Elecon Engineering wins Rs32.80 crore work order from Manikgarh Cement

Gujarat-based Elecon Engineering Ltd said it won a work order worth Rs32.77 crore from Manikgarh Cement Unit-II.

The scope of work includes design, engineering, manufacturing, testing, supplying, erectioning and commissioning of material handling equipment and other equipment, the company said in a regulatory filing.

Elecon Engineering ended 1.02% down at Rs77.55 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.45% down at 16,445.61 points.

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Piramal Healthcare sells domestic formulations business to Abbott Laboratories for $3.72 billion

Piramal Healthcare Ltd said it will sell its domestic formulations or healthcare solutions business to US-based Abbott Laboratories for $3.72 billion cash.
The company said it will receive $2.12 billion in Indian rupees on closing of the sale and further $400 million upon each of the subsequent four anniversaries of the closing.

Piramal Healthcare ended 11.81% down at Rs502.35 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.45% down at 16,445.61 points.
 

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Don't acquire excess land: Steel minister to industry

The Rs1.5 lakh crore projects of Posco and ArcelorMittal have remained stuck for the last nearly five years because of the bottlenecks related to land acquisition in Orissa and Jharkhand

Amid agitation against land acquisition for the Rs54,000-crore Posco steel project in Orissa, the Centre today warned the industry against creating a land-bank in excess of requirement, reports PTI.

"I fully endorse ... I support the opposition that land more than required, should not be acquired," Virbhadra Singh told PTI in an interview on completion of a year of the UPA-II government.

The comments come amid strong political protests against land acquisition by global steel majors Posco and ArcelorMittal, whose much-touted multi-billion dollar projects are still awaiting take-off.

He, however, said the Rs1.5 lakh crore projects of Posco and ArcelorMittal have remained stuck for the last nearly five years because of the bottlenecks related to land acquisition in Orissa and Jharkhand.

The issue needs to be resolved by striking a balance between the "welfare of the tribals and the genuine land requirement by the investors", he said.

With change in technology and plant design, big size equipment requiring huge tracts of land is not required.

"Now it is no longer necessary to acquire that much of land," the minister said.

Paradip, where the South Korean giant Posco has proposed to set up a 12-million tonne plant has been in the grip of violent protests by farmers and Left-backed Posco Pratirodh Sangram Samiti against land acquisition for past several weeks.

Faced with protests, ArcelorMittal was also forced to shift plans to set up the project in Bokaro from Khunti-Gumla in Jharkhand. ArcelorMittal has sought 8,000 acres of land.

Under pressure, the Orissa government has agreed to reduce the sanction of land by 300 acres out of 4,004 acres sought by the company.

Mr Singh said there must be an audit of the land demand.

"There must be an assessment whether what they are asking for is actually required," he said.

Referring to his recent meetings with ArcelorMittal and Posco chiefs—L N Mittal and Chung Joon-yang respectively, the minister said he had asked them "to be generous to the tribal people as they are very much attached to their land."

Asked about the delays in the big-ticket projects, Mr Singh said the issue was related to the State governments of Orissa and Jharkhand and his ministry was in constant touch with them.

"The prime minister has also written letters to State governments to expedite the matter... We are facilitators, we try to remove hurdles," he said, hoping for a breakthrough in the next 4-5 months.

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