackberry to Blackberry traffic needs to be monitored.
DoT has given a clean chit to data being sent from a Blackberry device to another device or through the Internet as this can be decrypted by the security agencies without getting the codes from RIM. Security concerns
Blackberry services had run into rough weather after security agencies expressed concern that they could not monitor the data being sent through the device due to the high encryption codes.
According to Indian Internet services rules, operators are not allowed to use more than 40 bit encryption code unless they submit a decryption key to the Government.
RIM, which uses more than 128 bit encryption codes to make the transmission secure, has refused to submit the decryption codes on the grounds that it was proprietary. Support for stand
“We are also putting pressure on RIM to do whatever it takes to enable monitoring by security agencies. We support the request to set up a server in India,” said a GSM industry representative.
At present, Bharti Airtel, Vodafone, BPL and Reliance Communications are offering Blackberry services in the country to about 4 lakh subscribers.
Tata Teleservices also wants to offer the service but was stopped by DoT after security agencies raised concerns about monitoring.
Locating a server in India will allow the security agencies to monitor traffic at the gateway without having to break into the Blackberry’s secure transmission codes. According to industry estimates, a server would cost $500,000 at the most.
Earlier, DoT had said that the Government was not interested in banning Blackberry in the country. ISPs’ request
The fallout of the RIM controversy will have a major ramification for the Internet-based application service providers in the country at large. Most of the service providers use 128 bit encryption codes and not all of them have submitted their decryption codes to the Government.
Meanwhile, the Internet Service Providers have asked DoT to raise the permitted encryption levels from 40 bits to 128 bit at least.
Mar 29, 2008, Business Line
NetXcell investing $3 m in expansion
Our Bureau
Hyderabad, April 22 NetXcell Ltd, services provider for mobile networks, plans to invest $3 million (about Rs 12 crore) in expansion in India and the US.
The company on Tuesday said it has launched a mobile advertising platform Ad-Axis to help telecom service providers to reach out advertisements through mobile phones, which it claimed would become the next important revenue stream for telcos.
Addressing a press conference here, the Executive Chairman of NetXcell , Mr Dayakar Pushkoor, said that the company has had big wins recently including that from Idea for all its circles for outbound diallers for marketing campaigns. It is already working with Airtel and Aircel for SMS-related services and with Lifestyle Communications and SinglePoint in the US.
Business Line, 23rd April 2008.
Our Bureau
Hyderabad, April 22 NetXcell Ltd, services provider for mobile networks, plans to invest $3 million (about Rs 12 crore) in expansion in India and the US.
The company on Tuesday said it has launched a mobile advertising platform Ad-Axis to help telecom service providers to reach out advertisements through mobile phones, which it claimed would become the next important revenue stream for telcos.
Addressing a press conference here, the Executive Chairman of NetXcell , Mr Dayakar Pushkoor, said that the company has had big wins recently including that from Idea for all its circles for outbound diallers for marketing campaigns. It is already working with Airtel and Aircel for SMS-related services and with Lifestyle Communications and SinglePoint in the US.
Business Line, 23rd April 2008.
Megasoft eyes Rs 440-cr revenues
Our Bureau
Hyderabad, April 22 Megasoft Ltd. has recorded revenues of Rs 90.3 crore and profit of Rs 15 crore for the first quarter ended March 31, 2007 as against total revenues of Rs 65 crore and profit of Rs 12.1 crore same period last year.
The Hyderabad based software products company which announced its results here today, hinted that it was in pursuit of couple of acquisitions, one in the US and another in Latin America.
The company has completed the merger of its acquisitions, Visualsoft and BCGI and the severance of about 160 employees would help add to the company’s profitability this year.
The entire BCGI deal of about Rs 5.5 crore was funded internally, according to Mr G.V. Kumar, Chief Executive Officer.
Mr. Kumar, told Business Line that the company is expecting to close this fiscal with overall revenues in the range of Rs 440 crore, with profit at about Rs 80-85 crore.
The company continues to view its telecom business as the main stay. The telecom business contributes about 61 per cent of revenues and software services 39 per cent.
The scrip closed at Rs 94.85 on National Stock Exchange, down 1.2 per cent from Monday
Our Bureau
Hyderabad, April 22 Megasoft Ltd. has recorded revenues of Rs 90.3 crore and profit of Rs 15 crore for the first quarter ended March 31, 2007 as against total revenues of Rs 65 crore and profit of Rs 12.1 crore same period last year.
The Hyderabad based software products company which announced its results here today, hinted that it was in pursuit of couple of acquisitions, one in the US and another in Latin America.
The company has completed the merger of its acquisitions, Visualsoft and BCGI and the severance of about 160 employees would help add to the company’s profitability this year.
The entire BCGI deal of about Rs 5.5 crore was funded internally, according to Mr G.V. Kumar, Chief Executive Officer.
Mr. Kumar, told Business Line that the company is expecting to close this fiscal with overall revenues in the range of Rs 440 crore, with profit at about Rs 80-85 crore.
The company continues to view its telecom business as the main stay. The telecom business contributes about 61 per cent of revenues and software services 39 per cent.
The scrip closed at Rs 94.85 on National Stock Exchange, down 1.2 per cent from Monday
Blue Dart Q1 net up 88%
Our Bureau
Mumbai, April 22 Good growth in volume of cargo in January and February led Blue Dart Express Ltd to record a net profit growth of 88 per cent to Rs 30.7 crore in the first quarter ended March 31, 2008, which is up from Rs 16.3 crore in the same quarter last year.
The total income of the company has risen by 31.9 per cent to Rs 240 crore (Rs 182 crore).
The volume growth was about 38 per cent in the first two months. Another contributing factor to the robust growth has been lower depreciation during the said quarter by Rs 5 crore against corresponding quarter of the previous year.
The majority of the lower depreciation charge relates to the decision of the company to ‘Reduce to Produce’ aircraft and the consequent accelerated depreciation charge of ‘D-check’ in the year 2007, said the company in a statement to the Bombay Stock Exchange.
However, the company witnessed a softening in the numbers for March, said Mr Yogesh Dhingra, Finance Director and Chief Operating Officer of Blue Dart Express.Carrying capacity
“The slowdown in the US economy and general global economic environment has affected the volumes in the month of March. Also the distribution did not take off much last month,” he said.
Though the cargo volumes have not been impressive for March, Mr Dhingra said it is not a cause for concern yet. “The slowdown in the US economy will have some impact on India but it will take at least another two months to assess the actual situation.”
