Companies & Sectors
Jyothy Laboratories to merge Henkel India with itself


Henkel India shareholders will get 1 share of Jyothy Labs for every 8 shares subject to adjustment for impending issue of bonus shares in the ratio of 1:1 by Jyothy Labs

New Delhi: Fast-moving consumer goods (FMCG) company Jyothy Laboratories (JLL) on Friday said its board has approved the proposal for merger of Henkel India Ltd (HIL) with itself, reports PTI.
The board of directors today approved the amalgamation of Henkel India Ltd with itself, JLL said in a statement.
"As per the scheme of arrangement, shareholders of HIL will get 1 share of JLL for every 8 shares of HIL, subject to adjustment for impending issue of bonus shares in the ratio of 1:1 by JLL. The shares held by JLL in HIL will be extinguished post merger," it added.
The company said after the merger, the equity of JLL will increase by 2.87%.
Commenting on the development JLL chairman and managing director MP Ramachandran said: "We have been integrating operation of both JLL and HIL to derive synergies in cost, marketing and distribution. The merger is one more step towards reaping the benefits of our efforts."
Shares of Jyothy Laboratories today closed at Rs234.10 on the BSE, marginally down from its previous close.


GE India to invest $200 million on new plant in Pune


GE, which already has a wind turbine assembly unit in Pune, will invest a cumulative amount of $200 million in building new manufacturing facility at MIDC Industrial Park at Chakan near Pune

New Delhi: GE India on Friday said it would invest nearly Rs1,100 crore (about $200 million) to set up a new manufacturing facility in Pune for developing products for the energy sector, reports PTI.
"GE India announced that its new manufacturing unit would develop localised products and solutions for the energy sector in its first phase of operation commencing in 2013," the company said in a statement.
The Government of Maharashtra and GE have signed a memorandum of understanding (MoU) for the upcoming manufacturing site which is located at MIDC Industrial Park at Chakan, Phase II, Pune, it said.
"We are confident that such initiatives will strengthen the manufacturing sector in India and enhance growth," Prithviraj Chavan, Chief Minister of Maharashtra said.
"Our new manufacturing facility aligns well with the Government's objective of strengthening manufacturing and overall infrastructure of the country," John Flannery, President & CEO, GE India said in the statement.
GE, which already has a wind turbine assembly unit in Pune, will invest a cumulative amount of $200 million in building this multi-modal, large scale facility, the statement added.
The focus on manufacturing is in line with the need for localised products and solutions suited to Indian customers across GE?s various businesses present in the country.
The facility, to begin with, will focus on Energy products and technologies driven by the industry needs for power generation, transmission and distribution as well as measurement and control.
The site will enable assembly and production support for any GE business that needs local manufacturing capability in India, it further added.


L&T Construction gets orders worth Rs1,076 crore in Q1


Larsen & Toubro's Construction unit received orders from Bajaj Infra and Power Transmission & Distribution in the Middle East

New Delhi: Engineering major Larsen & Toubro (L&T) on Friday said its construction unit has won orders valued at Rs1,076 crore during April-June quarter of the current fiscal, reports PTI.
"L&T Construction has won new orders valued Rs1,076 crore," the company said in a statement.
It said its Metallurgical and Material Handling independent company has won an order worth Rs407 crore from Bajaj Infrastructure Development Corporation to set up a coal handling system on turnkey basis for their new 3x600 MW super thermal power project in Lalitpur, Uttar Pradesh.
The coal handling plant package will be completed on a fast track schedule of 22 months, it said adding the company's scope of work includes design, engineering, supply and erection of mechanical, electrical, structural works.
Besides, orders worth Rs669 crore have been received by the Power Transmission and Distribution IC of the company from domestic and international markets, the statement said.
"A major order has been received for construction of 132/33 kV substations and other modification works in the Middle East," it said.
On the domestic front, a new order has been secured for executing electrical works under Restructured Accelerated Power Development Reforms Programme for the Hubli Electricity Supply Company, it added.



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