Tata Group firm Voltas Ltd said its board of directors has approved the formation of a joint venture with Saudi Arabia’s Olayan Financing Company to execute electro-mechanical projects in the country.
“The joint venture agreement incorporating the terms and conditions JVC has been executed between Voltas Ltd and Olayan Financing Company on 18 December 2010,” Voltas said in a filing to the Bombay Stock Exchange (BSE).
The company said both the firms will hold equal stake in the joint venture, which is expected to be operational from April 2011.
“Through this joint venture with Olayan Financing Company, Voltas seeks to leverage its vast experience, track record and expertise for MEP (Mechanical, Electrical and Plumbing) projects in Kingdom of Saudi Arabia (KSA),” the firm said.
Olayan Group comprises over 50 companies and affiliated businesses. It is engaged in products distribution, manufacturing and investments amongst others.
On Monday, Voltas declined 2.05% to Rs215 on the BSE, while the benchmark Sensex closed 0.12% up at 19,888.88 points.
Drug-maker Ranbaxy Laboratories Ltd said its South Africa-based joint venture, Sonke Pharmaceuticals, has won a 913.5 million rand (about Rs605 crore) order from the government for supply of drugs for prevention and treatment of AIDS.
The 913.5 million rand order won by Sonke is a part of a 4.28 billion rand national anti-retroviral (ARV) tender floated by the South African government, Ranbaxy said in a statement.
Sonke Pharmaceuticals, a joint venture between Ranbaxy (Pty) Ltd and Community Investment Holdings (CIH), is the second-largest local supplier of generic ARV medication in South Africa. Gurgaon-based Ranbaxy holds a majority 70% stake in Sonke.
"We are humbled to be given this responsibility to produce, supply and distribute affordable ARVs in South Africa," Ranbaxy Laboratories managing director Arun Sawhney said.
On Monday, Ranbaxy declined 1.20% to Rs541.25 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.12% up at 19,888.88 points.
Unity Infraprojects Ltd has won three work orders worth Rs200.10 crore from IISER College Pune, Orissa Industrial Infrastructure Development Corporation (IDCO) and Kumar Builders Township Ventures Pvt Ltd, Hinjewadi, Pune.
The first order worth Rs88.99 crore from Indian Institute of Science Education and Research, Pune, is for construction of lecture theatre block and laboratory complex at its campus. The completion period of the project is 24 months.
The second order worth for Rs69.15 crore from Orissa Industrial Infrastructure Development Corporation, Bhubaneswar is for construction of a tower at industrial estate, Mancheswar. The contract is to be completed in 24 months.
Unity Infra has also won an order worth Rs41.96 crore from Kumar Builders Township Ventures for construction of SEZ Project (IT Park). The project is to be completed in around 11 months.
On Monday, Unity Infra gained 4.08% to Rs88 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.12% up at 19,888.88 points.