Blue Dart Express currently operates six freighters — three each of Boeing 737 and Boeing 757. With these freighters the company has the capacity to carry 300 tonnes of express cargo per day through its overnight operations. It is currently utilising 80 per cent of this capacity.
According to Mr Dhingra, the company would keep adding one Boeing 757 freighter per year to its fleet till 2011-2012, if the Indian economy grows close to 8 per cent plus. The shares of the company closed at Rs 551.60 on Tuesday, down 0.45 per cent from previous day’s close of Rs 554.10.
Business Line, 23rd April 2008
Our Bureau
Mumbai, April 22 Good growth in volume of cargo in January and February led Blue Dart Express Ltd to record a net profit growth of 88 per cent to Rs 30.7 crore in the first quarter ended March 31, 2008, which is up from Rs 16.3 crore in the same quarter last year.
The total income of the company has risen by 31.9 per cent to Rs 240 crore (Rs 182 crore).
The volume growth was about 38 per cent in the first two months. Another contributing factor to the robust growth has been lower depreciation during the said quarter by Rs 5 crore against corresponding quarter of the previous year.
The majority of the lower depreciation charge relates to the decision of the company to ‘Reduce to Produce’ aircraft and the consequent accelerated depreciation charge of ‘D-check’ in the year 2007, said the company in a statement to the Bombay Stock Exchange.
However, the company witnessed a softening in the numbers for March, said Mr Yogesh Dhingra, Finance Director and Chief Operating Officer of Blue Dart Express.Carrying capacity
“The slowdown in the US economy and general global economic environment has affected the volumes in the month of March. Also the distribution did not take off much last month,” he said.
Though the cargo volumes have not been impressive for March, Mr Dhingra said it is not a cause for concern yet. “The slowdown in the US economy will have some impact on India but it will take at least another two months to assess the actual situation.”
Blue Dart Express currently operates six freighters — three each of Boeing 737 and Boeing 757. With these freighters the company has the capacity to carry 300 tonnes of express cargo per day through its overnight operations. It is currently utilising 80 per cent of this capacity.
According to Mr Dhingra, the company would keep adding one Boeing 757 freighter per year to its fleet till 2011-2012, if the Indian economy grows close to 8 per cent plus. The shares of the company closed at Rs 551.60 on Tuesday, down 0.45 per cent from previous day’s close of Rs 554.10.
Business Line, 23rd April 2008
How good are we in English?
COMMUNICATING BETTER
Anjali Prayag
Bangalore, April 22 It’s time Indians shake off the English language smugness. Recent statistics have thrown up some surprises in the theory that the Indians’ mastery over the English language could give us an edge in the race towards globalisation.
The National Index of Communication Skills (NI-CS) brought out early this year by MeritTrac, a skills assessment company, points out that only 20 per cent of the candidates evaluated met the overall English criteria required by the industry. The report also classifies skills index based on individual evaluation parameters with grammar emerging the lowest with a throughput of just 7.5 per cent.
“We were surprised at such low suitability numbers that we decided to launch an English assessment and learning programme in India,” says Mr Madan Padaki, co-founder and CEO, MeritTrac Services. In a tie-up with Cengage Learning, MeritTrac has launched eEnglish, a programme that combines print and online platforms for English learning and feedback through scientific assessments. MeritTrac intends to administer this programme to around 4,000 people in the banking, financial, retail and manufacturing sectors.
GlobalEnglish, a California-based company that provides learning and support for business English communication, launched its corporate learning services in India last week.
The Indian IT industry will be the target for its services, says its President and CEO, Mr Deepak Desai.
“This is mainly for knowledge workers who interact with people all over the world.”
In a study conducted by the McKinsey Global Institute, it was found that only 13 per cent of university graduates from low-wage countries are suitable for employment in MNCs, and the No. 1 reason for this is lack of English skills.
However, teaching English language in India will be a lot more complex than in China because of the various levels of the language knowledge among different strata of people, points out Mr Desai. Although English is looked upon as a common skill among people in the technology and business sectors, it is not always a fact, he says. “Outside the major cities, fewer people speak English as a second language, or speak it well.”
23rd April 08, Business Line
COMMUNICATING BETTER
Anjali Prayag
Bangalore, April 22 It’s time Indians shake off the English language smugness. Recent statistics have thrown up some surprises in the theory that the Indians’ mastery over the English language could give us an edge in the race towards globalisation.
The National Index of Communication Skills (NI-CS) brought out early this year by MeritTrac, a skills assessment company, points out that only 20 per cent of the candidates evaluated met the overall English criteria required by the industry. The report also classifies skills index based on individual evaluation parameters with grammar emerging the lowest with a throughput of just 7.5 per cent.
“We were surprised at such low suitability numbers that we decided to launch an English assessment and learning programme in India,” says Mr Madan Padaki, co-founder and CEO, MeritTrac Services. In a tie-up with Cengage Learning, MeritTrac has launched eEnglish, a programme that combines print and online platforms for English learning and feedback through scientific assessments. MeritTrac intends to administer this programme to around 4,000 people in the banking, financial, retail and manufacturing sectors.
GlobalEnglish, a California-based company that provides learning and support for business English communication, launched its corporate learning services in India last week.
The Indian IT industry will be the target for its services, says its President and CEO, Mr Deepak Desai.
“This is mainly for knowledge workers who interact with people all over the world.”
In a study conducted by the McKinsey Global Institute, it was found that only 13 per cent of university graduates from low-wage countries are suitable for employment in MNCs, and the No. 1 reason for this is lack of English skills.
However, teaching English language in India will be a lot more complex than in China because of the various levels of the language knowledge among different strata of people, points out Mr Desai. Although English is looked upon as a common skill among people in the technology and business sectors, it is not always a fact, he says. “Outside the major cities, fewer people speak English as a second language, or speak it well.”
23rd April 08, Business Line
Friday, April 18, 2008
TCG to invest Rs 250cr in IT park project:
BS Reporter / Kolkata April 15, 2008
TCG Real Estate, a part of The Chatterjee Group promoted by Purnendu Chatterjee, is planning to take up an IT park project at Sector V, near the Salt Lake area, with an investment of around Rs 250 crore.
The entire project, would be spread over 11 lakh square feet and split in two phases, and is slated to be completed by 2012.
TCG was also exploring the possibility of executing similar projects in places like Siliguri and Rajarhat, said Himon Sanyal, head, business development, TCG Real Estate.
The project, to be launched in the latter half of the year, would be funded through internal accruals, he said.
In the first phase of the project, around 6 lakh square feet area would be developed, with ground floor dedicated to retail space.
