Feb 13, 2013 08:48 Hrs IST
Tata Motors-owned Jaguar Land Rover (JLR) reported 32 percent increase in global sales for last month at 34,877 units. January sales were up across every major market with sales up 74 percent in China, 46 percent in Asia Pacific, 33 percent in the UK, 24 percent in North America and 10 percent in Europe. In January, Land Rover brand sold 29,118 vehicles, up 31 percent, with increased sales of Freelander - up 57 percent, Range Rover -- up 52 percent, including prior model, Range Rover Evoque (32 percent), Range Rover Sport (17 percent) and Land Rover Discovery (14 percent). Land Rover sales were up in all major markets with record January sales in several geographies, including the UK, USA and Germany. The Jaguar brand sold 5,759 vehicles in January, up 40 percent, with increased sales of the XJ - up 70 percent and the XF - up 37 percent.
Alstom Bharat Forge Power (ABFPL), a leading power equipment joint- venture between Bharat Forge and Alstom Power Holdings SA, has received an order for the engineering, manufacturing, supply, erection and commissioning of 3x660MW coal-fired, supercritical turbine generator islands (TGI) worth Rs 2,251 crore from NTPC. The TGI would be supplied to the upcoming power producing project at Nabinagar, Bihar, owned by Nabinagar Power Generating, a joint-venture between NTPC and the Bihar State Electricity Board. Earlier in April 2012, ABFPL also bagged an order from NTPC for supplying 2x660MW coal-fired supercritical TGI, worth Rs 1,570 crore, for its upcoming power producing project in Solapur, Maharashtra. The Solapur and Nabinagar TGI orders form part of NTPC's bulk tender in 2011 in which ABFPL was the lowest bidder for TGIs.
Lenders of Kingfisher Airlines have finally decided to proceed with legal action against the company to recover their dues as they seem to run out of patience. Lenders led by State Bank of India who met at Trident hotel in south Mumbai, have also formed a core group which will look at possibilities of fast track recovery of their dues and ensure that lenders recover maximum amount of dues through a coordinated effort. The core group will comprise of members from SBI, Bank of India, Punjab National Bank and IDBI Bank. Bankers have lent Rs 7500 crore to Vijay Mallya promoted Kingfisher Airlines, whose flying licence has been suspended since October last year due to non payment of dues to oil companies and airport authorities. This apart the company owes salaries to its employees and has not paid its monthly dues to banks since October of 2011. Most lenders have classified the loan as bad loan or non performing asset.
A joint venture company between Crompton Greaves (CG) and Saudi Transformer Company has inaugurated its flagship factory at Dammam industrial city in the Gulf kingdom. The JV, Saudi Power Transformers Company (SPTC) will manufacture 5,000 MVA capacity transformers at the facility. The first transformer will leave the factory by mid-April. The joint venture, formed in 2010, has received a five -year framework contract for sub-station services. SPTC is dedicated to design, engineer and manufacture power transformers and mobile sub-stations and offers services for products installed in Saudi Arabia. Its JV partner CG provides electrical products, systems and services for utilities, power generation, industries and consumers.
Big Pharma Pfizer could value the sterile injectables unit of drug maker Strides Arcolab at up to $1.88 billion, or roughly Rs 10,124 crore, for a potential acquisition. Pfizer's discussions with Strides Arcolab to acquire the latter's unit, Agila Specialties, is at a fairly advanced stage. The deal under negotiations values Agila at nearly 8 times of its 2012 revenue, estimated at roughly Rs 1,330 crore. This is slightly lesser than 8.7 times Abbott Laboratories paid to acquire the generic formulations business of Piramal Healthcare three years ago.
Panoramic Universal has received an approval for the proposal of enhancing the limit for making investment in securities of and/or giving loan(s) to one or more body corporate/es in Dubai up to an overall limit of Rs 20 crore and by way of incorporation(s)/acquisition(s)/ strategic alliance(s)/ joint venture(s)/ associate(ies)/ subsidiary(ies)/ wholly owned subsidiary(ies) or any other contractual arrangement with body corporate(s) abroad. The board also approved the proposal for making investment in securities of and/or giving loan(s) to one or more body corporate/es in Cape Town, South Africa up to an overall limit of Rs 15 crore as and by way of incorporation(s) /acquisition(s)/ strategic alliance(s)/ joint venture(s)/ associate(s)/ subsidiary(ies)/ wholly owned subsidiary(ies) or any other contractual arrangement with body corporate(s) abroad. The board at its meeting held on February 12, 2013 has approved for the same.
Polyplex Corporation’s wholly owned subsidiary - Polyplex (Asia), Singapore (PAPL) has invested Rs 9.86 crore in the equity share capital of the Peninsula Beverages & Foods Company (Peninsula). Pursuant to this investment, Peninsula has become a subsidiary of PAPL with effect from February 06, 2013. Peninsula proposes to enter in the business of Wholesale Trading and Distribution of Foods & Beverages products in India. Polyplex has established itself as one of the most profitable producers of PET Film by way of cost efficient operations resulting from high productivity and low overheads. Its products have gained wide acceptance in the Global markets, such as USA, Europe, South-East Asia, South America, North America and Australia, where the Company has been consistently exporting about 75% of its production.
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