L&T, Cyan Tech tie-up to provide metering solutions

‘We have entered into this strategic alliance as we believe that this technology is likely to become a major factor in the fast growing Indian electricity metering market:’ L&T

Engineering major Larsen & Toubro said it has entered into an agreement with UK-based firm Cyan Holdings to form a strategic partnership in development, supply and delivery of advanced metering solutions.

The metering and protection systems business of L&T has entered into the partnership wherein the company’s electricity meters will be integrated with Cyan’s wireless communication modules for advanced metering infrastructure (AMI), smart metering and smart grid pilot projects, L&T said in a statement.

“We have identified a number of projects in India where there is a need for 865MHz-based interoperable wireless AMI with a requirement for end to end communications enabling remote tamper detection and reporting,” the statement said.

“We have entered into this strategic alliance as we believe that this technology is likely to become a major factor in the fast growing Indian electricity metering market,” it added.

L&T is a leading supplier of electricity meters and metering solutions to electricity utilities and has an installation base exceeding 12 million meters.

In the late afternoon, Larsen & Toubro was trading at around Rs1453 per share on the Bombay Stock Exchange, 0.66% up from the previous close.

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Mahindra & Mahindra Q3 net profit at Rs831.8 crore

Mahindra & Mahindra’s Total Income grew by 61.3% to Rs16,488.4 crore in Q3 FY12.

The gross revenue and other income for the quarter ended 31 December 2011 grew by 61.3% to Rs16,488.4 crore from Rs10,223.4 crore in Q3 previous year. The consolidated group profit for the quarter ended 31 December 2011 is Rs831.8 crore against Rs834 crore in Q3 previous year.

Major companies contributing to the improved performance of the Group during the quarter are Mahindra Satyam, Mahindra Finance and Mahindra Forgings.

The gross revenue and other income for the nine months ended 31 December 2011 grew by 63% to Rs45,994.8 crore from Rs28,209 crore in the same period previous year. The consolidated group profit for the nine months ended 31 December 2011 is Rs2,176.1 crore as compared to Rs2,142.9 crore earned in the previous year.

In the early afternoon, Mahindra & Mahindra was trading at around Rs752 per share on the Bombay Stock Exchange, 1.05% down from the previous close.

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Reliancе and SIBUR form a Joint Venture to produce butyl rubber in India

The Joint Venture will be the first manufacturer of butyl rubber in India and the fourth largest supplier of butyl rubber in the world.

Reliance Industries Limited (RIL) and SIBUR, Russia and Eastern Europe's largest petrochemical company have agreed to form a joint venture named Reliance Sibur Elastomers Private Limited to produce 100,000 tons of butyl rubber per year in Jamnagar, India. The JV (joint venture) will be the first manufacturer of butyl rubber in India and the fourth largest supplier of butyl rubber in the world. The JV will cater to the demand for synthetic rubber from the Indian automotive industry of over 75,000 tonnes per year, which is currently satisfied by imports. Investment in the JV is in line with Reliance’s vision of emerging as a significant player in the global synthetic rubber market.

Reliance share in the JV will total 74.9%, while Sibur will account 25.1%. The JV will invest US$450 million to construct the facility, which is expected to be commissioned in mid-2014. Reliance and SIBUR also signed a technology licence agreement facilitating use by the JV of SIBUR's proprietary butyl rubber production technology at the new production facility. SIBUR will develop basic engineering design for the facility and also train the JV’s personnel at SIBUR’s production site in Togliatti, Russia.

In the early afternoon, Reliance Industries was trading at around Rs853 per share on the Bombay Stock Exchange, 1.33% up from the previous close.

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