TCG Real Estate, which has a presence in about eight cities across India, has a tie-up with the US$ 25 billion US-based Vornado Realty Trust for partnering its large format projects like special economic zones (SEZs).
Biotech Park park in Pune, World Trade Centre in Delhi and Bengal Intelligent Park in Sector V, near Kolkata, are some of the major projects of TCG.
The company has a landbank with capacity to develop US$11 .1 million sq feet of projects.
BS Reporter / Kolkata April 15, 2008
TCG Real Estate, a part of The Chatterjee Group promoted by Purnendu Chatterjee, is planning to take up an IT park project at Sector V, near the Salt Lake area, with an investment of around Rs 250 crore.
The entire project, would be spread over 11 lakh square feet and split in two phases, and is slated to be completed by 2012.
TCG was also exploring the possibility of executing similar projects in places like Siliguri and Rajarhat, said Himon Sanyal, head, business development, TCG Real Estate.
The project, to be launched in the latter half of the year, would be funded through internal accruals, he said.
In the first phase of the project, around 6 lakh square feet area would be developed, with ground floor dedicated to retail space.
TCG Real Estate, which has a presence in about eight cities across India, has a tie-up with the US$ 25 billion US-based Vornado Realty Trust for partnering its large format projects like special economic zones (SEZs).
Biotech Park park in Pune, World Trade Centre in Delhi and Bengal Intelligent Park in Sector V, near Kolkata, are some of the major projects of TCG.
The company has a landbank with capacity to develop US$11 .1 million sq feet of projects.
New Ventures plans equity fund of $100,000:
Sohini Das & Jayajit Dash / Kolkata April 15, 2008
New Ventures India(NVI), a joint initiative of the Confederation of Indian Industries (CII)-Sohrabji Godrej Green Business Centre , World Research Institute (WRI), Washington DC and the United States Agency for International Development(USAID), has roped in five venture capital funds with eight more in the pipeline to fund green technology projects in small and medium enterprises.
Major players like Sequia Capital, Nexus India Capital, Rianta Capital, Acumen Fund, and angel funds like ATE enterprises had already joined the Green Investor Network of NVI. Talks are on with IDG Ventures among others, and eight more will join the network by May this year.
ICICI Bank had already inked a memorandum of understanding with NVI last year and had agreed to contribute Rs 100 crore to the Green Investor Network.
The programme seeks to fund investemnts worth $250 million in green SMEs in India by 2010.
An NVI spokesperson also informed that the alliance had plans to create an equity fund worth $100,000 or more in the future.
As NVI acts as a facilitator to bring investments to SMEs working on clean technology, it could not start a fund itself, and a separate entity altogether could be spun off for the purpose, she added. The plans, however, were at a nascent stage, she informed.
The initiative had already facilitated investment flow worth $12.8 million to five portfolio companies working in the areas of renewable energy, energy efficient devices, recycling of polythene bags into fashionable accessories, eco-tourism among others.
The alliance had started with USAID as the initial equity holder. USAID's equity participation, however, ends in September this year, said S Padmanabhan, deputy director and senior energy advisor, USAID India.
To sustain the initiative NVI will now start charging the investors as well as the participating SMEs.
Sohini Das & Jayajit Dash / Kolkata April 15, 2008
New Ventures India(NVI), a joint initiative of the Confederation of Indian Industries (CII)-Sohrabji Godrej Green Business Centre , World Research Institute (WRI), Washington DC and the United States Agency for International Development(USAID), has roped in five venture capital funds with eight more in the pipeline to fund green technology projects in small and medium enterprises.
Major players like Sequia Capital, Nexus India Capital, Rianta Capital, Acumen Fund, and angel funds like ATE enterprises had already joined the Green Investor Network of NVI. Talks are on with IDG Ventures among others, and eight more will join the network by May this year.
ICICI Bank had already inked a memorandum of understanding with NVI last year and had agreed to contribute Rs 100 crore to the Green Investor Network.
The programme seeks to fund investemnts worth $250 million in green SMEs in India by 2010.
An NVI spokesperson also informed that the alliance had plans to create an equity fund worth $100,000 or more in the future.
As NVI acts as a facilitator to bring investments to SMEs working on clean technology, it could not start a fund itself, and a separate entity altogether could be spun off for the purpose, she added. The plans, however, were at a nascent stage, she informed.
The initiative had already facilitated investment flow worth $12.8 million to five portfolio companies working in the areas of renewable energy, energy efficient devices, recycling of polythene bags into fashionable accessories, eco-tourism among others.
The alliance had started with USAID as the initial equity holder. USAID's equity participation, however, ends in September this year, said S Padmanabhan, deputy director and senior energy advisor, USAID India.
To sustain the initiative NVI will now start charging the investors as well as the participating SMEs.
GACL, Dow ink 50:50 JV, to invest Rs 600 cr in Guj
BSReporter / Ahmedabad April 17, 2008
Will set up a plant to make chlorinated organics.
State-owned Gujarat Alkalies and Chemicals (GACL) has signed an agreement with Dow Europe GmbH to set up a 50:50 joint venture for manufacturing 2,00,000 tonne per annum (TPA) of chlorinated organics at Dahej (Gujarat). The JV will invest Rs Rs 600 crore on the project.
NEW ALLIES
GACL will supply around 600 metric tonnes of chlorine per day to the JV company
Dow produces chloromethane at four sites around the world with a total capacity of 5,00,000 metric tonnes per annum
GACL board recently approved expansion projects worth Rs 1,200 crore As per the agreement, GACL will supply around 600 metric tonne of chlorine per day to the JV. The synergy of GACL and Dow will lay a strong foundation for mutual growth in future, said GACL, which is the largest caustic soda maker in the country.
Dow Europe GmbH is a wholly owned subsidiary of The Dow Chemical Company. Dow is a global leader in chemical industry and the largest supplier of chlorinated organic products. It currently produces chloromethane at four sites around the world with a total capacity of 5,00,000 metric tonne per annum. The JV company will primarily cater to the demand of the Saarc countries.
GACL has been aggressively expanding its capacity. Its board of directors has recently approved expansion projects worth Rs 1,200 crore.
Recently, a UAE-based entity had approached GACL for establishing a caustic soda plant there, for which GACL is carrying out a market survey.
BSReporter / Ahmedabad April 17, 2008
Will set up a plant to make chlorinated organics.
