Hitachi and SFO Technologies agree to form Indian joint venture company for control systems of thermal power business
Hitachi Ltd and SFO Technologies Pvt Ltd, a NeST Group Company, will establish a joint venture in the field of advanced control systems for thermal power plants. The joint venture company, Hitachi NeST Control Systems Pvt Ltd is scheduled to be established in October 2011 and to be based in Bangalore, India. Hitachi India Pvt Ltd, a wholly owned subsidiary of Hitachi and SFO Technologies will own the joint venture's shares 70% and 30%, respectively.
Based on this agreement, Hitachi and SFO Technologies will promote to expand their control systems businesses in India. Hitachi NeST Control Systems Pvt Ltd is targeting sales of approximately Rs1.5 billion (2.6 billion yen) in the fiscal year ending in March 2015.
Hitachi and SFO Technologies will form the joint venture to engineer, manufacture, commission and after-service advanced control systems for thermal power plants. This joint venture is aimed to capitalise these opportunities and talent that Indian market will provide. Hitachi has been using SFO Technologies' engineering services in thermal power control systems field for the last 10 years for projects both inside and outside India. In the joint venture, Hitachi will bring in advanced control technology for thermal power plants. SFO Technologies will merge its existing 10 years experienced control systems division with the new joint venture company and offer its manufacturing space and expertise in Bangalore for localising the technology in India.
The collaboration with Multinet Pakistan Pvt Ltd makes Tata Communications the largest global Ethernet provider in the world
Tata Communications today becomes one of the few global carriers to extend its global IP/VPN service offerings in Pakistan, through collaboration with Multinet Pakistan Pvt Ltd, an operating company of Axiata and a provider of data and voice communications. The collaboration now makes Tata Communications the largest global Ethernet provider in the world.
The partnership will enable enterprise customers to enjoy the first commercially available Ethernet services in Pakistan, as well as global multiprotocol label switching (MPLS) communications services, through a point of presence (PoP) deployment in Karachi.
"Pakistan is a growing and diverse economy which is enjoying increasing international investment," says Radwan Moussalli, managing director, Middle East & North Africa Region, Tata Communications. "This is the 100th country reached by our MPLS services and the 52nd by our Ethernet services, giving us the largest global Ethernet footprint. The MPLS and Ethernet node in Pakistan will allow businesses to connect to their offices in Pakistan and around the world using Tata Communications' extensive regional and global presence."
The new services are particularly ideal for banking, financial services and insurance (BFSI) companies looking to grow their presence in Pakistan, or migrating from international private lines to MPLS or Ethernet. Manufacturing, energy, IT and software development are other fast-growing sectors of the economy which will benefit from improved connectivity to the region and the rest of the world.
In the late afternoon, Tata Communications stock was trading at around Rs1951.5 per share on the Bombay Stock Exchange, 2.55% up from the previous close.
Dabur India establishes new manufacturing facility in Sri Lanka with a capacity to produce 2.8 lakh cases of fruit-based beverages every month
Dabur India Ltd announced its entry into Sri Lanka with the setting up of an overseas subsidiary-Dabur Lanka (Pvt) Ltd.
Dabur Lanka signed an agreement with the board of investment of Sri Lanka to establish this venture. The company will invest Rs70 crore to establish a new export-oriented manufacturing facility for producing a range of fruit-based beverages in Gampaha, north of Colombo. The new manufacturing facility has a capacity to produce 2.8 lakh cases of fruit-based beverages every month. It will be commissioned in August-September of 2012.
"The demand for our fruit-based juices & beverages under the Réal brand has been reporting strong growth month-on-month. Dabur's food business had reported over 28% growth in 2010-11 despite the supply constraints. As continued high growth is expected in the future too, we are setting up this new facility to augment our production capacity for fruit-based beverages and meet the growing demand for our products," Dabur India chief executive officer Sunil Duggal said.
Dabur has further strengthened its presence in the SAARC region with the setting up of this Lanka operation. In the region, Dabur already has manufacturing presence in Nepal and Bangladesh, besides facilities in other overseas locations like Dubai, Ras-al-Khaimah, Nigeria, Egypt and Turkey.
In the late afternoon, Dabur India was trading at around Rs101.90 per share on the Bombay Stock Exchange, 0.49% up from the previous close.