Hindusthan National Glass & Industries Ltd (HNG) said it has signed deals worth over Rs250 crore with international companies which include Emhart Glass (Switzerland), Heye Glass (Germany), Pennekemp (Germany), Horn Glass (Germany) and Zippe (Germany).
These deals are part of HNG’s strategy to follow a very aggressive growth plan which would act as a catalyst in doubling its existing capacity in the next 30-35 months through greenfield and brownfield expansions entailing investment of Rs250 crore.
Emhart Glass, supplier of equipment, controls and parts to the glass container industry will be providing HNG with the latest glass bottle forming machines. It will also be supplying BIS machines to be installed for the first time in ASIA.
For the greenfield project in Naidupeta, HNG will put up the largest batch house to be supplied from ZIPPE and the furnace for container glass to be provided by HORN Glass.
On Monday, HNG gained 1.02% to Rs263 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.12% up at 19,888.88 points.
Tata Group firm Voltas Ltd said its board of directors has approved the formation of a joint venture with Saudi Arabia’s Olayan Financing Company to execute electro-mechanical projects in the country.
“The joint venture agreement incorporating the terms and conditions JVC has been executed between Voltas Ltd and Olayan Financing Company on 18 December 2010,” Voltas said in a filing to the Bombay Stock Exchange (BSE).
The company said both the firms will hold equal stake in the joint venture, which is expected to be operational from April 2011.
“Through this joint venture with Olayan Financing Company, Voltas seeks to leverage its vast experience, track record and expertise for MEP (Mechanical, Electrical and Plumbing) projects in Kingdom of Saudi Arabia (KSA),” the firm said.
Olayan Group comprises over 50 companies and affiliated businesses. It is engaged in products distribution, manufacturing and investments amongst others.
On Monday, Voltas declined 2.05% to Rs215 on the BSE, while the benchmark Sensex closed 0.12% up at 19,888.88 points.
Drug-maker Ranbaxy Laboratories Ltd said its South Africa-based joint venture, Sonke Pharmaceuticals, has won a 913.5 million rand (about Rs605 crore) order from the government for supply of drugs for prevention and treatment of AIDS.
The 913.5 million rand order won by Sonke is a part of a 4.28 billion rand national anti-retroviral (ARV) tender floated by the South African government, Ranbaxy said in a statement.
Sonke Pharmaceuticals, a joint venture between Ranbaxy (Pty) Ltd and Community Investment Holdings (CIH), is the second-largest local supplier of generic ARV medication in South Africa. Gurgaon-based Ranbaxy holds a majority 70% stake in Sonke.
"We are humbled to be given this responsibility to produce, supply and distribute affordable ARVs in South Africa," Ranbaxy Laboratories managing director Arun Sawhney said.
On Monday, Ranbaxy declined 1.20% to Rs541.25 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.12% up at 19,888.88 points.