Punj Lloyd signs deal with GECI International

Punj Lloyd group company, PL Engineering has signed an agreement with GECI International to set up a joint venture company to offer engineering services in the aerospace sector

Punj Lloyd group company, PL Engineering said it has signed an agreement with France-based GECI International to set up a joint venture company to offer engineering services in the aerospace sector.

"The JV will initially focus on providing services to the growing Indian aerospace sector on supporting activities in Europe, followed by looking at the global market," PL Engineering said in a statement. No financial details were provided.

PL Engineering CEO Sanjay Goel said, "This JV will bring together the Indian resources and skills in design and engineering with global aerospace technology, knowhow and experience."

GECI International chairman Serge Bitboul said that "A partnership with the Punj Lloyd Group will allow us to offer an extended range of engineering services and together capture a significant part of the growing Indian aerospace sector."

Bitbould added that the company is in the process of establishing itself as aircraft manufacturer with the production of the turboprop aircraft F406 and the development of the Skylander, a 19-seater turboprop, with serial aircraft available in 2013.

PL Engineering provides a full spectrum of design and engineering services in the oil and gas, chemical and petrochemical, power and infrastructure sectors.

GECI International has been in the business of providing high level engineering activities, especially to the aerospace sector for more than 30 years.

On Friday, Punj Lloyd ended 7.33% up at Rs71.05 on the BSE, and the benchmark Sensex ended 1.52% up at 17,728.61.

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India Tourism Development Corp reports net loss of Rs12.40 crore in Q3

ITDC’s net sales grew by 18.8% at Rs97.63 crore for the quarter ended 31 December 2010, compared to Rs82.18 crore in the same quarter of 2009

India Tourism Development Corporation (ITDC) posted net loss of Rs12.40 crore for the quarter ended 31 December 2010.

In the same period of previous fiscal, the company had registered a net profit of Rs2.32 crore, it said in a filing to the Bombay Stock Exchange (BSE).

ITDC's net sales grew by 18.8% at Rs97.63 crore for the quarter ended 31 December 2010, compared to Rs82.18 crore in the same quarter of 2009.

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COMMENTS

Shadi Katyal

6 years ago

It is PSU and thus a safe job so why worry for any profit.
It is a shame that India over the years have lost rich tourist who have gone to Thailand because of arrogance and incapability to invite tourist. Now we have back packers and they can hardly afford Ashoka's. Beside Law and Order has become a major problem with incidents at Goa and other places. But than it is India and no one has any policy to invite better class tourist.
The few who do go com-paint about arrogance of staff, poor service, bad food and even rats in trains. Forget AirIndia's schedule flights and service

Govt lifts export ban on certain rice, onion varieties

The government has permitted exports of 'Ponni Samba' and 'Matta' varieties of basmati. It has also permitted exports of Bangalore Rose onions and Krishnapuram onions, albeit under licence

New Delhi: The government today allowed the export of three varieties of non-basmati rice grown in the southern states in anticipation of bumper crop production this year, reports PTI.

Partially lifting a three-year old ban, the government has permitted exports of 'Ponni Samba' and 'Matta' varieties of basmati, subject to a cap of 25,000 tonnes each, while shipments of 'Sona Masuri' have been permitted with a cap of 1,00,000 tonnes, the Directorate General of Foreign Trade (DGFT) said in a notification.

"Certain varieties of rice (Sona Masuri, Ponni Samba and Matta) are permitted to be exported with a limit on quantity of export for the KMS (Kharif Marketing Season), 2010-11," the DGFT said, adding that the export ban continues on other varieties.

Exemptions from the export ban would also be contingent upon the value of shipments exceeding $850 per tonne.

These varieties are grown in Tamil Nadu, Kerala, Andhra Pradesh and Karnataka.

According to the agriculture ministry, rice production will rise to 94 million tonnes in the 2010-11 crop year, from 89 million tonnes in the previous year.

The DGFT, an arm of the commerce ministry responsible for export and import-related matters, said that overseas shipment of two varieties of onions has also been permitted, subject to a licence.

"The export of Bangalore Rose onions and Krishnapuram onions is now restricted and their export shall be permitted under licence," it said, adding that the ban on exports of other varieties of onions will continue.

The government had banned the export of onions early this January to rein in soaring prices, which touched Rs70-Rs85 per kg on 21 December 2010, in retail markets of major metros.

The decisions were taken on Wednesday by an Empowered Group of Ministers headed by finance minister Pranab Mukherjee.

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