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Adani inks $1.65 bn deal for coal with Indonesia
CII adopts 2 Leh villages
State Bank of Mysore offers rights issue
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No counter bid from PSU oil firms for Cairn
Abhishek Ind to enter US paper market
Sterlite Energy to add one more unit at Talwandi Sabo
Corporate Briefs
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Adani inks $1.65 bn deal for coal with Indonesia
New Delhi, August 25 Adani Enterprises, through its Indonesian subsidiary PT Adani Global, has entered into a binding tripartite agreement for setting up a dedicated “rail and port project” with the Indonesian government and PT Bukit Asam, Indonesian government-owned coal mining company. "As per the agreement, we will be investing $1.65 billion (approximately Rs 7,500 crore) in building infrastructure, which includes port and railway lines in South Sumatra province of Indonesia," Devang Desai chief finance officer Adani Enterprises told PTI in an interview. The company plans to commence construction as soon as it is granted all the necessary clearances. "We look to start construction there in the next three months after getting all clearances and it will be completed in 48 months," he said. "As per the deal, we have exclusive rights over 60 per cent of the coal from coal reserves of Bukit Asam in the province," Desai said. This was part of our main business of importing coal to cater to various user industries in India, Desai added. There was a huge demand of coal in India, which was expected to grow manifold in the next two years, he added. At present, Adani Enterprises imports 35 million tonnes of coal and is likely to hike this capacity to about 60-70 million tonnes in the next 3-4 years. Meanwhile, Adani Enterprises, which plans to focus on the energy sector, bought the Australia-based Linc Energy's coal assets for about Rs 12,600 crore in a cash and royalty deal, earlier this month.
— PTI |
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CII adopts 2 Leh villages
Chandigarh, August 25 While ACC has donated 100 tonnes of cement to construct houses, Kapsons - a leading garment retailer has donated over 500 warm jackets, while leading shoe exporter, Drish shoes has donated over 1000 pairs of fur shoes. The hand tool industry in Jalandhar has donated tools for removing debris and mud, blankets have been donated by the Amritsar and Ludhiana industry. The funds donated by the corporate houses are being used to buy community tents to run schools, reverse osmosis system and water purification tablets, solar lanterns and battery operated lamps. “Most of the material has been dispatched by the CII to Leh. In fact, we have stationed a team at Leh, which is involved in distribution of relief material to the flood victims there. We have also managed to reach out to seven villages across the Zanskar river, which are inaccessible with the help of the Army and the Association for Far Flung Villages, and distributed relief material there,” said Charu Mathur, regional director, CII Northern Region. Even as the industry is busy dispatching the relief material, it has decided two adopt two villages - Saboo and Nimmo. A CII team will not only work on reconstruction of all houses in the two villages, but also in restoration of irrigation headworks here. “All the work will be completed before the onset of winters and the challenge is to do this before October. We will also be promoting the use of solar energy in these villages, so that they can be constructed into model villages. We have sought the permission for the same from the government,” said Mathur.
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State Bank of Mysore offers rights issue
New Delhi, August 25 "The proposed rights issue is for raising Rs 583.20 crore. The bank has proposed to issue shares on a rights basis in the ratio of 3:10 at a price of Rs 540 per share," State Bank of Mysore (SBM) said. It would help the bank augment its capital base to meet the capital requirement and asset growth, the filing added. The bank has fixed September 4 as the record date for ascertaining the eligible shareholders for the rights issue.
— PTI |
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No counter bid from PSU oil firms for Cairn
New Delhi, August 25 "There is no counter bid," a top oil ministry official said. "The price at which Vedanta is acquiring Cairn India already is too high." The change in stance possibly came about after Vedanta Resources chairman Anil Agarwal spoke to Oil Minister Murli Deora at least on a couple of occasions this week. There were also reports that Agarwal met Congress president Sonia Gandhi yesterday on issues relating to his India projects, but no confirmation could be obtained. Also, the Prime Minister's Office is believed to have discussed the issue, sources said, adding that Cairn Energy was likely to respond to the ministry's queries by Friday. The ministry, which till early this week was nudging Oil and Natural Gas Corp (ONGC) to cobble up an alliance with Oil India and GAIL for a rival bid, says that it is only awaiting clarifications from the UK's Cairn Energy Plc on it selling majority stake in Cairn India. This is what ONGC has been contending from August 16 when the deal was announced, but the ministry was pushing it to examine a counter bid. "We are awaiting a response to certain clarifications sought from Cairn Energy and will decide (on giving approval to the deal) after that," the official said. Meanwhile, the board of ONGC, which is a 30 per cent partner of Cairn India in the prolific Rajasthan oilfields that are at the centre of its parent Cairn Energy's deal with Vedanta, is likely to be briefed about the possible scenarios. "The matter is being taken to the board as a non-agenda and a status (report) will be presented," a source said. Cairn Energy chief executive Bill Gammell yesterday stated that his firm would seek "the Government of India's endorsement and any necessary consent" for the Vedanta deal. Cairn Energy is selling up to 51 per cent out of its 62.37 per cent stake in Cairn India to Vedanta, the mining company controlled by NRI billionaire Anil Agarwal. The firm had last week written to the Oil Ministry detailing the Vedanta deal. The ministry was not satisfied with the details and wrote to Cairn Energy seeking explanation on provisions of the production sharing contract in case of stake transfer. — PTI
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Abhishek Ind to enter US paper market
Ludhiana, August 25 The company already has formidable presence in the US market in its textile business and this recognition will enable it to foray into the US paper market. The FSC, a non-profit organisation, is widely regarded as the most respected certification for responsible fiber sourcing around the world. It has been promoting responsible forest management worldwide for a decade and is nationally represented in more than 50 countries around the world. Known for its eco-friendly paper, for Abhishek the recognition of the FSC certification comes as an encouragement towards its sustainable initiatives towards conservation of environment. The company has various copier brands like Natural, My Choice, Spectra and Lotus creating presence in the market. With its recently launched new paper products, Abhishek plans to increase its revenue from copier by 116 per cent in this fiscal year. Abhishek is part of the Rs 2500 crore conglomerate Trident Group having interests in home textiles, yarn, paper, chemicals, IT and energy.
