Crompton Greaves after market hours yesterday, 12 January 2015, said it has entered into a memorandum of understanding (MoU) with French enterprise Arelis that specialises in design and manufacturing of high-tech electronics solutions. On one side the two companies agree to explore manufacturing and supply of hybrid microelectronics for high mix-mid volume market and for high runner microelectronics hybrids markets for aerospace and defence, energies, utilities and telecommunication sectors. With the technology transfer from Arelis on hybrid microelectronics, Crompton Greaves will be able to indigenously manufacture the components and sub-assemblies for Indian and global markets. On the other side Crompton Greaves and Arelis agree on the manufacturing and supply of electrical, electronics and microelectronics components to key Indian aerospace and defence programmes as well as to global OEMs targetting offset discharge, Crompton Greaves said in a statement.
Sesa Sterlite after market hours yesterday, 12 January 2015 in a clarification with regard to news item titled "HZL, Sesa Sterlite and Cairn India to be merged with the Vedanta Group said that the media reports were on the basis of an interview by the Press Trust of India with its Chairman Emeritus, Mr.Anil Agarwal/Chairman, Vedanta Resources Plc. Sesa Sterlite said its management evaluates various strategies from time to time to create value for shareholders. The company added that at this point of time there is no definite proposal for any merger and no such event or negotiations have taken place. Sesa Sterlite said it has simplified its corporate structure and it will always explore ways that can further help simplify the corporate structure of the group. At various points, the company receive solicited and unsolicited comments from various experts on restructuring and related questions, Sesa Sterlite said. If there is any such event which is considered by the Board of Directors of the company, as in the past, the company will make appropriate announcement to the stock exchange, Sesa Sterlite said.
Asian Paints after market hours yesterday, 12 January 2015, in a clarification with regard to news item titled Asian Paints in talks for Rs 2500-crore project in South said the company has been exploring the possibility of setting up a paint manufacturing plant and is in talks with some of the southern states of the country since the last four to five years. It usually takes three to four years for the company for setting up a paint manufacturing plant including acquisition of land, obtaining all necessary environmental and other clearances and approvals, Asian Paints said. The final capacity of the proposed paint plant will be dependent on the location and area of the land allotted to the company, it added. The cost of setting up a manufacturing plant of a capacity in the range of 4 lakh KL to 6 lakh KL, subject to various factors would be approximately Rs 2000 crore to Rs 2500 crore, Asian Paints said. Since the company has not been allotted the required land and pending other approvals, as may be required for setting up the said manufacturing facility, the company has not made any announcements in this regard, Asian Paints said. As soon as the required land is allotted to the company and necesssary approvals for setting up of the paint plant are granted by the concerned state government, the company will promptly make appropriate disclosures including the location and the details of the investment, it added.
As regards the company's greenfield venture in Indonesia is concerned, the company vide its letters dated 22 August 2014 and 1 October 2014 had made announcements that the company had made an application for investment approval for setting up a greenfield paint manufacturing facility in Indonesia. The Badan Koordinasi Penanaman Modal (BKPM), the investment coordinating Board of Republic of Indonesia had approved the investment application and issued a principal license for setting up manufacturing facility. The company had further informed that the further steps to be taken for setting up the greenfield operations in Indonesia will be subject to necessary regulatory and other approvals, Asian Paints said.
Regarding the company's proposed acquisition of 51% stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia, (Kadisco) the company had made announcement dated 22 October 2014, wherein the company had stated that, Berger International, Singapore (indirect subsidiary of the company) had signed the share purchase agreement and other definitive agreements and documents to acquire 51% stake in Kadisco. The company had further stated that the acquisition would be subject to regulatory approvals, Asian Paints said.
Reliance Industries (RIL) after market hours yesterday, 12 January 2015 in a clarification with regard to news item titled Reliance announces Rs 1 lakh cr investment in 12-18 months said that this is just a reiteration of the statement, inter alia made by its Chairman in his speech at the fortieth annual general meeting of the company held on 18 June 2014. He said at that time In the past 37 years, we invested Rs 240000 crore and in this current three years' investment cycle, we will be investing over Rs 180000 crore. We are currently at the mid-point of the largest investment programee in Reliance's history. The next two years, 2014-15 and 2015-16, will see us focussed on executing and progressively bringing these projects on-stream in petrochemicals, refining, retail, and Jio.
RIL further said that the Chairman has mentioned clearly at the Summit inauguration function referred to in the subject newspaper report that the company will invest over Rs 100000 crore in the next 12-18 months in contributing to the Make-In-India and Digital India initiatives.
Info Edge (India) announced that Zomato Media, which owns and operates an online food guide portal www.Zomato.com, acquired www.urbanspoon.com, one of the leading restaurant information websites operating in the United States of America, Australia and Canada in an all cash transaction amounting to $52 million.
Info Edge (India), through its wholly-owned subsidiary, invested an amount of about Rs 185 crore in Zomato. Upon completion of the allotment/transfer of shares against the said investment, aggregate amount of investment in Zomato will be about Rs 327 crore. Info Edge will hold 55.13% of the equity share capital of Zomato. The overall holding on a fully-converted and diluted basis will remain at 50.1%, Info Edge (India) said.
CMC's consolidated net profit rose 2.29% to Rs 72.16 crore on 13.5% growth in total income to Rs 640.23 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 12 January 2014.
Bank of Maharashtra after market hours yesterday, 12 January 2015 said that raising of AT1 Tier 1 Basel III compliant bonds of Rs 500 crore with green shoe option of Rs 500 crore is fully subscribed and the bank has closed the issue on 10 January 2015. The bank said it is exercising the green shoe option and will allot the bonds amounting to Rs 1000 crore as per subscription amount received from the investors.
Biocon after market hours yesterday, 12 January 2015 said that Silver Leaf Oak (Mauritius) has assigned its rights and obligations for acquisition of 10% stake in Syngene International (Syngene) to IVF Trustee Company (IVF), a fund advised by India Value Fund Advisors. Biocon Research, a wholly owned subsidiary of the company has concluded such sale to IVF. Post conclusion of the above, Biocon and BRL jointly hold 85.54% stake in Syngene, Biocon said.
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