State-owned Gujarat Alkalies and Chemicals (GACL) has signed an agreement with Dow Europe GmbH to set up a 50:50 joint venture for manufacturing 2,00,000 tonne per annum (TPA) of chlorinated organics at Dahej (Gujarat). The JV will invest Rs Rs 600 crore on the project.
NEW ALLIES
GACL will supply around 600 metric tonnes of chlorine per day to the JV company
Dow produces chloromethane at four sites around the world with a total capacity of 5,00,000 metric tonnes per annum
GACL board recently approved expansion projects worth Rs 1,200 crore As per the agreement, GACL will supply around 600 metric tonne of chlorine per day to the JV. The synergy of GACL and Dow will lay a strong foundation for mutual growth in future, said GACL, which is the largest caustic soda maker in the country.
Dow Europe GmbH is a wholly owned subsidiary of The Dow Chemical Company. Dow is a global leader in chemical industry and the largest supplier of chlorinated organic products. It currently produces chloromethane at four sites around the world with a total capacity of 5,00,000 metric tonne per annum. The JV company will primarily cater to the demand of the Saarc countries.
GACL has been aggressively expanding its capacity. Its board of directors has recently approved expansion projects worth Rs 1,200 crore.
Recently, a UAE-based entity had approached GACL for establishing a caustic soda plant there, for which GACL is carrying out a market survey.
UltraTech to invest Rs 3000 cr in Gujarat
Maulik Pathak / Mumbai/ Ahmedabad April 17, 2008
To set up cement plant and a 60-Mw power project.
UltraTech Cement, an Aditya Birla group company, is setting up a greenfield project at Mahuva in Bhavnagar district of Gujarat at an investment of Rs 3,000 crore.
UltraTech Cement, an Aditya Birla group company, is setting up a greenfield project at Mahuva in Bhavnagar district of Gujarat at an investment of Rs 3,000 crore.
The company has proposed a cement plant with a capacity to produce 10,000 tonnes per day or about 3.5 million tonnes of cement annually. This apart, it is planning to set up a 60-Mw coal-based power project in the area. It has earmarked about 2,500 acres of land for the project of which 10 per cent has already been acquired, said sources close to the development.
"We have approached the Gujarat Maritime Board for a private jetty at Mahuva," said a senior company official.
Ultratech intends to import coal for the proposed power project and send cement to its terminals. From the ash produced from the power plant, the company might also set up a grinding unit for producing portland pozzulino cement.
UltraTech has five integrated plants, five grinding units and three terminals — two in India and one in Sri Lanka. Its installed capacity at present is 17 mtpa, of which about 40 per cent is produced in Gujarat.
The two composite plants -- Gujarat Cement Works and Narmada Cement - Jafrabad Works -- have a capacity to produce 5.3 mtpa and 0.4 mtpa respectively. Its two grinding units in Ratnagiri and Magdala have a total capacity of 1.1 mtpa.
The company exports over 2.5 million tonnes per annum. Ambuja Cement and UltraTech together accounted for about 58 per cent of the total cement shipped overseas in FY08.
The recent prohibition on cement export could now prompt these players to look mainly to the domestic markets for liquidating their output. This may add significantly to supply in markets such as Gujarat and Maharashtra.
UltraTech recently launched UltraTech Building Solutions Retail stores in Surat, Rajkot, Gurgaon & Trichy. The company plans to roll-out close to 200 such stores across the country by the end of this calendar year.
Maulik Pathak / Mumbai/ Ahmedabad April 17, 2008
To set up cement plant and a 60-Mw power project.
UltraTech Cement, an Aditya Birla group company, is setting up a greenfield project at Mahuva in Bhavnagar district of Gujarat at an investment of Rs 3,000 crore.
UltraTech Cement, an Aditya Birla group company, is setting up a greenfield project at Mahuva in Bhavnagar district of Gujarat at an investment of Rs 3,000 crore.
The company has proposed a cement plant with a capacity to produce 10,000 tonnes per day or about 3.5 million tonnes of cement annually. This apart, it is planning to set up a 60-Mw coal-based power project in the area. It has earmarked about 2,500 acres of land for the project of which 10 per cent has already been acquired, said sources close to the development.
"We have approached the Gujarat Maritime Board for a private jetty at Mahuva," said a senior company official.
Ultratech intends to import coal for the proposed power project and send cement to its terminals. From the ash produced from the power plant, the company might also set up a grinding unit for producing portland pozzulino cement.
UltraTech has five integrated plants, five grinding units and three terminals — two in India and one in Sri Lanka. Its installed capacity at present is 17 mtpa, of which about 40 per cent is produced in Gujarat.
The two composite plants -- Gujarat Cement Works and Narmada Cement - Jafrabad Works -- have a capacity to produce 5.3 mtpa and 0.4 mtpa respectively. Its two grinding units in Ratnagiri and Magdala have a total capacity of 1.1 mtpa.
The company exports over 2.5 million tonnes per annum. Ambuja Cement and UltraTech together accounted for about 58 per cent of the total cement shipped overseas in FY08.
The recent prohibition on cement export could now prompt these players to look mainly to the domestic markets for liquidating their output. This may add significantly to supply in markets such as Gujarat and Maharashtra.
UltraTech recently launched UltraTech Building Solutions Retail stores in Surat, Rajkot, Gurgaon & Trichy. The company plans to roll-out close to 200 such stores across the country by the end of this calendar year.
Lanco`s MP power plant will come up in Balaghat:
Shashikant Trivedi / New Delhi/ Bhopal April 18, 2008
Lanco Infratech Ltd has now proposed to set up its 1,200 Mw power project in Balaghat and not in Chhindwara.
The company inked a deal with the Madhya Pradesh government on January 17 at Khajuraho for the project (1,200 Mw plus or minus 200 Mw). The firm dropped the idea of setting up its unit in Chhindwara because it had not been allocated coal blocks.
The company will invest Rs 5,000 crore in the project. It has been given “in principle” sanction for land acquisition and water supply.
A state power department source told Business Standard: “The project will now come up in Balaghat.” The company had asked the Centre for supply from the Mandla North coal block in the Pench Kanhan coal-mining area.
However, a state government’s supplementary recommendation to the JP group watered down the company’s plan to get coal from the Chhindwara mines.
“Lanco has asked for coal and environment clearance, and has been given ‘in principle’ sanction for land acquisition and water supply. We hope the firm is able to announce its schedule soon,” the source said.
Business Standard
Shashikant Trivedi / New Delhi/ Bhopal April 18, 2008
Lanco Infratech Ltd has now proposed to set up its 1,200 Mw power project in Balaghat and not in Chhindwara.
