Products manufactured at Tata Lockheed Martin Aerostructures will form a key aircraft structure, which will be integrated and complete for its global C-130 aircraft customers
Tata Advanced Systems Ltd, a unit of Tata Sons, has set up a joint venture with US-based Lockheed Martin Corp to make aerostructures for Lockheed's C-130 aircraft in India, the companies said in a statement. They, however, did not provide financial details.
The companies said that their joint venture facility at Tata Lockheed Martin Aerostructures would be export oriented and that the products manufactured would form a key aircraft structure that Lockheed Martin will integrate and complete for its global C-130 aircraft customers.
Ratan Tata, chairman, Tata Sons, said, "We are very proud of our association with Lockheed Martin and believe that it will raise the level of capability of the aerospace industry in India, as also complement the efforts of our defence public sector undertakings."
"This partnership is established as a strategic element of our global supply chain and solidifies our presence in India. We are confident it will enhance long-term competitiveness of the C-130 and assure its production for decades to come," said Ralph D Heath, executive vice-president in charge of Aeronautics, Lockheed Martin.
Government expected to come out with a policy for exploration of shale gas shortly
Coal India (CIL) is interested in tapping shale gas, a form of natural gas trapped in shale rock formations, to improve its bottom line and through this also allow the government to reduce imports of natural gas. Caught napping when the government permitted the exploration of coal bed methane gas, CIL does not want to miss a similar opportunity this time around, as the government is keen on stepping up exploration for natural gas.
"We want to go ahead in the coal-related value chain and tapping shale gas is one step," CIL chairman Partha Bhattacharjee said. Asked if the government will allow CIL to get into the shale gas business, Mr Bhattacharjee said, "We will try to convince the government to allow us to tap the gas as we are the largest coal miner, with the largest coal reserves."
The government is expected to soon come out with a licencing policy for exploration of shale gas in the country, reports PTI. Shale gas, which was struck recently by ONGC near Durgapur in West Bengal, has emerged as an important energy source in the United States over the past few years and accounts for nearly one-fourth of the natural gas supply in that heavily-industrialised economy. Reliance Industries has also indicated its interest to extract shale gas.
The company also has plans to explore the potential for a coal-to-oil project, Mr Bhattacharjee said.
The Coal India stock was down 0.51% at Rs302.40 at the close of trading on the BSE today.
Board of directors recommends dividend of Rs40 a share
The consolidated net profit of GlaxoSmithKline Pharmaceuticals rose 10.37% to Rs560.57 crore for the year ended 31 December 2010, the company informed the Bombay Stock Exchange on Monday. The company posted a net profit of Rs507.86 crore during January-December 2009.
Net sales rose to Rs2,151.05 crore in the year ended 31 December 2010 from Rs1,907.77 crore in the previous year. The board of directors, at its meeting on Monday recommended a dividend of Rs40 per share for the year ended 31 December 2010.
GlaxoSmithKline Pharmaceuticals shares were lower by 0.6% at Rs2,196.60 at the close of trading on the Bombay Stock Exchange today.