Corporate News/ : Announcements
Pantaloon offers 1:10 bonus with differential rights: Pantaloon Retail approved a proposal to give shareholders one bonus share with different voting and dividend rights for every 10 held. The new shares called Class B shares will get 5 per cent more dividend than ordinary shares and would be entitled to one vote for every 10 held.
R-Infra plans four JVs with Shanghai Electric: Reliance Infrastructure, which plans to set up a $3-billion joint venture with Shanghai Electric Power Co to make power equipment in India, is setting up four more joint ventures with the Chinese partner to offer a range of third-party services to power utilities in India. The services to be offered in the domains of technical and design support, operations and maintenance, after-sales services and erection of power equipment would involve a combined investment of $400-600 million and generate up to 400 jobs.
ONGC to enter nuclear mining: Oil and Natural Gas Corporation, plans to enter uranium mining in alliance with public-sector Uranium Corporation of India, aiming to tap the business opportunity from nuclear fuel shortage in Asia's third largest economy. ONGC is aligning with Uranium Corporation as the latter is the only entity allowed to undertake uranium mining in India, and has the power to allot mining leases .
Reliance Industries Ltd Q1 Net up 13%: Reliance Industries Ltd has reported a 13 per cent increase in net profit for the first quarter ended June 2008, as it was able to sell its products at higher prices and also because of doubling of export sales. It has reported a net profit of Rs 4,110 crore or earnings per share (EPS) of Rs.28.3 for the quarter ended June 2008, against Rs 3,630 crore, or EPS of Rs 25, in the year-ago period. Turnover in the first quarter of fiscal 2009 increased 41 per cent to touch Rs 41,805 crore against Rs 29,721 crore in April-June 2007.
R-Power raises $1 bn from three Chinese banks: Reliance Power (R-Power) plans to set up 28,000 mw of power plants in India, has secured $1 billion (or around Rs 4,200 crore) funding from three Chinese banks for the Sasan ultra mega power project (UMPP) in Madhya Pradesh.The fund raised from China Exim Bank, Chinese Development Bank and China Export & Credit Insurance Corporation (Sinosure) will help R-Power to achieve financial closure of the Sasan plant, which is projected to have an investment of Rs.15,000 crore.
GACL in Rs 600-cr JV with Dow Chemicals: Gujarat Alkalies and Chemicals (GACL) has formed a joint venture for setting up a Rs 600 crore plant at Dahej with Dow Chemicals, a US based multinational. The new joint venture company is registered as" DOW-GACL Solvdenture.
Tata Motors developing electric car, host of green cars: Tata Motors is developing an electric car, besides a host of eco-friendly, hybrid, bio-fuel and compressed-air run cars.
