L&T Metro Rail (Hyderabad) achieves financial closure for Hyderabad Metro Rail Project

L&T Metro Rail (Hyderabad) Ltd, the SPV incorporated to implement the Hyderabad Metro Project has achieved financial closure for the project

L&T Metro Rail (Hyderabad) Ltd, the SPV incorporated to implement the Hyderabad Metro Project, has achieved financial closure for the project. L&T Metro Rail is the subsidiary of Larsen & Toubro. The financial closure has been achieved in six months and is the largest fund tie up in India for a PPP (public private partnership) project till date.

A consortium of banks led by State Bank of India has sanctioned the entire debt requirement of Rs11,480 crore for the project. The equity component for the project, expected to be around Rs3,440 crore, would be infused primarily by L&T Group. The project will get a viability gap grant of Rs1,458 crore from the Central Government through Government of Andhra Pradesh.

Hyderabad Metro Project was announced by the Government of Andhra Pradesh (GoAP) on PPP mode under the Design, Built, Finance, Operate and
Transfer (DBFOT) basis. L&T emerged the lowest bidder and signed the Concession Agreement through its SPV, L&T Metro Rail (Hyderabad) Ltd, with the Government of Andhra Pradesh (GoAP) on 4 September 2010.

Shares of L&T were being quoted at Rs1,666 in late afternoon trade on the Bombay Stock Exchange today, down 1.42% from their previous close.

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Ashok Leyland March sales up 21%

Ashok Leyland reported its highest-ever monthly sales in March at 12,168 units, registering a 21% jump over the same month previous year

Hinduja Group flagship firm Ashok Leyland reported its highest-ever monthly sales in March at 12,168 units, registering a 21% jump over the same month previous year.

In the 2010-11 financial year, the company registered an all-time high growth sales at 94,105 vehicles, registering a 47% growth against 63,926 units in the previous fiscal, Ashok Leyland said in a statement.

In March, the company's domestic sales jumped 22% to 11,312 units, while exports surged 12% to 856 units, over the corresponding month previous fiscal, it added.

For 2010-11, the company reported sales of 83,799 vehicles in the domestic market compared to 57,947 units in the previous fiscal, up 45%.

For the fiscal ended 31 March 2011, the company's exports touched 10,306 vehicles, a 72% jump as compared to 5,979 units in the previous fiscal.
Shares of Ashok Leyland were being quoted at Rs57.80 in late afternoon trade on BSE today, down 1.03% from their previous close.

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Suven Life Sciences manufacturing unit gets USFDA approval

Suven Life Sciences has received the US health regulator’s approval for its API manufacturing facility at Pashamylaram in Andhra Pradesh

Hyderabad-based Suven Life Sciences said it has received the US health regulator's approval for its active pharmaceutical ingredients (API) manufacturing facility at Pashamylaram in Andhra Pradesh.

"The United States Food and Drug Administration (USFDA) has classified Suven facility at Pashamylaram as acceptable for manufacture and supply of API and intermediates," the company said in a filing to the Bombay Stock Exchange (BSE).

The approval has been given after renewal inspection of the facility by the USFDA under current good manufacturing practice.

"So far, Suven has filed 16 drug master files and one abbreviated new drug application from this facility," Suven added.

Shares of Suven Life Sciences were being quoted at Rs23.60 in late afternoon trade on BSE today, up 15.12% from their previous close.

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