Ahluwalia Contracts secures Bus Terminal Project from RSRTC at Kota (Rajasthan) on DBOT basis

Ahluwalia Contracts has announced that the Company enters in the field of construction on DBOT / PPP Model. They have recently bagged the DBOT project for construction of model Bus Terminal with Commercial Complex at Kota, (Rajasthan) under Private Public Partnership (PPP). Total area of the Plot is 26343 sq. meters out of which 3300 sq. meters built up area for Bus Terminal is to be handed over to RSRTC and 23000 sq. meters commercial space shall be licensed to the Company for 40 years.

The Proposed Bus Terminal is located near existing Airport on DCM road at Kota. Kota is a fast upcoming heritage city of Rajasthan which is a significant Educational hub with new IIT Campus also proposed there in near future. The estimated construction cost of the project is envisaged at Rs 60 crores. The project is to be completed within 18 months.





ACC cement June despatch up 10% at 1.7 mt

June 2007:

Cement production: 1.70 million tonnes
Cement despatches: 1.70 million tonnes

June 2006:

Cement production: 1.53 million tonnes
Cement despatches: 1.55 million tonnes

Cumulative

January - June 2007

Cement production: 10.21 million tonnes
Cement despatches: 10.20 million tonnes

January - June 2006

Cement production: 9.68 million tonnes
Cement despatches: 9.67 million tonnes






Hindalco Ind, Coal India arm in pact for coal blocks JV

Hindalco Industries has informed that the Company has entered into a Joint Venture Agreement (JVA) with Mahanadi Coal Ltd (MCL), a subsidiary of Coal India Ltd. and Neyveli Lignite Corporation Ltd. (NLC) in respect of Talabira II and III Coal blocks. The Joint Venture Company (JVC) is expected to be formed in the next 3-6 months and the Company will have 15% shareholding with MCL holding 70% and NLC holding 15%.

The JVC is expected to commence coal mining of 20 MTY by late 2009 / early 2010. At full capacity, the Company will evacuate 3 MTY for end use in the captive power plant to operate the smelter in its project Aditya Aluminium in Orissa.

The JVA is subject to the final approval of the GoI and the respective Boards.





Spentex: Schoeller Litvinov acquisition will be EPS accretive; Had FY06 turnover of 54 mn euro and EBITDA of 6 mn euro

Spentex Industries management says that its acquisition of Schoeller Litvinov acquisition will be EPS accretive. Schoeller had FY 06 turnover of 54 million Euro and an EBIDTA of 6 million Euro. The deal will be finalised in Q2 and the acquisition will be completed by July 18.

In yet another cross border acquisition Spentex Industries, country's largest yarn manufacturer has acquired Schoeller Litvinov k.s. (Schoeller) in Czech Republic. The acquisition of Schoeller was completed for a consideration of USD 25 million with net CA of 9 million. The transaction will enhance the topline of Spentex by about Euro 55 million and add another Euro 6 million per year in cash flows.

The transaction provides Spentex with a strong European presence in the high end yarn segments including special sewing thread yarns, carpet warp yarns and core yarns for weaving mills. With this acquisition, Spentex will gain access to a large customer base in over 30 countries and further add an annual volume of about 19,000 tons.

Mukund Choudhary, Managing Director, Spentex Industries, said “This acquisition is in line with our inorganic growth strategy of acquiring good, operational assets of strategic value. Schoeller is a leading yarn manufacturer in Europe with operations in Germany, the Benelux countries, France and the Czech Republic with customer base spread across European Union. This acquisition not only enhances our presence in the high margin European markets but also increases our client base substantially.”

The company’s customer base includes well-known companies in the sewing thread industry, carpet manufacturers, weaving mills and knitwear factories. Yes Bank was the sole financial advisor to Spentex on this transaction.





Pratibha Ind gets 2 orders worth Rs 97.78 Cr

Pratibha Industries has informed that the company has secured two contracts from Indore Municipal Corporation (Project Implementation Unit - PROJECT UDAY) for two water supply schemes. The total value of the contract is Rs 97.78 crores. The project are to be executed in 12/18 months.

The project involves "supplying, laying, jointing, testing and commissioning of pure water pumping main, feeder main at Indore".

The Company is engaged in infrastructure business with key focus on water segment. As the Company moves ahead, the Company has laid increased emphasis on devising its business strategy on aggressive top line growth, a de-risked business model and increased operational efficiencies.




GMR Infra: Overall margins were down due to lower margins in Power & Airport division; Cargo Revenues are seen growing 27% in FY08

GMR Infrastructure has announced its Q4FY07 consolidated results. The company has posted net profit of Rs 21.85 crore in Q4 of FY07 vs Rs 41.15 crore in Q4 of FY06. Total income stood at Rs 619.74 crore vs Rs 351.29 crore. Consolidated income included GVL, Delhi International Airport Pvt Ltd and Gateways for India Airports Pvt Ltd which have become subsidiaries of the Company.

