29-07-2008 Corporate News

Corporate News/ : Announcements

Four Pakistani troops and an Indian soldier were reported killed in a skirmish on the Line of Control on Monday, in the most serious fighting between the two armies since a ceasefire went into force in 2003.An Indian Army spokesperson said the fighting began after 15 Pakistani troops, waving a white flag, signalled
they wished to parley with soldiers at an Indian post near the border town of Handwara. Pakistani troops apparently called for the parley to protest against the construction of new Indian Army fortifications close to Eagle Post, on the LoC.


Reliance Infra in cooperation agreement with Shanghai Electric: Reliance Infrastructure belonging to
Anil Ambani group has signed an agreement with Shanghai Electric Corporation of China for implementing
its mega plans in power sector. It has signed a framework agreement for long term cooperation with
Shanghai Electric for various identified areas in Indian power sector.As per the agreement Shanghai
Electric would give Reliance Infra the "most favoured customer" status while Reliance would give
Shanghai Electric the "most favoured supplier" status.


Binani Cement mulls floating international subsidiary: Binani Cement is planning to float an
international subsidiary to bring its all overseas assets and operations, including two proposed grinding
units in Africa and a coal mine in Indonesia, under one umbrella. It has operations in China and Dubai
with a combined cement manufacturing capacity of 2.3 million tonnes. The company plans to increase
the cumulative capacity to 4.75 million tonnes by June next year with an investment of $175 million.

Dr Reddy`s to form JV for off-patent drugs: Dr Reddy’s Laboratories will form a joint venture with one
of the world’s biggest biotech companies to make biosimilars or generic versions of patented biotech drugs
to take on Ranbaxy Laboratories, Reliance Life Sciences, among other Indian companies. Several drugs are
expected to come off patent in this segment in the next five years. Dr Reddy’s plans to invest over Rs 175-
200 crore for the development and manufacturing of biosimilars in the next one or two years.

Ashok Leyland to develop new range of trucks by 2012: Ashok Leyland will have a completely new
product portfolio by 2012-13. It is developing a new full range truck platform and a new cabin built under
modular construction. It announced the development of new six-cylinder engine code named Neptune,
from 4.7 up to eight litres capacity with cooled exhaust gas recirculation (EGR) and select catalytic
recirculation (SCR) options.

Great Offshore bags ONGC order: Great Offshore bagged an engineering contract worth Rs 234
crore from Oil and Natural Gas Corporation. The contract involves carrying out transportation as well
as installation work on 79 offshore platforms of ONGC. It is scheduled to be completed by the middle
of the calendar year 2010.