The Indian companies have recently have done many activities for their well being, like making joint ventures, launching new products, getting contracts etc. Among the companies, the JBM Auto Ltd has recently entered into a 50:50 Joint Venture (JV) agreement with the Italian company, named Magnetto Automotive S.P.A for manufacturing the skin panels, body and under body, welded parts and sub-systems. The JV company would manufacture these products for the four-wheeler OEMs in Pune region like the Tata, Fiat Tata and Volkswagen group. The officials of JBM has informed that the new JV company has been named as the JBM Magnetto Automotive Private Ltd and its facilities have been set up at Chakan, Pune. The officials added that the company has also entered into another 50:50 joint venture agreement with the Sandhar Technologies Ltd. The two companies would form a consortium for operating and maintaining the tool room and technical service centre of Pithampur Auto Clusters Ltd in tehsil Mhow, Indore, Madhya Pradesh, through this joint venture.
The JSW Steel Ltd has informed that it has inaugurated its cold rolling mill complex at Vijayanagar Works on 17th March. The company officials have stated that this 1-million tonne CRM complex is going to cater to the automobile and auto component industry and will also act as a catalyst in order to attract further investments in this sector in Southern India. The officials of the Kalindee Rail Nirman (Engineers) Ltd have also informed about their companys development and said that its shareholders have recently approved the proposal of raising money by way of specified securities to qualified institutional buyers through QIP route up to a maximum of Rs 150 crore. The officials added that the proposal of raising of money through issuing 18,00,000 convertible equity warrants to the promoters at a price not less than Rs 402 per warrant and raising of investment limit by the foreign institutional investors up to 74 per cent of the paid up equity share capital of the company, have also been approved.
Among the other companies, the Malu Paper Mills Ltd has recently signed a Memorandum of Understanding (MoU) with the state government of Maharashtra on 15th March. The MoU has been signed in order to set up mega expansion project and the main features of the project include the installation of two machines named, the (PM-III) Newsprint Paper machine of 49,500 mtpa capacity along with 6 MW captive power plant and the (PM-IV) the writing and printing paper machine of 82,500 mtpa along with 15 MW captive power plant. The company officials have informed that they have already started commercial production in the phase I - PM III and the company will be eligible for incentives and benefits like exemption from payment of electricity duty, stamp duty and industrial promotion subsidy etc, after completing this mega project. The Board of Directors of Tanla Solutions Ltd has announced that it has approved a sub-division/ split in the face value of the equity share from Rs 2 to Rs 1 each and the shareholders would be recommended the same for approval by postal ballot.
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| Posted : 3/19/2008 |
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