The company says that overall margins were down due to lower margins in Power & Airport division. The impact of airport revenue will be seen from FY08. 26% of airport revenues has to be shared with the government. Non-supply of gas to 1 plant hit energy OPM by 1%. The company sees FY07 Aero Revenues were at Rs 588 crore. Cargo Revenues are seen growing 27% in FY08.

The company expects to have Rs 500 crore of assured revenue from Duty-Free for next 3 years. They will be bidding for the Navi Mumbai Airport. The company has no major plans to raise any capital. They will auction 45 acres of land as part of Dvpt Of Delhi Airport.





Glenmark Pharmaceuticals received tentative US FDA approval for its ANDA for Topiramte Tablet

Glenmark Pharmaceuticals Ltd has announced that the Company has received a tentative approval from the US FDA for its Abbreviated New Drug Application (ANDA) for Topiramate Tablets in multiple strengths (25 mg, 50 mg, 100 mg & 200 mg). The branded sale of Topiramate tablets, an anti-epileptic drug, which falls in the CNS segments, is estimated at $ 1.85 billion in 2006 as per NDC Health.

The Company will manufacture the finished dose formulation at its USFDA approved manufacturing facility in Goa, India. The Company's US subsidiary, Glenmark Pharmaceuticals Inc., USA (GPI) will start marketing the product in the US upon patent expiry (September 26, 2008),

With this approval, GPI now has a portfolio of 18 generic products for the US market and has over 35 ANDAs undergoing UD FDA approval process / launch.




TVS Motors: Slowdown may continue in July and August, will pick up in Sept; Low sentiment on unavailable finance hitting sales

TVS Motor June bike sales are at 47,380 units vs 78,271 units and the exports were at 9,133 units. The Total Sales are at 1.07 lakh units vs 1.26 Lakh units.

TVS motors management says that the slowdown seen in June sales may continue in the month of July and August as well and it will only pick up in September. They added that the marriage season did not go as anticipated They are not adding any inventories. They say that the overall mobike sales market is sluggish. About lowering prices, the company says that it might not be a viable option .





Spentex Industries acquires Schoeller Litvinov k.s.

In yet another cross border acquisition Spentex Industries, country's largest yarn manufacturer has acquired Schoeller Litvinov k.s. (Schoeller) in Czech Republic. The acquisition of Schoeller was completed for a consideration of USD 25 million with net CA of 9 million. The transaction will enhance the topline of Spentex by about Euro 55 million and add another Euro 6 million per year in cash flows.

The transaction provides Spentex with a strong European presence in the high end yarn segments including special sewing thread yarns, carpet warp yarns and core yarns for weaving mills. With this acquisition, Spentex will gain access to a large customer base in over 30 countries and further add an annual volume of about 19,000 tons.

Mukund Choudhary, Managing Director, Spentex Industries, said “This acquisition is in line with our inorganic growth strategy of acquiring good, operational assets of strategic value. Schoeller is a leading yarn manufacturer in Europe with operations in Germany, the Benelux countries, France and the Czech Republic with customer base spread across European Union. This acquisition not only enhances our presence in the high margin European markets but also increases our client base substantially.”

The company’s customer base includes well-known companies in the sewing thread industry, carpet manufacturers, weaving mills and knitwear factories. Yes Bank was the sole financial advisor to Spentex on this transaction.





Global PE players eye stake in JetLite; Jet believed to be in talks with leading private equity players

Naresh Goyal-promoted Jet Airways is believed to be in preliminary talks with leading international private equity players for offloading a minority stake in JetLite, the name given to Air Sahara that it acquired three months ago for Rs 1,450 crore, reports the Business Standard.

Global investment companies and equity funds like Dubai-based Istithmar PSJC, US private equity firms Texas Pacific Group and Blackstone and Singapore’s investment holding company Temasek Holdings have been approached by merchant bankers associated with the talks.

Sources close to the development said Jet Airways, which is readying itself for a 0 million rights issue to fund its expansion plans, may dilute up to 25 per cent in JetLite. Jet Airways Executive Director Saroj Datta, however, denied that talks were on for divesting equity.

Jet Airways has been looking for capital to finance its international operations and aircraft acquisition.

An email sent to Istithmar and Temasek remained unanswered while the other private equity players were not reachable for comment.

Sources said JetLite would be profitable by October-November. The rebranding exercise has begun with Jet Airways integrating Air Sahara’s frequent flyer programme.

Meanwhile, the airline has been repositioned as a “value carrier” — that is, an airline between a low-cost and a full-service carrier. To this end, JetLite has discontinued business class operations from June and re-configured its aircraft to all-economy seats.

Jet executives earlier pointed out that the airline will acquire 10 Boeing 737 aircraft which Air Sahara had committed to buy. The latter had already paid 1 per cent of the bill to the aircraft manufacturer as a pre-delivery payment.