Engineering and construction major Larsen & Toubro (L&T) Ltd said it has inked a joint venture agreement with Japan-based Kobe Steel for the manufacture of internal mixers and twin screw roller-head extruders for the tyre and rubber industry for global markets, including India.
The JV will invest around Rs60-crore for setting up of a manufacturing facility and related infrastructure. The strategic partnership enables the JV to leverage the technology leadership of Kobe in this segment as well as the market reach of L&T through its customer base in India and abroad.
Initially, internal mixers of sizes 270 to 430 and extruders of sizes 350 and 450 will be manufactured by the JV and marketed by L&T and Kobe. Additional models will be progressively introduced in the future, the company said in a statement.
Kobe Steel has been in the development of mixing room equipment for tyre and rubber industry for several decades. L&T has been in the rubber processing machinery business for over four decades, offering world renowned tyre curing presses and tyre building machines.
The formation of this JV represents a further strengthening of the capabilities of L&T's rubber processing machinery business by widening its portfolio offerings to the global tyre industry, the statement said.
The company will offer internal mixers and twin screw roller-head extruders in addition to its existing range of tyre curing presses and tyre building machines, it said.
On Tuesday, L&T ended 0.42% up at Rs1,669.60 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.95% to 18.969.45 points.
IT firm 3i Infotech Ltd said its net profit for the December 2010 quarter rose 4.7% to Rs64.36 crore over the corresponding quarter last fiscal.
In the December 2010 quarter, the company's revenues increased 7.2% to Rs645.31 crore over the corresponding quarter of the previous year.
On Tuesday, 3i Infotech ended 2.54% down at Rs55.70 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.95% to 18.969.45 points.
Manufacturer of isobutyl benzene, Vinati Organics Ltd, said its net profit for the December 2010 quarter rose 55% to Rs14.34 crore from Rs9.25 crore in the corresponding quarter last fiscal.
In the December 2010 quarter, the company's revenues increased 49% to Rs86.24 crore from Rs57.82 crore.
The company's board of directors has approved the terms of the financing agreement with International Finance Corporation, Washington. Vinati Organics will be raising $16 million, of which $11 million will be through ECB and $5 million through FCCB which is convertible into company equity shares at Rs100 per share. The funds would be used to finance the expansion capacity of its facilities.
On Tuesday, Vinati Organics ended 0.07% up at Rs75.90 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.95% to 18.969.45 points.