United Phosphorus acquires Argentina's ICONA for $10 million
Mumbai: United Phosphorus Ltd has, through its UK subsidiary, acquired 100-per cent stake in Argentina's ICONA and ICONA San Luis S.A., a manufacturer and distributor of crop protection products, for $10 million in an all cash deal.

The share purchase includes all stocks, product registrations, manufacturing sites and all other property rights associated with the business of ICONA. It is all cash offer and the company will find this through its internal accruals.

Buenos Aires-based ICONA is a debt free company, having more than 35 registrations in Argentina. It has a strong manufacturing base at Capilla del Senor, near Buenos Aires and at Justo Daract in San Luis.

ICONA and ICONA San Luis SA have combined revenue of $13 million.

This is the company's third acquisition in 2007, following its acquisition of the Cerexagri group of companies and the global rights to two tin compounds from Dupont.

United Phosphorous is the largest Indian agrochemical player and among the top five generic players globally in this industry.(Read More)
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Pawan Hans to start city heli-services
Pawan Hans, the largest helicopter operator in the country with 33 helicopters, says it is getting ready to start intra-city helicopter services.

Pawan Hans is even proposing setting up Delhi's first heliport, near the Akshardham temple. It wants this ambitious project to take off before the Commonwealth Games.

The company has identified two sites in the city for its heliport; one near the Akshardham temple and the other one near Apollo hospital, which will make it suitable for handling medical emergencies.

Since the National Capital Region may soon see a new international airport at Noida, A city heliport would make a lot of sense. The only problem is security clearances, which the government may anyway want to relax, in light of the coming Commonwealth Games.

The heli-services would also be helpful for rescue and relief operations in case of natural disasters or major accidents, said K Gohain, Director General of Civil Aviation. Tyagi said that the service would also boost tourism, as many foreign tourists avoid combining major tourist spots, because it involves too much travelling time.

Earlier, regular passenger services were being run under the aegis of different state governments. At present, Pawan Hans Helicopters and some private heli-services operate in difficult terrain, like in Jammu and Kashmir, the Andaman and Nicobar Islands and the north-eastern states.

Delhi is not the only city that promises potential; Mumbai, famous for its traffic jams, already has active landing spots such as the Mahalakshmi racecourse and some company headquarters like the Essar House. Now, with Pawan Hans eyeing the capital, the chopper business is all set to boom here too.

With the government willing to allow up to 100 per cent foreign investment in helicopter services, the chopper population in the country is expected to jump from around 190 at present to over 400 within the next five years. (Read More)
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Pantaloon in JV with Axiom Telecom to distribute mobile handset
Kishore Biyani's Pantaloon Retail India Ltd has entered a joint venture agreement with Axiom Telecom of the United Arab Emirates to distribute mobile handsets.

The two companies will form a 50:50 joint venture with an equity base of up to $40 million, for wholesale and retail marketing of handsets and accessories and after sales service market to distribute mobile, and set up service centres in India, the world's fastest growing telecom market.

The joint venture would be carried out through a new company, which will focus on developing backend-sourcing infrastructure for Pantaloon Retail's existing telecom retailing business, to enable it to expand. (Read More)
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Tata Metaliks in ductile pipes JV with Japan's Kubota Corp and Metal One
Mumbai: Metallurgical coke maker Tata Metaliks Ltd. (TML) has signed a three-way joint venture agreement with Kubota Corporation and Metal One Corporation - both Japanese companies - to manufacture ductile iron pipes.

Tata Metaliks would hold 51 per cent in the venture, Tata Metaliks Kubota Pipes Ltd, that would cost Rs150 crore. Kubota would have 44 per cent and Metal One 5 per cent, the company said in a filing with the Bombay Stock Exchange (BSE).

The manufacturing facility, with an initial annual capacity of 110,000 tonnes, would be located at Kharagpur in West Bengal. A portion of the output would be exported. (Read More)
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