Sezal Glass will invest Rs686 crore to expand its business and venture into new and related businesses
Sezal Glass, which will receive Rs686 crore from sale proceeds of its float glass manufacturing unit to Saint-Gobain Glass India, will use the funds to expand its existing business and venture into new and related businesses.
Last week, it announced the sale of float glass business along with its Gujarat-based manufacturing unit to Saint-Gobain Glass India for a consideration of Rs686 crore.
“The funds realised from the transaction have been used by the company towards clearing all the bank debts first. The balance will be utilised for expanding its existing value added glass business, as well as venturing into new and related businesses through both organic and inorganic routes,” Sezal chairman and managing director Amrrut S Gada said in a statement.
With the sale proceeds, the company will be 100% debt-free with reserves to fund the growth, he said.
Saint-Gobain Glass India is a 100% subsidiary of the France-based Compagnie de Saint Gobain. The binding business transfer agreement was executed between the parties on 31 May 2011, a company statement said.
The sale was approved by the company’s shareholders by postal ballot. The manufacturing plant with a capacity of 550 tonne per day of float glass is of the caliber and technical know-how on par with any international glass manufacturer of repute, company said.
As a part of the overall transaction, Sezal Glass and its principal promoters have undertaken non-compete obligations with respect to the float glass business in India with “Saint Gobain” for a period of five years.
The promoters have not received any separate non-compete fee from Saint Gobain and the entire sale consideration has been received by the company, Gada said.
PricewaterhouseCoopers were the Financial Advisors and SH Bathiya & Associates acted as the corporate advisors to Sezal Glass in this transaction.
Sezal Glass is a leading player in the architectural glass processing business in India. Apart from the float glass manufacturing business which has now been sold to Saint-Gobain Glass India, the company is a major player in the processing business.
On Tuesday, Sezal Glass ended 0.74% down at Rs4 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.23% to 18,308.66.
Apple payments to Nokia settle all litigations and have positive financial impact
Nokia said that it has signed a patent license agreement with Apple. The agreement will result in settlement of all patent litigation between companies, including the withdrawal by Nokia and Apple of their respective complaints to the US International Trade Commission.
The financial structure of the agreement consists of a one-time payment payable by Apple and on-going royalties to be paid by Apple to Nokia for the term of the agreement. The specific terms of the contract are confidential.
“We are very pleased to have Apple join the growing number of Nokia licensees,” said Stephen Elop, president and chief executive officer of Nokia. “This settlement demonstrates Nokia’s industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market.”
During the last two decades, Nokia has invested approximately EUR43 billion in research and development and built one of the wireless industry’s strongest and broadest IPR portfolios, with over 10,000 patent families. Nokia is a world leader in the development of handheld device and mobile communications technologies, which is also demonstrated by Nokia’s strong patent position.
This agreement is expected to have a positive financial impact on Nokia’s recently revised outlook for the second quarter 2011 of around break-even non-IFRS operating margin for devices & services.
The mystery behind what the 36-year-old Anchor Handling Tug (AHTS) Seabulk Plover, with the 26-year-old container ship MV Wisdom, due for scrapping, was actually doing along the Indian coast for almost two weeks before the container ship landed up on the beach off Juhu, now begins to deepen
Yesterday, we had questioned why container ship MV Wisdom, which was being towed to the Alang junk yard, obtained permission to sail so close to the Mumbai coast and the sensitive Bombay High oil installation. (Why was the MV Wisdom allowed to get so near the Bandra-Worli Sea Link? ).
First of all, here are some facts, as known, and re-verified:
Ship Type: Tug
Year Built: 1975
Length x Breadth: 66mx13m
Deadweight: 759 tonnes
Speed recorded (Max /Average): 10/ 9 knots
Flag: St Vincent Grenadines [VC]
Call Sign: J8SE
IMO: 7401332, MMSI: 376054000
Last Position Received
Area: Indian Ocean
Latitude / Longitude: 6.797163° / 79.62228° (Map)
Currently in Port:
Last Known Port:
Info Received: 14d 17h 59min 48s ago
Not Currently in Range
Voyage Related Info (Last Received)
Draught: 4.8 m
ETA: 2011-05-31 07:30
Info Received: 2011-05-30 09:56 (14d, 20h 22min 2s ago)
Translated, that means the tug-tow combo was off Colombo for days, till around forenoon on 30th May. After that, the combo set course towards India, but more importantly and interestingly, simply stopped updating her positions anymore. Why was she hanging around outside Colombo, if her sale to the Alang breakers had already been decided months ago? Yes, the reasons could have been commercial, but with the monsoon breaking, it would have made more sense to move on towards the eventual destination-just ahead of the really bad weather.
