Atul Auto is planning to foray into the agriculture machines business through acquisition of a Gujarat-based company
Rajkot-based Atul Auto, a dominant player in the three-wheeler market, said it is planning to foray into the agriculture machines business through acquisition of a Gujarat-based company.
"We are keen to acquire a Gujarat-based company to enter the agriculture machines business. We are in the discussion stage and it (acquisition) is likely to happen by end-June this year," Atul Auto's director Vijay Kedia told PTI.
"It is a good company. Its products have good demand not only in the domestic market, but also in Africa. This acquisition will help us to enter the African market for selling both three-wheelers as well as agriculture machines," he said.
However, Kedia, did not reveal the target company's name and valuation.
The three-wheeler maker has recently entered Bangladesh with the launch of its product Atul Gem, a rear-engine model with a six-seater capacity.
For this, Atul Auto has tied up with Bangladesh-based Atul Autos Bangladesh (AABL), which, in turn, has roped in Bangladesh Machine Tools Factory (BMTFL) for assembling the vehicles there.
"We will provide technical assistance to AABL for assembling the vehicles. Experts from the technical team of the company will supervise the assembling work of the vehicles at AABL. The company does not propose to provide any financial assistance to AABL," Kedia said.
"Our sole objective is to promote sales of the vehicles manufactured by the company in Bangladesh," he said, adding that the company expected to sell 2,000 units and a Rs 25 crore revenue by December 2012.
The company's manufacturing facility at Rajkot in Gujarat produces diesel as well as GNG and LPG operated three-wheeler commercial vehicles.
The BSE-listed company is also looking to collaborate with a foreign entity to enter the four-wheeler market.
"We are keen to collaborate with a company whose technology will help us manufacture light commercial vehicles (LCVs)," Kedia said, adding, "We have not finalised anything yet."
Earlier, Atul Auto was interested in acquiring a majority stake in Scooters India, an ailing public sector undertaking in which the government was mulling a divestment.
The company plans to double its capacity in both the passenger as well as commercial vehicles segments from the current 24,000 units to 48,000 units by 2011.
It also plans to ramp-up its dealership network to 140 from the current 115 by end-this year.
On Wednesday, Atul Auto ended 1.94% up at Rs128.80 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.28% down at 18,086.20.
Bajaj Finserv reported a two-fold increase in its consolidated net profit to Rs872.5 crore for the quarter ended 31 March 2011
Financial services provider Bajaj Finserv reported a two-fold increase in its consolidated net profit to Rs872.5 crore for the quarter ended 31 March 2011.
The company had a net profit of Rs433.5 crore in the same quarter of the previous year.
Total income of the group doubled to Rs1,317.2 crore in the fourth quarter, against Rs652.46 crore in the same quarter of the previous year, Bajaj Finserv said in a filing to the Bombay Stock Exchange (BSE).
Besides, for the year-ended 31 March 2011, net profit of the group doubled to Rs1,114.84 crore as compared to Rs554.5 crore in the year-ago period.
On an annual basis, the group's total income more than doubled to Rs2,444.5 crore against Rs985.4 crore in the previous year.
The company's Board has recommended a dividend of Rs1.25 (25%) per share.
On Wednesday, Bajaj Finserv ended 5.35% up at Rs522 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.28% down at 18,086.20.
Last year, L&T received GSPC’s first offshore wellhead platform contract for the development of Deen Dayal West Field in KG Basin
Larsen & Toubro (L&T) has won an offshore process platform contract from Gujarat State Petroleum Corporation (GSPC) worth Rs1,450 crore ($317.5 million).
GSPC awarded this offshore process cum living quarters platform project to L&T under international competitive bidding to meet its challenging target of production of hydrocarbon by July 2013 from KG Basin, off the East Coast of India.
L&T has been serving the upstream hydrocarbon sector since early 1990s and successfully executed several demanding and hallmark projects for domestic and international clients.
This order is a second contract received by L&T from GSPC. Last year, L&T received GSPC's first offshore wellhead platform contract for the development of Deen Dayal West Field in KG Basin.
L&T has already demonstrated its capabilities by delivering superstructure of the offshore platform from its newest manufacturing facilities at Kattupalli near Ennore within year of commencing operations. Upon final commissioning, the facilities will add about 6 million standard cubic metres of hydrocarbon gas per day to India's energy production.
This contract is an outcome of L&T's reliable, single-source capabilities in executing critical projects for oil companies.
On Wednesday, L&T ended 0.14% up at Rs1,505.75 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.28% down at 18,086.20.