ADF Foods Ltd, provider of packaged Indian foods said it will ink an agreement to acquire assets of US-based Elena's Food Specialties Inc.
Elena's is a US-based manufacturer and marketer of organic and natural products and a provider of protein-based Mexican foods in the natural and organic category.
ADF will acquire all significant assets and certain liabilities of Elena's for an agreed consideration. The acquisition will be conducted by means of an asset purchase by ADF and/or its international subsidiary companies.
Some of Elena's existing shareholders will hold a minority stake in ADF's operating subsidiary in the US. The deal is expected to close by 20th October, the company said in a press release.
Through Elena's, ADF is increasing its presence in the US which is a high growth market for ethnic foods. All of Elena's products are produced from scratch at the company's facility in South San Francisco.
On Thursday, ADF shares jumped 9.6% to Rs87 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% up at 20,069 points.
Infrastructure company Punj Lloyd Ltd said it formed a 50:50 joint venture (JV) with French firm Nuvia for providing engineering and support services to India's emerging nuclear sector. No financial details were provided.
The JV will be incorporated between PL Engineering, a group company of Punj Lloyd, and Nuvia India-the Indian arm of the French company.
The proposed JV between the two companies would initially focus on providing services to the Indian nuclear sector, which is expected to increase its power generation capacity to 20,000 MW by 2020 from the existing over 4,500 MW.
The JV, once incorporated, would also look for opportunities in the growing markets such as Abu Dhabi and South Korea.
Besides this, PL Engineering could also transfer its existing orders of about Rs15 crore, received from the Nuclear Power Corp of India Ltd, to the proposed JV as a platform. The proposed JV will also focus on training and creating a pool of about 250 engineers in the nuclear services sector.
On Thursday, Punj Lloyd shares declined 0.2% to Rs126 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% up at 20,069 points.
Larsen & Toubro Ltd (L&T) said its material handling arm received orders worth Rs700 crore from various customers for construction-related work.
The company has received Rs375 crore order from Jabalpur Municipal Corporation. The project is funded under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and has to be executed in 30 months, said the company in a press release.
Further, L&T has won Rs165 crore order, which is to be executed in 21 months, from Haryana State Industrial and Infrastructure Development Corporation for developing infrastructure facilities in the industrial estates located in Panipat and Rai. Besides, Bhushan Steel has awarded Rs160 crore order to the company for the material handling works in their steel plant in Orissa, the company said in a release.
On Thursday, L&T shares gained 0.5% to Rs2,044 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% up at 20,069 points.