Acil plans to buy 2,500 acres for organic contract farming

Acil Cotton Industries plans to buy 2,500 acres of farm land to undertake organic contract farming in the country

Vadodara-based Acil Cotton Industries plans to buy 2,500 acres of farm land to undertake organic contract farming in the country.

"The company is planning to acquire 2,500 acres of land for its organic contract farming activity," Acil Cotton Industries said in filing to the Bombay Stock Exchange (BSE).

The company has bought 99 acres of agricultural land for organic contract farming, it said. Contract farming is agricultural production carried out according to an agreement between a buyer and farmers, which establishes conditions for the production and marketing of farm products.

Presently, Acil is involved in contract farming in crops such as BT cotton, tur, jeera and herbs in 700 acres in Gujarat. Recently, it acquired 102 acres of agricultural land on lease in Ahmedabad, it added.

As per the business model of Acil Cotton, the company will buy crops and sell them via its planned retail chain.

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GMR offloads 50% stake in InterGen to China co

GMR Infrastructure has completed divestment of 50% stake in global power generation company InterGen to China Huaneng Group

Bengaluru-based infra major GMR Infrastructure Ltd has completed divestment of 50% stake in global power generation company InterGen to China Huaneng Group (CHG), said the company.

The infrastructure corporate had in November last year announced an agreement to divest its 50% shareholding interest in InterGen NV to CHG, the largest power generation company in China, for an equity value of $1.23 billion.

InterGen is a global power generation company with power plants located in the UK, the Netherlands, Mexico, Philippines and Australia with a total gross operational capacity of 8,146 MW.

A Subba Rao, chief finance officer GMR, when contacted, said they were yet to workout the net outcome of the transaction. "We will have to consider issues like consultant fee and taxes before coming to a final figure," Subba Rao said.

GMR had acquired 50% stake in InterGen NV in October 2008 for an equity value of $1.13 billion. The group chairman GM Rao had attributed the decision to divest the stake in InterGen to the group's strategy to focus more on Indian market where it was already the market leader.

Further, he had said, the overseas company holding Intergen shares was having a debt of $1 billion as on November and the sale would release $225 million equity that could be utilized for ongoing projects of the Group.

The Global Energy and Power Teams of BofA Merrill Lynch and White & Case LLP acted as Financial Advisers and Legal Counsels to GMR.

With the completion of the transaction, Huaneng Group now jointly owns InterGen with the Ontario Teachers' Pension Plan (Teachers'). Teachers' has been a 50%  owner of InterGen since 2005.

Reacting to CHG's acquisition of 50% stake in it, InterGen president and CEO Neil H Smith said, "We are very pleased that China Huaneng Group has successfully completed this investment in InterGen. CHG is a known entity to InterGen as they have been a partner of ours in Australia since 2003 and we look forward to building on the positive and collaborative working relationship we have enjoyed with them."

"This is a great step toward strengthening our position as a global leader in developing, owning and operating power projects."

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FinMin directs DoT to probe role of telcos in tape leakage

The communication follows an enquiry by a two-member committee set up by the finance ministry to enquire into the leakage of tapes which found their way to media and generated controversy

New Delhi: Amid controversy over leakage of telephonic conversations involving top industrialists, corporate lobbyist Niira Radia and others, the finance ministry has asked the Department of Telecom (DoT) to enquire into the conduct of telecom operators and identify individuals involved in it, reports PTI.

"DoT will have to conduct a further enquiry to establish leakage of the telephonic intercepts in the end of telecom service providers, to identify actual individuals who are involved in this," the finance ministry said in a communication to telecom secretary R Chandrashekhar.

The communication follows an enquiry by a two-member committee set up by the finance ministry to enquire into the leakage of tapes which found their way to media and generated controversy.

According to sources, more than 200 employees of Ms Radia-owned Vaishnavi group of firms have exercised the option of Mobile Number Portability (MNP) to switch their operators from Bharti Airtel to other service providers like Vodafone or Tata DoCoMo.

MNP allows subscribers to change their service provider while retaining the same number.

In its report to the government, the two-member committee has said that the issue of leakage of telephone intercepts needs to be further probed by the DoT and requested for an immediate action.

The DoT has sought "necessary details" from the finance ministry to take action in this regard.

"In the absence of details of intercepts of telephones which have leaked and the context in which enquiry is to be made, it may be difficult to enquire into the aspect. Hence, you are requested to send the necessary details to take further action on the issue," the DoT said in its reply to the finance ministry.

Irked by the leakage of telephonic conversations, noted industrialist Ratan Tata moved the Supreme Court seeking action against those involved in the leakage of tapes containing his conversation with corporate lobbyist Ms Radia.

Mr Tata, in the petition, has contended that the leakage of the tapes have infringed upon his fundamental Right to Life, which includes right to privacy. He has made the central government a party in his petition.

Meanwhile, the government has set up a 15-member Inter Ministerial Group (IMG) for recommending effective monitoring of provisions of telephone tapping with a view to checking leakage to the public at large.

The Union home secretary will chair the IMG which will have secretaries of defence, DoT, IT, revenue, personnel and legal affairs among its members, according to a Cabinet secretary note.

The group will make recommendations on reviewing the comparable provisions of the Indian Telegraph Act and suggest amendments.

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