BGR Energy wins Rs444 crore order from Nuclear Power Corp

BGR Energy Systems designs and manufactures 22 high technology equipment for power, process and infrastructure projects for world markets

Engineering, procurement and construction company BGR Energy Systems has bagged Rs444.48 crore order from Nuclear Power Corporation of India.
The order involves supply, erection, testing and commissioning of main plant electrical systems, including nuclear Island electricals at Kota Rajasthan for 2x700 MW and Kakrapara in Gujarat 2x700 MW has been given to the electrical projects division of city-based BGR Energy Systems, a company statement here said.

The two projects are expected to be completed between September 2015 and March 2016, it said.

"This happens to be the single biggest order for main plant electricals received by BGR Energy so far and would facilitate qualifications in the future," BGR Energy Systems CEO V Balakrishnan said.

BGR Energy Systems designs and manufactures 22 high technology equipment for power, process and infrastructure projects for world markets. As of March 2011, the company achieved a turnover of Rs4,763 crore, the statement added.

On Tuesday, BGR Energy ended 3.89% up at Rs324.30 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.59% to 16,676.75.

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Religare forms advisory panel to guide group’s banking foray

Kiran Karnik, Suman Bery on the panel

Religare Enterprises Ltd (REL), an integrated financial services group, reaffirmed its goal of setting up a banking platform in India by setting up an Advisory Panel. The Panel consists of luminaries in diverse fields of policy formulation, economics, banking, development finance & technology-all elements critical to developing a new paradigm in banking-one that meets the policy agenda of the Reserve Bank of India (RBI) and commercial viability. The panel will support management's efforts in charting out the Group's banking strategy and its application for a new banking license under the guidelines to be issued by the RBI.

REL further announced that Suman Bery and Kiran Karnik have already joined the Advisory Panel and that additional members would be announced shortly.
Mr Bery is the former director general of National Council of Applied Economic Research (NCAER) in New Delhi. He was also a special consultant to the RBI and has over 28 years of experience in various leadership positions at the World Bank.

Mr Karnik was the President of the National Association of Software and Services Companies (NASSCOM) from 2001 to 2008. He was appointed as the chairman of Satyam Computer Services Ltd by the Central Government to help stabilise the company post its crisis. Previously, he was the Managing Director of Discovery India, and the founder-Director of ISRO's Development and Education, Communication Unit.

Both Mr Bery and Mr Karnik are credited with being beacons of change for various organisations under their watch. From an advisory perspective, not only will these two eminent gentlemen serve as mentors but will also act as a sounding board to help the Religare management team outline and crystallise its banking plans.

On Tuesday, REL ended 2.11% down at Rs415.05 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.59% to 16,676.75.

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Plastene India IPO likely in September

To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost of Rs55 crore

Plastene India Ltd has received SEBI approval for its proposed initial public offer (IPO) of 1,05,00,000 equity shares, which is likely to hit the capital market in September.

The 100% book building issue will constitute 29.37% of the post issue paid-up equity capital of the company engaged in the integrated business of manufacturing flexible intermediate bulk containers, woven sacks, flexible packaging, woven fabric, tarpaulin, master-batches, fillers, granules, multi-filament yarns and webbings.

The company's manufacturing facilities are located in Kutch and Mehsana districts of Gujarat and have a total installed capacity of 55,000 MTPA. To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost of Rs55 crore, a company statement said.

It is also setting up a new venture to manufacture 5,000 MTPA block bottom valve bags in Nani Chirai, Kutch at an approximate cost of Rs20 crore. Block bottom valve bag is a new packaging product used for packing cement, food grain, cereals, etc, it said. The future expansion and new venture are proposed to be funded from the net issue proceeds. The company manufactures a broad range of packaging products for products ranging from 5 grams to 3000 kg. The equity shares of the company are proposed to be listed on BSE and NSE.

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