The company inked a deal with the Madhya Pradesh government on January 17 at Khajuraho for the project (1,200 Mw plus or minus 200 Mw). The firm dropped the idea of setting up its unit in Chhindwara because it had not been allocated coal blocks.
The company will invest Rs 5,000 crore in the project. It has been given “in principle” sanction for land acquisition and water supply.
A state power department source told Business Standard: “The project will now come up in Balaghat.” The company had asked the Centre for supply from the Mandla North coal block in the Pench Kanhan coal-mining area.
However, a state government’s supplementary recommendation to the JP group watered down the company’s plan to get coal from the Chhindwara mines.
“Lanco has asked for coal and environment clearance, and has been given ‘in principle’ sanction for land acquisition and water supply. We hope the firm is able to announce its schedule soon,” the source said.
Business Standard
Kohinoor group plans hospitality institute in Guj:
Archana Mohan / Mumbai/ Ahmedabad April 18, 2008
Kohinoor-IMI School of Hospitality Management could soon make its foray into Gujarat with a social touch.
The Khandala-based institute, which offers bachelor and master programmes in hospitality management, has submitted a proposal to the Gujarat government for setting up a 'Kohinoor Short-term Training Institute' for families of saltpan workers.
Kohinoor has proposed a facility to train youngsters from saltpan worker families who are looking for career opportunities outside salt making. The institute is planning to set up its own facility either in Ahmedabad or Rajkot, which could train 30 students every two months.
“We are in talks with the Gujarat government to offer alternative employment opportunities to the kin of saltpan workers. We will be designing short-term courses in food preparation and services in the hospitality industry,” said Prabhat Ghosh, admission co-ordinator, Kohinoor-IMI School of Hospitality Management.
The fee is likely to be close to Rs 10,000, and would be waived partly for students through the state government assistance. Ghosh said the institute would provide placement to each student through tie ups with hospitality majors across the state.
“There is a major shortage of trained personnel in the hospitality industry in the state and we will collaborate with hotels across the state to offer employment to these students,” said Ghosh. If the approval comes through, the institute is expected to start functioning from July 2008.
Kohinoor already has a similar institutes in Indore and is looking at a short-term institute in each state.
It also plans to set up of two more campuses in the Northeast, mostly at Shillong or Guwahati and one at Punjab in the next two years.
The investment into the new campuses is expected to be close to Rs 40 crore, which will be funded through internal accruals. The institute is a part of the Kohinoor Group, which has business interests in education, hospitality, real estate and power.
The campus at Khandala, which runs a BBA and an MBA programme in hospitality management, has close to 120 students and the one at Indore, which offers a BBA programme, has 70 students. Nearly 20 per cent of the institute's students are not foreign citizens.
Archana Mohan / Mumbai/ Ahmedabad April 18, 2008
Kohinoor-IMI School of Hospitality Management could soon make its foray into Gujarat with a social touch.
The Khandala-based institute, which offers bachelor and master programmes in hospitality management, has submitted a proposal to the Gujarat government for setting up a 'Kohinoor Short-term Training Institute' for families of saltpan workers.
Kohinoor has proposed a facility to train youngsters from saltpan worker families who are looking for career opportunities outside salt making. The institute is planning to set up its own facility either in Ahmedabad or Rajkot, which could train 30 students every two months.
“We are in talks with the Gujarat government to offer alternative employment opportunities to the kin of saltpan workers. We will be designing short-term courses in food preparation and services in the hospitality industry,” said Prabhat Ghosh, admission co-ordinator, Kohinoor-IMI School of Hospitality Management.
The fee is likely to be close to Rs 10,000, and would be waived partly for students through the state government assistance. Ghosh said the institute would provide placement to each student through tie ups with hospitality majors across the state.
“There is a major shortage of trained personnel in the hospitality industry in the state and we will collaborate with hotels across the state to offer employment to these students,” said Ghosh. If the approval comes through, the institute is expected to start functioning from July 2008.
Kohinoor already has a similar institutes in Indore and is looking at a short-term institute in each state.
It also plans to set up of two more campuses in the Northeast, mostly at Shillong or Guwahati and one at Punjab in the next two years.
The investment into the new campuses is expected to be close to Rs 40 crore, which will be funded through internal accruals. The institute is a part of the Kohinoor Group, which has business interests in education, hospitality, real estate and power.
The campus at Khandala, which runs a BBA and an MBA programme in hospitality management, has close to 120 students and the one at Indore, which offers a BBA programme, has 70 students. Nearly 20 per cent of the institute's students are not foreign citizens.
Euro Group plans Rs 1,100 cr unit in MP
BS Reporter / Mumbai April 18, 2008
Euro Group, one of the largest vitrified tiles manufacturers in India, has signed an MoU with the Madhya Pradesh government to set up a Rs 1,100-crore 2 million tonnes pelletisation project for conversion of low grade iron ore into high grade.
The public-private partnership project is expected to be completed by 2011. The project will be funded by internal accruals and debt. Low grade iron ore is unutilised in India and requires benefication and the pelletisation technology to convert into high grade.
Euro Group has interests in vitrified tiles, aluminium extruded sections, aluminium composite panels, agglomerated marble, plywood, veneer, laminate, dry battery cell and compact discs.
Source: Business Standard
BS Reporter / Mumbai April 18, 2008
Euro Group, one of the largest vitrified tiles manufacturers in India, has signed an MoU with the Madhya Pradesh government to set up a Rs 1,100-crore 2 million tonnes pelletisation project for conversion of low grade iron ore into high grade.
The public-private partnership project is expected to be completed by 2011. The project will be funded by internal accruals and debt. Low grade iron ore is unutilised in India and requires benefication and the pelletisation technology to convert into high grade.
Euro Group has interests in vitrified tiles, aluminium extruded sections, aluminium composite panels, agglomerated marble, plywood, veneer, laminate, dry battery cell and compact discs.
Source: Business Standard
SIRO buys out German clinical R&D firm:
BS Reporter / Mumbai April 18, 2008
SIRO Clinpharm (SIRO), one of India’s leading clinical research organisations (CRO), has signed an agreement to acquire Germany-based Omega Mediation Group, a leading mid-sized European CRO, for an undisclosed amount in an all-cash deal.
The acquisition will provide SIRO with operational capabilities in Germany, Greece, Estonia, the Baltic states and Israel, besides access to Omega’s major European pharmaceutical and biotech clients.
Omega will continue to function independently and the promoters and the current management will continue, said Chetan Tamhankar, chief operating officer of SIRO Clinpharm, at a press meet in Mumbai today.
