Raymond, the Rs 4,000-crore textiles major, plans to offload a minority stake in its engineering subsidiary, JK Files, one of the largest producers of files in the world, with a 30 percent global market share in cutting and precision tools business. Avendus Capital has been appointed to find a suitable investor. Raymond is trying to attract private equity or strategic investors to raise Rs 250-300 crore. Raymond will use proceeds from the stake sale to fund global buyouts, as well as expanding its manufacturing facilities. JK Files has reported gross revenue of Rs 415 crore for 2012-13. JK Files, established as a division of Raymond in 1949, earns 60 percent of its revenue from exports, in 70 countries worldwide. The company has launched a range of products in hand tools and the agricultural implements industry recently.Facing multiple regulatory challenges, BP plc chief executive Bob Dudley and Reliance Industries (RIL) Chairman Mukesh Ambani may meet Prime Minister Manmohan Singh to seek clarity on gas policy. Dudleys third visit to India this year comes at a time when Oil Ministry, at the insistence of Finance Ministry, is seeking to deny his company and its partner RIL a new gas price for producing less natural gas than projected. This punishment is on top of $1.8 billion penalty that is already being imposed on them for the same crime. Also, the DGH is seeking to strip them off 8 gas discoveries holding 1.15 trillion cubic feet of reserves worth $14 billion from their eastern offshore KG-D6 block. Indias auto major Tata Motors is expanding its product portfolio in South Africa to increase sales by nearly four-fold in the combined passenger and light commercial vehicle segments by 2018. The company has also unveiled the cross-over vehicle Tata Aria and two trucks from Tata Prima and Tata Ultra range at the Johannesburg International Motor Show, 2013. These new vehicles will hit the market here early next year. It plans to have a total of six passenger vehicle models in the country in the next few months, up from two at present. Besides, the Tata Motors-owned JLR launched an all-new premium sports SUV Range Rover Sport in the domestic market in both diesel and petrol variants with a price tag of Rs 1.1 crore to Rs 1.65 crore. The new Range Rover Sport delivers the brands high on-road dynamics together with class-leading Land Rovers all-terrain capability. State-owned NMDC’s iron ore production for the half-year ended September 30 has gone up by 5.31 percent to 12.89 million tonnes. The PSU produced 12.24 million tonnes (MT) during the corresponding period last year. The company’s overall ore sale has registered a growth of 8.09 percent during the first half of the fiscal to 13.75 MT against 12.72 MT during April-September of 2012-13. While sale from Karnataka mine has gone up by 13.33 percent to 4.42 MT during the period under review, Chhattisgarh registered 5.78 percent growth to 9.33 MT. Similarly, production of ore from Karnataka has shown 9.90 percent growth at 4.44 MT, while the same from Chhattisgarh was at 8.45 MT registering a 3.05 percent growth during the first-half of last fiscal. Sesa Goa, a division of Sesa Sterlite, is moving towards resuming iron ore mining in Karnataka. The company, which had stopped mining following a Supreme Court ban in the state two years ago (later lifted), recently secured a working permit for one year from the union ministry of environment and forests (MoEF) for its mines in Chitradurga district. However, the company is yet to get no-objection certificate from the forest department, Karnataka government, and final approval from the monitoring committee to resume operations. Sesa Goa has the largest mining capacity of 2.3 million tonnes a year in the state. Low-cost carrier SpiceJet opened booking for its daily flight on the Madurai-Dubai sector, which will begin from November 22. Madurai will be the Chennai-based carriers fifth destination to connect with Dubai. The budget carrier already links the bustling Gulf city with Delhi, Mumbai, Kochi and Ahmedabad every day. The airline is offering an introductory fare of just Rs 6,999 one way and a return fare of 13,999 (inclusive of all taxes) on the route. While the flight will leave Madurai at 2335 hrs to reach the destination at 0220 hrs, it will depart from Dubai at 0350 hrs to reach the Tamil Nadu temple town at 0945 hrs. Five companies, including Adani Ports and United Liner Agencies (ULA), have shown interest in constructing the Rs 1,800-crore liquid terminal for the Jawaharlal Nehru Port Trust (JNPT). Apart from ULA and Adani, Aegis Logistics, IMC and Netherlandss Vopak are expected to submit their applications on October 21, which is the deadline. The liquid terminal, which will handle 15.5 million tonnes per annum and is expected to be built in two phases, will take about five to eight years to be constructed. It will have a liquid jetty and a tank farm spread over 70 hectares. While JNPT is Indias largest container port with 4.1 million twenty-foot equivalent unit (TEU) container capacity, it lags behind other ports in providing terminals for liquid cargo. Varun Industries has received show cause notices from its Consortium Lenders under the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002. The Company is in the process of suitably addressing / responding to the same. Varun Industries is a global conglomerate of businesses which includes stainless steel raw materials, steel ware, energy, commodity trading and agricultural products trading etc either in India or across the Globe. Stainless Steel ware enables Varun Industries to become a market leader over a decade and it has become synonymous with quality stainless steel kitchenware, cookware, house ware, gifts, and other items. Telecom major Bharti Airtel has started mobile charging service across 22 towns in Odisha impacted by cyclone Phailin and offering talk time on loan to people having less than Rs 5 in their account. The company has deployed over thousands of mobile charging points in Airtel BTS (mobile towers) locations across 22 towns in the affected districts of Ganjam, Puri, Khurda, Nayagarh, Dhenkanal, Angul and Jagatsinghpur. Besides, the company has increased its stake in Wireless Business Services (WBSPL), a company founded by US chipmaker Qualcomm, to 93.45 percent at an estimated cost of about Rs 875 crore. Airtel acquired a majority stake in WBSPL in July by increasing its stake to 51 percent from 49 percent. The company had acquired a 49 percent stake in WBSPL in May 2012 for $165 million.
Posted on: Fri, 18 Oct 2013 15:47:54 +0000
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