Tata Motors raises $450 million in foreign currency converible securities
Mumbai: Tata Motors has raised $450 million through issue of Foreign Currency Convertible Alternative Reference Securities (CARS) in the international markets.

The $450 million is excluding the green shoe option and Tata Motors said, "application will be made to list the CARS on the Singapore Stock Exchange".

The funs will meet product development expenditure and other corporate projects, the company said in filing with the Bombay Stock Exchange (BSE).

The issue is priced at an initial conversion price of Rs960.96 per share, Tata Motors said in the filing.

CARS would be convertible, into either qualifying securities, ordinary shares or American depositary shares. Besides the outstanding CARS, if any, at maturity would be redeemable at a premium of 31.82 per cent of the principal amount, Tata Motors said.

The initial conversion price of Rs960.96 per share, is at a 40 per cent premium to the company's closing share price on the National Stock Exchange as of June 20, it added.

Citigroup is the sole global coordinator with JP Morgan being the joint book runner for the issue.
Back to News Review index page  

Mahindra Shaan wins international award for outstanding innovation
Mahindra & Mahindra's farm equipment division has won the `AE50 Outstanding Innovation Award 2007' from American Society for Engineering in Agricultural, Food, and Biological Systems (ASABE), an international, not-for-profit organisation of diverse members dedicated to advancing agricultural, biological and food engineering.

Mahindra& Mahindra Farm Equipment Sector developed the `Mahindra Shaan', deemed to be one of the year's most innovative designs in engineering products or systems for the food and agriculture industries.

The Mahindra Shaan is featured in the June 2007 special AE50 issue of ASABE's magazine Resource: Engineering & Technology for a Sustainable World.
Back to News Review index page  

GAIL to complete Dahej-Uran-Dabhol pipeline by month end
Kolkata: Ratnagiri Gas Power Pvt Ltd (RGPPL) expects to run two gas-based units of 740 MW each, at full capacity by August. According to chairman, Chandan Roy, GAIL had promised completion of its Dahej-Uran-Dabhol pipeline by June 30, which will now allow supplies to reach the plant.

Along with NTPC, GAIL is a major stakeholder in RGPPL.

"Petronet LNG Ltd has already promised us an immediate supply of roughly 8 million standard cubic metre a day (mmscmd) beginning July. Though the generation will begin in two units once the gas supply commences, we may need six weeks to stabilise the generation," Roy said.

RGPPL was so far generating power from one unit using naphtha.

According to Roy, the company has already revived one unit (block-2), which has two turbine engines using gas as feedstock. The revival of the other unit, block-3, is nearing completion.
Back to News Review index page  

Varun Shipping buys India's largest LPG carrier
Mumbai: Varun Shipping has acquired a Very Large Crude Carrier (VLCC), which it claims, is India's largest LPG carrier.

With the acquisition, Varun Shipping now owns nearly 80 per cent of the total LPG tonnage at present operating under Indian flag.

The acquisition was financed partly out of the company's own resources and partly out of a long-term loan from ICICI Bank.
Back to News Review index page  

L&T to build two ships for Dutch company, BigLift
Mumbai: Larsen & Toubro Ltd (L&T) has bagged a contract for construction of two ships valued at over $94.95 million from BigLift Shipping BV of the Netherlands. The vessels will be built at the existing shipyard, which is part of the company's engineering complex at Hazira, Gujarat.

BigLift Shipping of the Netherlands specialises in worldwide transportation of heavy lifts and project cargo.

It's management has expressed the desire to continue the company's association with L&T for future acquisition of a series of vessels, L&T said in a release on Thursday.
Back to News Review index page  

Batliboi buys 70% stake in French co
Mumbai: Engineering company, Batliboi Ltd, has announced acquisition of 70 per cent stake in French air engineering company AESA, SA for approximately Rs9 crore, through an all-cash deal.

Batliboi said that the remaining 30 per cent stake would remain with AESA's key employees. It further stated that there would be no change in the management and employee structure of the French company.

AESA suffered a loss of Rs1- 2 crore last year due to its building mortgage debt, but Batliboi intends to turn the company around this year, according to Nirmal Bhogilal, chairman and managing director, Batliboi.

Batliboi is into machine tools, textiles, air engineering, textile machinery, ACs and refrigeration, and clocked a gross turnover of Rs300 crore last year. Its main facilities are in Udhna, Bangalore and Peterborough with additional offices in Shanghai, Prague and Dhaka.

For Batliboi, AESA is its second acquisition after Canadian Machine Tool Company Quickmill in March this year.
Back to News Review index page  

Essar Global concludes acquisition of Canadian buy, Algoma Steel
Mumbai: Essar Global on Thursday announced that it has completed the acquisition of Algoma Steel Inc through its wholly owned subsidiary Essar Steel Holdings Ltd. Essar had acquired the company at a price of Canadian $1.85 billion.

Algoma is expected to add a new dimension to Essar Steel's marketing operations in North America. In turn, Algoma will now have access to Essar's range of value-added products in the automobile, white goods, construction and engineering industries.

A company statement said the enlarged business will concentrate on further reducing costs of production, widening the product range and developing new applications.
Back to News Review index page  

Indian Hotels in management pact for Gateway hotel in Kolkata
Kolkata: Indian Hotels Company has entered into a management contract with Jalan Intercontinental Hotels for a gateway hotel in Kolkata, which will be part of the Taj Business Hotels portfolio.

The property will become a 200-room mid-market hotel, strategically located at the junction of Rashbehari Connector, and close to the IT hub near Salt Lake

Jamshed S. Dabboo, COO of Taj Business Hotels, said: "The launch of our second hotel in Kolkata is a significant milestone. It will give us critical inventory in this burgeoning market." To be built on 1.9 acres, the hotel will offer 200 rooms with a dining restaurant and a bar.

It will also be equipped with 10,000 sq ft of banqueting and meeting facilities, a fitness centre and a swimming pool.
Back to News Review index page