Incidentally, that "000" in her MMSI (Maritime Mobile Service Identity, or the satellite communication identity) number means that she had some very powerful radio equipment onboard, as well as qualified specialist radio operators, not uncommon for tugs of her sort-but also in no uncertain way making it very clear that people onboard knew what reporting they were supposed to make, and had the equipment to do so too. No excuses on this account. It would be very interesting to get hold of a log of her normal communications, which by rights would have been monitored in not just India but at multiple stations worldwide. And copies retained onboard. Unless destroyed. Which is also known to happen.
Here are some details from this site: http://www.marinetraffic.com/ais/datasheet.aspx?datasource=ITINERARIES&MMSI=376054000
Daily Vessel's Itineraries
The update on positions comes to an abrupt end on the 30th of May.
This business of updating positions is directly related also to the vessel's identification signals broadcast all the time, as a regulation, and especially when within territorial waters or close to traffic lanes. That the Seabulk Plover & Wisdom were not doing so would have been noticed by any ship or coast station. Such a huge target, especially a ship in ballast and riding high, would be easily visible from a coast radar station for a distance of over 100km-120km and from other ships for a distance of around at least 50km, if not more. And not providing identity signals would have been observed by any of the many naval and civil station en route. What action did any of them take?
Now the question arises: did none of them relay information to anybody about an unknown tug-tow combo on the high seas without their AIS (Automatic Identification System) on? Or was there something else? Yes, ships are known to switch off their AIS as well as other identity signals, especially if they are in high-piracy areas, because in such cases it is a part of the anti-piracy measures. But they do not switch off their AIS along the areas with heavy traffic, like the Indian coast. And not if challenged by the authorities over radio-on comes the identity signal transmission, otherwise one of those many Coast Guard or Navy planes or choppers is supposed to investigate.
The next surprise is that on departing Colombo, the tug & tow combo gave their destination as "Cochin", but records available online do not show them as having visited Cochin Port. Certainly, it is possible that they did not enter the port, and simply steamed past slowly or they may have even stopped for stores and supplies-but then, did they report themselves to the Maritime authorities? This information is not available on the Cochin Port Trust website anymore.
Likewise, there is no report of any such report being made while passing Mangalore or Mormugao, the other two big ports en route. The Mumbai Port Trust website, likewise, does not show anything. It is likely, however, that they may have made their reports to these ports as they steamed past, and this information is simply not updated in the public domain, unlike in the rest of the world.
Here's what the existing rules, circulars and notices say. The last one issued by the DG (Directorate General) of Shipping on the subject of tugs and tows in Indian territorial waters is dated-it goes back to 1974. The world has changed since then, but our authorities have not bothered to update things, which, very simply, would require any ship under tow as well as the towing vessel to jointly and separately report to the coastal state, in this case India, in whose territorial waters they are entering.
All that is needed is a simple "Notice to Mariners", to start with, which instructs all special category ships entering Indian territorial waters to report in to the authorities, and then follow instructions, or stay clear. Something like this is done, for example, when testing rockets and missiles, even over international waters-and people on ships follow these notices and rules. It is as simple as that. It is done all the time.
Here are a few related links:
Yes, all vessels are entitled to the right of free and innocent passage through territorial waters. Submarines have to do so on the surface, warships of other countries have certain protocol, nuclear ships and merchant ships carrying certain types of cargo have to follow certain specific guidelines. That is what it has been like for decades, and nobody is challenging that, especially if the foreign ships are "seaworthy".
However, in this case, the ship under tow is not seaworthy. And there, the freedom of the seas and rights of innocent passage through our territorial waters come to a grinding halt.
The DG Shipping has to answer, in the first instance, why this has not been done all these years. Everything else will follow.
(Veeresh Malik is a qualified mariner and writer. He is also consulting editor with Sailor Today).