“The combined entities of SIRO and Omega will have a turnover of over Rs 200 crore,” said Tamhankar.
The Indian firm was also looking at acquisitions or greenfield projects in the emerging CRO markets of southeast Asian such as Malaysia, the Philippines and Thailand, he added.
The global clinical trial industry is estimated at about $15 billion (Rs 60,000 crore) and the domestic CRO industry is estimated to have a turnover of $300-350 million (Rs 1,200-1,400 crore) with over 100 players. The CRO industry in India is projected to grow to $2 billion (Rs 8,000 crore) by 2010.
In early July 2007, SIRO had acquired Global Client Partners (GCP), a US-based CRO with client network among the US biotech and pharma companies.
Set up in 1992, Omega employs over 100 professionals and have offices in Offenbach in Germany, Athens, Talinn, Estonia and Tel Aviv.
Established in 1996, SIRO is one of the first CRO’s in India and employs over 400 professionals with offices in Mumbai and Princeton, New Jersey. The company has so far done over 150 clinical projects of various pharmaceutical companies.
The family of Gautam Daftary (chairman of SIRO Clinpharm), Kotak Private Equity and 3i Capital are the major promoters of SIRO Clinpharm.
Business Stadard
Ice-cream makers add healthy flavours:
Suvi Dogra / New Delhi April 18, 2008
After slugging it out in the health and wellness snacks and beverage categories, FMCG companies are gearing up to out do each other in ice creams.
All major players in the Rs 1,200-crore ice cream market are all set to adorn a health-oriented look this year by offering more such products.
Amul, the market leader in the ice cream space, has already launched probiotic health and wellness ice creams and is also offering sugar free variants.
“We are switching to natural vanilla flavouring apart from adding new variants to our wellness ice creams to add to our health and wellness initiative this year,” says R Sodhi, chief general manger, Gujarat Cooperative Milk Marketing Federation.
Mother Dairy, a subsidiary of the National Dairy Development Board, has decided to expand its naturally flavoured offerings along with new packaging. “Innovation is the key to growth in this segment,” says Paul Thachil, CEO, Mother Dairy India.
The company expects better sales this summer as it is expanding business to cities like Mumbai, Hyderabad, Bangalore and in north India.
The company is looking at adding more natural flavours to its portfolio. The company is also betting big on fruit juice bars to cater to the growing number of conscious consumers.
Last year, FMCG major Hindustan Unilever introduced Moo ice cream under the health and wellness umbrella. Moo, a combination of chocolate and vanilla, is targetted at children and mothers because of its health credentials - each stick has calcium equivalent to one glass of milk.
“We will continue to drive market development and growth through exciting innovations and consumer promotions. For the summer season, we have several exciting plans and activities to target key consumer groups – kids/teens and families,” says Sailesh Venkatesan, category head ( ice cream business), HUL.
HUL has 9 per cent market share in the Rs 1,200 crore ice-cream segment while Amul enjoys 37 per cent share. While HUL has focussed on cities and impulse products like Cornetto, Amul offers a bigger portfolio that helped it penetrate the rural market aggressively.
Aavin, a Tamil Nadu-based cooperative sector milk and dairy products marketer, has also launched a low-sugar variant of ice creams.
The ice cream ‘without added sugar’ is ideal for diabetics and safe for children and mothers-to-be, claims the company. The variant is said to have just 80 calories and has 16 mg of sweetener against 8,000 mg of sugar in conventional ice creams.
Business Standard
Samay seeks Japanese ally for tie-up:
Khyati Joshi / Rajkot April 18, 2008
Clock-maker Samay, based in Morbi, Gujarat, is in talks with Japanese players Citizen, Rhythm and Sieko for possible tie-ups. If all goes well, Samay will forge an alliance with one of these watch-makers and ramp up production of wrist watches, alarm clocks and wall clocks.
Samay group, the cross-town rivals of Ajanta group have followed a similar growth chart—from clocks to CFL and even snackfood business.
Having made a mark in the alarm and wall clock segments in India, Samay now wants to expand its presence globally. Manubhai Patel, director, Samay Group, said, “We are in talks with Japanese watch majors Citizen, Sieko and Rhythm. We may form joint ventures with them.”
Though negotiations are at initial stages, Patel said he may be able to make an announcement in a few months’ time.
He added that Samay Group’s manufacturing capacity is 30,000 units per day. Owing to competition from Chinese companies, the demand for alarm and wall clocks has dipped.
At present, the company is producing 11,000 to 12,000 watches a day. They plan to expand the capacity, Patel said. All three Japanese companies are world-class players.
Rhythm Watch Company, established in Japan in 1950, manufactures wrist watches in Hong Kong and USA. Citizen, which was started in 1918, has a manufacturing unit at Bangalore, while Sieko has been manufacturing wrist watches since 1913.
However, Patel informed Business Standard that they are ready to join hands with the watch majors only if it doesn’t harm the brand.
The company wants to produce wrist watches on a large scale but the Samay brand must share equal status with these international brands, he said.
What stared off with an initial production of 20,000 quartz clocks and 10,000 timepieces has reached a level of 30,000 quartz clocks, 20,000 timepieces, 10,000 telephones and 10,000 calculators per day.
Business stadard
Khyati Joshi / Rajkot April 18, 2008
Clock-maker Samay, based in Morbi, Gujarat, is in talks with Japanese players Citizen, Rhythm and Sieko for possible tie-ups. If all goes well, Samay will forge an alliance with one of these watch-makers and ramp up production of wrist watches, alarm clocks and wall clocks.
Samay group, the cross-town rivals of Ajanta group have followed a similar growth chart—from clocks to CFL and even snackfood business.
Having made a mark in the alarm and wall clock segments in India, Samay now wants to expand its presence globally. Manubhai Patel, director, Samay Group, said, “We are in talks with Japanese watch majors Citizen, Sieko and Rhythm. We may form joint ventures with them.”
Though negotiations are at initial stages, Patel said he may be able to make an announcement in a few months’ time.
He added that Samay Group’s manufacturing capacity is 30,000 units per day. Owing to competition from Chinese companies, the demand for alarm and wall clocks has dipped.
At present, the company is producing 11,000 to 12,000 watches a day. They plan to expand the capacity, Patel said. All three Japanese companies are world-class players.
Rhythm Watch Company, established in Japan in 1950, manufactures wrist watches in Hong Kong and USA. Citizen, which was started in 1918, has a manufacturing unit at Bangalore, while Sieko has been manufacturing wrist watches since 1913.
