The US-based company is engaged in manufacture of precision stamped metal parts.
LG Balakrishnan & Bros (LGBB) has signed a Letter of Intent (LOI) to buy major stock of a corporation in USA, engaged in manufacture of precision stamped metal parts. The closing of this transaction is planned for end June 2012 and is subject to customary regulatory approvals, satisfactory due diligence and other negotiated conditions of closing.
LGBB is mainly into automotive components and manufactures metal forming (fine blanking, forging, machined components and wire drawing) and transmission products such as chains, sprockets, tensioners and belts. Its forging products include steering linkage parts like ball rods, ball pins and ball sockets. It manufactures everything in-house, including steel rolling and tooling. Chains are precision components and require high-quality manufacturing. Its tools division is equipped with sophisticated CNC-wire cutting, spark erosion and micron CNC (computer numerical control) boring machines. Operations are vertically integrated.
In the late afternoon, LG Balakrishnan & Bros was trading at around Rs310 per share on the Bombay Stock Exchange, 0.48% down from the previous close.
The IL&FS project is on toll basis with a concession period of 24 years including construction period of 2.5 years and the estimated cost of the project is Rs471.05 crore.
IL&FS Transportation Networks was declared preferred bidder by the National Highways Authority of India (NHAI) for construction of new bridges/structures, repair of existing four lane highway from Kharagpur to Baleshwar section of NH-60 from km 0.000 to km 119.300 in Orissa and West Bengal and its operation and maintenance under NHDP Phase I to be executed as BOT (toll) on DBFOT Pattern. The project is on toll basis with a concession period of 24 years including construction period of 2.5 years and the estimated cost of the project is Rs471.05 crore. The company has now received a Letter of Award from NHAI for the project.
In the late afternoon, IL&FS Transportation was trading at around Rs196.50 per share on the Bombay Stock Exchange, 2.32% up from the previous close.
Eurocopter India CEO Xavier Hay said that at present the company holds 35% share of the Indian chopper market.
Eurocopter India, a subsidiary of Franco-German-Spanish Eurocopter group, is bullish on the Indian helicopter market and aims to reach the top slot in the next five years time, a top company executive said.
Eurocopter India CEO Xavier Hay said that at present the company holds 35% share of the Indian chopper market after its competitor Texas-based Bell Helicopter, which enjoys number one position with 45% share.
“Today we are currently in number two position with 35% market share and they (Bell) have 45%. We want to be in number one position in the next five years with the development of new markets such as Emergency Medical Services (EMS) and law enforcing agencies,” Hay told reporters at a press conference.
At present, Eurocopter has 29 customers, operating 80 helicopters in the civilian market with a total 500,000 flight hours and 360 helicopters in the militiary market in India.
Replying to query on the some of the regulatory bottlenecks in the expansion of markets, he said currently it takes 48 hours to get the takeoff or landing clearance from the authorities in case of EMS. He hoped that there will be some relaxation in the future.
Quoting aviation regulator DGCA records, he said that Eurocopter India delivered nine brand new turbine helicopters, out of a total of 14 registered last year with DGCA, representing a 65% market share.
Out of the nine aircraft delivered, five were twin-engine helicopters, with the remaining four being single-engine AS350 B3, he added.
He added Eurocopter also focused on developing its support and services offerings, where customers would be able to access a full suite of services from spare parts supply and technical assistance to training, retrofits and customisation anywhere in India.
In addition, the chopper maker is also expanding its network of Eurocopter-approved maintenance centres, adding Bangalore to the two existing facilities in New Delhi and Mumbai.
Hay forecast the chopper market in India will be doubled by 2015 to a total of 500 choppers.
"We (Eurocopter) are currently growing 20% annually. This is challenging for Eurocopter and India as well to double the market in four to five years. It is a bit difficult to envisage the target and forecast as to which segment is viable," he said.