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Sterlite Energy to add one more unit at Talwandi Sabo
Chandigarh August 25 A decision to this effect was taken by the Chief Minister at a meeting with Chief Executive Officer of Talwandi Sabo Power Ltd. (TSPL) BK Sharma at the Chief Minister's residence this morning. Taking part in the deliberations, Sharma apprised the Chief Minister that TSPL had already submitted the detailed feasibility report to the state government for grant of approval to add one more unit of 660 MW. He said the efforts were afoot to make the first unit 660 MW to be operational by the end of 2012 and other two units 2x660 by the end of 2013. He also expressed his willingness to sign an MoU with Punjab State Power Corporation Ltd. at the earliest for another 660 MW unit. Sharma also informed the Chief Minister that the relentless efforts of TSPL had resulted in timely compliance of the requirements of the Power Purchase Agreement and achievement of all milestones till date on or before time.
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Corporate Briefs
New Delhi, August 25 The company's board, which met today, also approved a special interim dividend of 80 paise per equity share (face value of Rs 2 per share) for the financial year ending March 31, 2011, to commemorate its 75th anniversary. "The total payout inclusive of dividend tax will aggregate to nearly Rs 75 crore," Cipla said. "The acquisition of Meditab will help the company consolidate its business in various countries, including China and Africa," the company said. REC plans to
enter banking
The Rural Electrification Corporation and the Power Finance Corporation are contemplating a foray into banking in order to get access to cheaper funds, a senior official said today. "We are brainstorming (on the idea of getting into banking) currently. The heads of power finance PSUs will be meeting tomorrow to discuss it," Rural Electrification Corporation's chairman and managing director Jairaj Phatak told reporters here today. REC has also set up an internal committee to deliberate on the issue, he said. "Through a presence in banking, we can get access to cheap savings, bank funds which can be used for financing," Phatak said, adding that depending on the decision, either an SPV (special purpose vehicle) or a subsidiary would be launched. At present, participants in the deliberations are limited to power finance companies and generating companies like NTPC are not on board, Phatak said. The RBI had earlier this month issued a discussion paper on granting new banking licences. REC will be raising $ 400 million in foreign borrowings by September and be signing agreements with the lead managers next week, Phatak said. Offer for Religare opens on Oct 13
Religare Enterprises founders Malvinder Singh and Shivinder Singh today made an open offer to company shareholders at Rs 457 a share, which will increase their stake further by 20 per cent. Under the offer, the Singh brothers propose to acquire over 2.79 crore shares for the 20 per cent stake in the financial services provider. On its successful completion, their stake in the company will go up to 85.13 per cent. The offer opens on October 13 and will close on November 1, 2010, Religare said. The promoters will shell out about Rs 1,280 crore for hiking their stake in the company. Yesterday, the promoters had said they would infuse Rs 857 crore in the company by way of fresh share issue, preferential allotment and warrant conversion. Following this their in the company would increase by 8.03 per cent to 65.79 per cent. SBI not to raise lending rates
The State Bank of India (SBI) says that it does not plan any hike in its lending and deposit rates in the near-term as the liquidity situation is evolving in the right direction. "Till September, there will be no increase in our deposit rates," SBI chairman O P Bhatt said today on the sidelines of a CII-organised conference. There were no plans to hike its newly introduced base rate or its lending rates as well in the "near-term", Bhatt said. "The liquidity in the system is not as much as it used to be...but that is not to say that funds are not available to banks--they are available," Bhatt said. However, adding a caveat, he said there could be pressure on liquidity as advanced tax payments startd in September. Patni wins two major deals
Patni today said it had secured two contracts -- a seven-figure, three-year contract from Scandinavia's The Codan Group and another from Serco Learning, a provider of innovative, the 21st century educational technology solutions. The Codan Group is part of the insurance giant RSA Group and operates in Denmark, Sweden and Norway. Codan invited five leading outsourcing companies, including Patni, to bid for the application management contract in September 2009, shortlisted three vendors in March 2010, and made its final decision to appoint Patni in June, the company said in a statement here. — PTI |
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Moved by the gloom left behind by the flash floods in Leh, the CII has come together with an initiative to rebuild the flood-ravaged villages in the Ladakh region.
