Crompton Greaves to set up R&D centre in Nashik

Crompton Greaves is setting up of an ultra high voltage (1,200kV) research centre in Nashik as a part of its global research and development

Crompton Greaves Ltd has announced setting up of an ultra high voltage (1,200kV) research centre in Nashik as a part of its global research and development.

"(After) having achieved leadership position in the manufacture of high voltage power products up to 800kV, now we are setting up this ultra high voltage (UHV) research centre in city's Ambad industrial estate plan," SM Trehan, managing director of CGL, said.

After laying the foundation stone of UHV research centre here, Mr Trehan said that research activities planned here would tremendously enhance the company's technological capabilities in the advanced technological arena.

The company is making an initial investment of Rs40 crore for the centre and will further augment the infrastructure in the next three years by spending additional Rs20 crore, he said.

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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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