However, Patel informed Business Standard that they are ready to join hands with the watch majors only if it doesn’t harm the brand.
The company wants to produce wrist watches on a large scale but the Samay brand must share equal status with these international brands, he said.
What stared off with an initial production of 20,000 quartz clocks and 10,000 timepieces has reached a level of 30,000 quartz clocks, 20,000 timepieces, 10,000 telephones and 10,000 calculators per day.
Business stadard
Thursday, April 3, 2008
Chennai, April 9 Anand group, the $640 million automotive components and systems major, is looking at setting up at least four new greenfield facilities in Chennai to support the requirements of its prospective customers. The Delhi headquartered group is in talks with two joint ventures of Nissan-Renault and Ashok Leyland for manufacturing exhaust systems for passenger cars and LCVs, respectively.
Once the deals are through, the group would be setting up four facilities in Chennai before 2010, said Mr C. S. Patel, Chief Executive Officer, Anand Automotive Systems. This would make Chennai as the largest revenue generating hub for Anand Group, he said. ETI’s New facility
Mr Patel was addressing the media during the inauguration of a manufacturing facility of a group company, Emcon Technologies India Private Ltd (ETI), which is a 74:26 joint venture between the US-based Emcon Technologies and the Anand group.
ETI has so far invested $4 million including $2.5 million invested in the new plant in Maraimalainagar, inaugurated on Monday. The CEO of $4 billion Emcon Technologies, Mr Lee Gardner, said ETI would further infuse $10 million for capacity expansion and creation of new facilities. Other than a factory in Chennai, the company has a manufacturing unit in Bangalore.
It is currently constructing a new facility in Singur to supply exhaust system for the Tata Nano car. ETI is mulling options to set up a greenfield facility in Pune, where some of ETI’s customers, such as International Truck and Volkswagen, are putting up their own manufacturing facilities.
Once the deals are through, the group would be setting up four facilities in Chennai before 2010, said Mr C. S. Patel, Chief Executive Officer, Anand Automotive Systems. This would make Chennai as the largest revenue generating hub for Anand Group, he said. ETI’s New facility
Mr Patel was addressing the media during the inauguration of a manufacturing facility of a group company, Emcon Technologies India Private Ltd (ETI), which is a 74:26 joint venture between the US-based Emcon Technologies and the Anand group.
ETI has so far invested $4 million including $2.5 million invested in the new plant in Maraimalainagar, inaugurated on Monday. The CEO of $4 billion Emcon Technologies, Mr Lee Gardner, said ETI would further infuse $10 million for capacity expansion and creation of new facilities. Other than a factory in Chennai, the company has a manufacturing unit in Bangalore.
It is currently constructing a new facility in Singur to supply exhaust system for the Tata Nano car. ETI is mulling options to set up a greenfield facility in Pune, where some of ETI’s customers, such as International Truck and Volkswagen, are putting up their own manufacturing facilities.
Sanmar buys US firm Matrix Metals:
The Chennai-based company says the acquisition will create one of the largest speciality casting groups in the world.
The Sanmar Group, an integrated industrial, shipping and engineering business house, has acquired North American firm Matrix Metals LLC, a portfolio company of Jefferies Capital Partners.
HOT DEAL
MATRIX Metals LLC, which operates one of the largest steel casting businesses in North America, employs over 1,300 people.
THE deal is funded by a bridge facility provided by Bank of India and State Bank of India.
SANMAR Group has a steel casting capacity of 60,000 tonnes and about 50,000 tonnes capacity for premium iron alloy casting.
THE company acquired German alloy castings producer Eisenwerk Erla GmbH last year. Sanmar executives would not disclose details of the acquisition with respect to the cost or share purchase agreement between the two companies.
The company said that the merger will create one of the leading specialty steel casting groups in the world.
The deal, which was announced early today, is the result of a close association between the Sanmar Group, headquartered in Chennai, and Matrix’s NEPCO unit, which has sourced castings from Sanmar for many of Matrix’s important customers over the years.
“Combining Sanmar’s expanding foundry capacity with ours will enable us to meet almost any North American customer’s casting requirements and create new business opportunities across the combined companies,” Roger Courtney, CEO, Matrix, said in a statement.
According to company sources, the transaction has been funded by a bridge facility provided by branches of Bank of India and State Bank of India in New York. The banks will also provide long-term funds, they said.
Following the merger, Sanmar Group Corporate Director B Natraj will relocate to the US and serve as executive vice-chairman of Matrix.
The group’s first priority will be to reinforce Matrix’s sales and marketing efforts in the US and serve a broader range of global customer casting requirements, Natraj said. “We plan to supplement Matrix’s established foundries in Keokuk, Houston and Mexico with our expanded operations in India to meet those needs,” he said.
Matrix Metals employs over 1,300 people and operates one of the largest steel casting businesses in North America.
The $157 million company has foundries in Keokuk, Iowa, Richmond, Texas and San Juan del Rio, Mexico, which focus on castings for flow control, locomotive, mining, farm equipment, heavy construction and oilfield equipment sectors.
Sanmar acquired German alloy castings producer Eisenwerk Erla GmbH in 2007. This, together with a greenfield site in Chennai for iron alloy castings, will offer its major automotive customers a choice of simple and complex iron castings to meet their varied needs.
The group has an annual steel casting capacity of 60,000 tonnes and about 50,000 tonnes of capacity for premium iron alloy casting.
It is investing over $26 million (about Rs 100 crore) to further expand its foundry capacity in India from 10,000 tonnes to 30,000 tonnes a year, by adding three automated lines for sand castings.
The steel foundry business includes an investment foundry with a capacity of 1,200 tonnes and a state-of-the-art machine shop.
As part of its ongoing investment plans, Sanmar Group is setting aside Rs 4,650 crore for capacity expansion, strategic acquisitions and cross-sector organic growth.
April 2, 2008 Business Standard
The Chennai-based company says the acquisition will create one of the largest speciality casting groups in the world.
The Sanmar Group, an integrated industrial, shipping and engineering business house, has acquired North American firm Matrix Metals LLC, a portfolio company of Jefferies Capital Partners.
HOT DEAL
MATRIX Metals LLC, which operates one of the largest steel casting businesses in North America, employs over 1,300 people.
THE deal is funded by a bridge facility provided by Bank of India and State Bank of India.
SANMAR Group has a steel casting capacity of 60,000 tonnes and about 50,000 tonnes capacity for premium iron alloy casting.
THE company acquired German alloy castings producer Eisenwerk Erla GmbH last year. Sanmar executives would not disclose details of the acquisition with respect to the cost or share purchase agreement between the two companies.
