Following are the important business news carried by leading financial dailies on Friday Nov. 30, 2012.
BHEL executing Rs 33.95 bn order for UP Vidyut Utpadan Nigam
The government said BHEL is executing a Rs 33.95 billion order in Uttar Pradesh for UP Rajya Vidyut Utpadan Nigam. "BHEL is presently executing an order of Uttar Pradesh Rajya Vidyut Utpadan Nigam for two 500 units of Anpara thermal power station located in Sonebhadra district valued at Rs 33.95 billion," Praful Patel, Minister of Heavy Industries and Public Enterprises, said in a written reply in Lok Sabha.
ONGC's acquiring stake in Kashagan oilfield will raise debt: Moody's
Rating agency Moody's has said ONGC's acquisition of ConocoPhillips' 8.4% stake in Kazakhstan's Kashagan oilfield will be 'credit negative' as the state-owned firm's debt will rise by USD 5 billion. "The acquisition would be funded with debt and would increase ONGC's consolidated net debt by at least USD 5 billion, a credit negative," it said in a note.
PVR to buy out Cinemax promoters' shares
Gurgaon-based multiplex major PVR is buying promoters' shares in rival Cinemax India at Rs 203.65 a share. PVR will end up paying Rs 3.95 billion to take up 69.27% stake in the company. "The Board of Directors at its meeting held on November 29, approved, subject to receipt of relevant consents under applicable law, the purchase of entire 69.27% stake in Cinemax India from the Kanakia family, promoters of Cinemax India at a per share price of Rs 203.65 and a total consideration of Rs 3.94 billion through Cine Hospitality (P), a wholly owned subsidiary of the company," PVR said.
Tata Motors to undertake 3 block closures at Jamshedpur plant
The country's leading automobile company Tata Motors will halt production at its block here for three days, following poor demand. Confirming the development, a Tata Motors spokesperson said the block closure had been planned keeping in mind the weak demand of commercial vehicles.
KNR Constructions bags Rs 7.9 bn order
KNR Constructions, a Hyderabad-based infrastructure development company, has bagged an EPC (engineering, procurement and construction) order worth Rs 7.90 billion from KNR Walayar Tollways (P). The scope of the order includes four-laning of the Walayar-Vadakkancherry section in Kerala to be completed within 910 days from the appointed date, the company said in a filing to the BSE on Thursday.
Elgi Equipments acquires US-based Patton's Inc
Elgi Equipments (Elgi), a leading manufacturer of air compressors and automobile service station equipment, has acquired 100% stake in Patton`s Inc, a closely held company based in Charlotte, USA. The company did not disclose the value of the acquisition. The acquisition, advised by MAPE Advisory Group, has been done through Elgi`s wholly owned US subsidiary, Elgi Compressors USA Inc.
Emami to start commercial operations in Bangaldesh soon
Home-grown FMCG Company Emami will shortly start commercial operations in Bangladesh for which trial production is already on, a senior company official said."We had got the licence from the Bangladesh government for setting up a factory there. Everything is now in place and trial production is going on and commercial operations will start soon," CEO (sales, supply chain and human capital) of Emami Limited N Krishna Mohan told PTI.
CIL lines up Rs 500 bn investment plans for next 5 years
Amid government directive to PSUs to invest their surplus funds, Coal India (CIL), which is sitting on huge cash-pile, has lined up Rs 500 billion investment plans for the next five years. "We have investment plans. We have a five-year plan, almost Rs 500 billion lined up," Coal India Chairman and Managing Director S Narsing Rao said.
Bayer Crop Science sells Thane property for Rs 12.5 bn
Bayer Crop Science has sold its 104 acre land parcel at Thane in the outskirts of Mumbai for Rs 12.5 billion to Agile Real Estate. The company was manufacturing crop production products in the Thane factory. Bayer entered into a non-binding agreement with Agile Real Estate in March last year after receiving an earnest money and advance of Rs 5.2 billion.
Unichem gets USFDA nod for Tizanidine tablets
Unichem Laboratories said that it has received American health regulator`s approval to market Tizanidine tablets, a drug used to relieve muscle pain, in the US market. The company has received approval from the US Food and Drug Administration (USFDA) for Tizanidine tablets in strengths of 2 mg and 4 mg, Unichem Laboratories said in a filing to the BSE.
NTPC starts 500 MW unit of Vallur power project in TN
NTPC on Thursday said the first unit of 500 MW of the Vallur Thermal Power Project set up by NTPC Tamil Nadu Energy Co has started operations. The project is a joint venture between NTPC and Tamil Nadu Electricity Board (TNEB).
Onco Therapies gets ANDA approval for Ifosfamide injection
Onco Therapies, a wholly owned subsidiary of Strides Arcolab (Strides), has received Abbreviated New Drug Application (ANDA) approval for Ifosfamide injection 50 mg/ml packaged in one gram/20 ml and three grams/60 ml single-dose vials. Ifosfamide is a part of the onncology portfolio licensed to Pfizer for the US market and the product is available for immediate launch.
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