Sterlite awards contracts worth Rs500cr to 3 companies for Bhopal-Dhule Transmission Project

The contracts have been given to South Korea's Hyundai Heavy Industries Company, China's Baoding Tianwei Baobian Electric Company and Areva T&D India

Sterlite Technologies has awarded contracts worth Rs500 crore to three companies, for the Bhopal-Dhule Transmission Project.

The contracts have been given to South Korea's Hyundai Heavy Industries Company, China's Baoding Tianwei Baobian Electric Company and Areva T&D India.

In a statement, Sterlite Technologies said its subsidiary Sterlite Grid Ltd has awarded these contracts through an international competitive bidding process.

The three companies would supply equipment (like 765 kV Transformers and Shunt Reactors) and engineering, procurement and construction (EPC) of two 1500 MVA (765/400KV) sub-stations.

"The total value of these contracts amounts to Rs500 crore. These sub-stations would be set up at Bhopal (Madhya Pradesh) and at Dhule (Maharashtra)," the statement said. These sub-stations are part of the transmission systems strengthening project awarded to Sterlite Grid on a 'build, own, operate and maintain' (BOOM) basis.

"The project involves establishment of four 765 kV Single Circuit transmission lines, two 400 kV Double Circuit transmission lines...and two 765/400 kV substations for strengthening transmission system in Madhya Pradesh, Maharashtra and Gujarat," the statement said.

Sterlite Technologies offers connectivity solutions for telecom and power industries.

In the late afternoon, Sterlite was trading at around Rs41.45 per share on the Bombay Stock Exchange, 4.49% down from the previous close.

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Aurobindo Pharma, Ojsc Diod form JV for generic products

Aurospharma Company, the new JV will set up a plant to make Non Penicillin and Non Cephalosporin Rx generics and other drugs

Aurobindo Pharma said it has formed an equal joint venture with Russian healthcare equipment company Ojsc Diod to manufacture and sell drugs in Russia, Belarus and Kazakhstan.

Aurospharma Company, the new JV will set up a plant to make Non Penicillin and Non Cephalosporin Rx generics and other drugs that are categorised as over-the-counter (OTC) products in Russia, the company said in a release.

In addition, the JV will source Penicillin, Cephalosporin and few other therapy products manufactured by Aurobindo Pharma to sell in Russia, Belarus and Kazakhstan. Aurobindo Associate Vice President Vishnu Sriram said, "The JV format gives us an opportunity to localise our production in Russia. Using the Russian partner's marketing vision, we will be able to enter the growing and challenging Russian market with greater confidence and expedite our presence in the market."

"Aurobindo will enrich the JV with its successful international experience in manufacturing medicinal substances and drugs - the so-called generics." The plant to be built in Russia will focus on production of socially significant medicinal drugs.

The plant with the GMP standards will be constructed in the Podolsk District (Moscow region) and is expected that the construction will be completed and the plant will attain its rated capacity closer to the end of 2013.

"The establishment of the JV should allow us to become an important player at the Russian pharmaceutical market within the target period," Vladimir Tikhonov, Diod CEO, said.     

In the late afternoon, Aurobindo Pharma was trading at around Rs133.75 per share on the Bombay Stock Exchange, 2.50% down from the previous close.
 

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Indiabulls Financial Services places 10 years NCDs worth Rs500 crore with institutional investors

The funds raised through the NCDs will be used mainly for long term retail mortgages

Indiabulls Financial Services Ltd (IBFSL) has raised Rs500 crore through issuance of secured non-convertible debentures (NCDs). The placement has tenure of 10 years at a coupon of 10.15% (monthly).

"Placement of such a long dated security with premier financial institutional investors reflects the strong fundamentals and the robust performance of the company. The funds raised through this will be used mainly for long term retail mortgages," said Gagan Banga, chief executive officer of the IBFSL
Indiabulls Financial Services, one of India's leading non-banking financial companies, is a provider of lending and other financial products including home loans, loans against property, commercial vehicle loans, and commercial credit to prime corporates.

In the late afternoon, IBFSL was trading at around Rs147.50 per share on the Bombay Stock Exchange, 2.64% down from the previous close.

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