The company said that the merger will create one of the leading specialty steel casting groups in the world.
The deal, which was announced early today, is the result of a close association between the Sanmar Group, headquartered in Chennai, and Matrix’s NEPCO unit, which has sourced castings from Sanmar for many of Matrix’s important customers over the years.
“Combining Sanmar’s expanding foundry capacity with ours will enable us to meet almost any North American customer’s casting requirements and create new business opportunities across the combined companies,” Roger Courtney, CEO, Matrix, said in a statement.
According to company sources, the transaction has been funded by a bridge facility provided by branches of Bank of India and State Bank of India in New York. The banks will also provide long-term funds, they said.
Following the merger, Sanmar Group Corporate Director B Natraj will relocate to the US and serve as executive vice-chairman of Matrix.
The group’s first priority will be to reinforce Matrix’s sales and marketing efforts in the US and serve a broader range of global customer casting requirements, Natraj said. “We plan to supplement Matrix’s established foundries in Keokuk, Houston and Mexico with our expanded operations in India to meet those needs,” he said.
Matrix Metals employs over 1,300 people and operates one of the largest steel casting businesses in North America.
The $157 million company has foundries in Keokuk, Iowa, Richmond, Texas and San Juan del Rio, Mexico, which focus on castings for flow control, locomotive, mining, farm equipment, heavy construction and oilfield equipment sectors.
Sanmar acquired German alloy castings producer Eisenwerk Erla GmbH in 2007. This, together with a greenfield site in Chennai for iron alloy castings, will offer its major automotive customers a choice of simple and complex iron castings to meet their varied needs.
The group has an annual steel casting capacity of 60,000 tonnes and about 50,000 tonnes of capacity for premium iron alloy casting.
It is investing over $26 million (about Rs 100 crore) to further expand its foundry capacity in India from 10,000 tonnes to 30,000 tonnes a year, by adding three automated lines for sand castings.
The steel foundry business includes an investment foundry with a capacity of 1,200 tonnes and a state-of-the-art machine shop.
As part of its ongoing investment plans, Sanmar Group is setting aside Rs 4,650 crore for capacity expansion, strategic acquisitions and cross-sector organic growth.
April 2, 2008 Business Standard
Synchron buys French co facility :
Synchron Research Services has acquired the stand-alone bio-analytical and bio-marker facility of Parexel International in France for nearly $ 6.7 million. At the same time, Parexel has increased its stake in Synchron from 19.5% to 31%, according to a company statement here. Synchron, which provides Phase I to IV clinical research services, was set up in 1998
Business Line, 1st April 2008
Synchron Research Services has acquired the stand-alone bio-analytical and bio-marker facility of Parexel International in France for nearly $ 6.7 million. At the same time, Parexel has increased its stake in Synchron from 19.5% to 31%, according to a company statement here. Synchron, which provides Phase I to IV clinical research services, was set up in 1998
Business Line, 1st April 2008
Tata, M&M to invest Rs 7,500cr in Maharashtra:
Maharashtra has signed memorandum of understanding (MoU) with auto majors Tata Motors and Mahindra & Mahindra for investments of Rs 7,500 crore.While Tata Motors will invest Rs 6,000 crore to expand its manufacturing facility in Pune, Mahindra & Mahindra (M&M) will invest an additional Rs 1,500 crore at its upcoming greenfield project at Chakan.Tata Motors will invest Rs 6,000 crore over the next four-five years to expand capacity and set up a vehicle testing facility in Pune. The company will augment its capacity from 400,000 units to 600,000 units. The company is also planning to manufacture its small car, Nano, at Pune.M&M will manufacture medium and heavy commercial vehicles and other products from its Chakan facility. Pawan Goenka, president, automotive sector, M&M, said: "We had decided to make the state the launch pad for our commercial vehicles. The additional investment of Rs 1,500 crore will allow us to create a world-class manufacturing facility for 300,000 vehicles."
Maharashtra has signed memorandum of understanding (MoU) with auto majors Tata Motors and Mahindra & Mahindra for investments of Rs 7,500 crore.While Tata Motors will invest Rs 6,000 crore to expand its manufacturing facility in Pune, Mahindra & Mahindra (M&M) will invest an additional Rs 1,500 crore at its upcoming greenfield project at Chakan.Tata Motors will invest Rs 6,000 crore over the next four-five years to expand capacity and set up a vehicle testing facility in Pune. The company will augment its capacity from 400,000 units to 600,000 units. The company is also planning to manufacture its small car, Nano, at Pune.M&M will manufacture medium and heavy commercial vehicles and other products from its Chakan facility. Pawan Goenka, president, automotive sector, M&M, said: "We had decided to make the state the launch pad for our commercial vehicles. The additional investment of Rs 1,500 crore will allow us to create a world-class manufacturing facility for 300,000 vehicles."
MindTree Consulting is now MindTree:
MindTree Consulting has changed its name to MindTree with immediate effect.
Ashok Soota, chairman and managing director, MindTree, said: "Over the years, MindTree has emerged as one of the fastest growing IT and R&D services providers offering its services across a range of technology and industry domains. The word 'consulting' in our name, however, did not reflect the entire range of services we offer our customers. While MindTree is one of the first companies to offer consulting-led IT services, we are intellectual property-led in our R&D services."
"Our new name, MindTree, also allows us to now offer newer areas of services to our customers across the globe," Soota added.
"MindTree will now become the umbrella name under which future acquisitions can take the forms of divisions or subsidiaries. MindTree will continue to stand for our unique culture, commitment towards high customer satisfaction and our innovative people practices. We will continue to build an organization that has a place among the best in our industry," Soota said.
The Economic Times
MindTree Consulting has changed its name to MindTree with immediate effect.
Ashok Soota, chairman and managing director, MindTree, said: "Over the years, MindTree has emerged as one of the fastest growing IT and R&D services providers offering its services across a range of technology and industry domains. The word 'consulting' in our name, however, did not reflect the entire range of services we offer our customers. While MindTree is one of the first companies to offer consulting-led IT services, we are intellectual property-led in our R&D services."
"Our new name, MindTree, also allows us to now offer newer areas of services to our customers across the globe," Soota added.
"MindTree will now become the umbrella name under which future acquisitions can take the forms of divisions or subsidiaries. MindTree will continue to stand for our unique culture, commitment towards high customer satisfaction and our innovative people practices. We will continue to build an organization that has a place among the best in our industry," Soota said.
The Economic Times
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