Here’s a look at this week’s top 10 Indian business news.
Diesel prices increased by 45 paise per litre
After reducing the price of petrol by Rs. 2 per litre in the third week of March 2013, Indian Oil Corporation Ltd (IOCL) decided to increase the price of diesel by 45 paise per litre. According to a press release, the hike was said to be ‘in line with the flexibility given by the Government to OMCs to revise the Diesel prices’.
Asian Paints to acquire 51% stake in Sleek group
Asian Paints will acquire a 51% stake in Sleek Group, a company engaged in the manufacturing, selling and distribution of modern kitchen space components, products and accessories. The acquisition will mark Asian Paints’ foray into the home improvement segment.
“Sleek is well poised to be a meaningful and enriching partner for Asian Paints’ foray into modern kitchens. This acquisition will offer significant opportunities and synergy for the Company” said K.B.S. Anand, MD & CEO, Asian Paints, in a press release.
SAIL’s OFS fully subscribed
Steel Authority of India Ltd’s (SAIL) OFS was fully subscribed as bids for 24.13 crore shares were reportedly received against an offer of 24.03 crore shares. The government had set a floor price of Rs. 63 per share, a 1.4% discount on the stock’s closing price on Thursday. Rs. 1,500 crore is expected to have been raised by the government from its 5.8% divestment in the largest state-owned steel maker.
Bharat Heavy Electricals Ltd (BHEL) gives Rs. 573 crore to Alstom
Bharat Heavy Electricals Ltd (BHEL) gave French multinational conglomerate Alstom a Rs. 573 crore order to supply equipment for a thermal power plant in Nabinagar in Bihar. Both companies will reportedly collaborate to design and supply parts of 660 MW supercritical boilers, part of an order won by BHEL from NTPC.
“This contract is yet another confirmation of the strong business and technology co-operation that Alstom has forged with BHEL since 2005 in the field of supercritical boilers” said Patrick Ledermann, Vice Chairman & MD, Alstom Thermal Power.
Amway to foray into consumer durables business in India
Amway is planning to foray into the consumer durables segment in India by introducing cookware, water purifiers and air purifiers. According to reports, the world’s largest direct selling company wants to use the Indian market to later expand into Bangladesh, Sri Lanka and other emerging markets.
“The durable business is complicated since it requires capable manufacturing and service back-up. But it will be a natural progression for us to grow Amway in India” said Douglas L. DeVos, Global President, Amway.
Sadbhav Engineering wins Rs. 1,210 crore order
Sadbhav Engineering won an order worth Rs. 1,210 crore from the National Highways Authority of India. The company said in a BSE filing that it will execute “4- Laning of Rohtak to Hissar Section of NH-10 from Km 87.000 to km 170.000 including connecting link from km 87.000 (NH-10) to km 348.000 (NH-71) to be executed as BOT (Toll) project on DBFOT pattern under NHDP Phase III in the state of Haryana (Length 98.810 Km)”.
Jakson Power Solutions signs pact with Bhabha Atomic Research Centre (BARC)
Noida headquartered Jakson Power Solutions announced that it had signed an agreement with Bhabha Atomic Research Centre (BARC) to access technology for standalone solar PV driven battery-less ultra filtration units for water purification and solar energy driven portable domestic brackish water reverse osmosis system. Under the agreement, the company will access such technology from BARC for seven years. “The manufacturing of these products will take place at Jakson’s Greater Noida Plant and is expected to hit the markets within the next 3 months” said a press release.
Quadria Capital Investment Advisors acquires Milestone Religare Investment Advisors Pvt. Ltd.
Private equity firm Quadria Capital Investment Advisors acquired Milestone Religare Investment Advisors Private Limited, which runs a Rs. 410 crore healthcare and education fund and is an equal joint venture between Milestone Capital and Religare.
“This is a joint decision made by both venture partners Religare and Milestone. We believe Quadria is best suited to now steer the fund to give the best return to investors” said Rubi Arya, Board Member, Milestone Religare.
ONGC to invest over Rs. 4,050 crore to upgrade Arabian sea facilities
Oil and Natural Gas Corporation Ltd (ONGC) announced that it will invest over Rs. 4050 crore to upgrade offshore facilities in the Arabian Sea. Under the plans, 48 platforms in Mumbai High and Neelam & Heera will be revamped at a cost of Rs 2,913.10 crore. The state-run oil and gas company will also incur a cost of Rs. 1,138.50 crore to refurbish two offshore complexes which were commissioned in the late eighties.
Punj Lloyd awarded Rs. 314 crore offshore contract
Engineering and construction group Punj Llyod was awarded a Rs. 314 crore contract by Al-Khafji Joint Operations for an offshore project in Saudi Arabia.
“Middle East has a huge potential in the offshore space and this project marks our entry into this market. With our extensive expertise of offshore pipelines and platforms, self owned technologically advanced barges, we are committed to delivering this project to out client’s satisfaction” said P K Gupta, Director, Punj Lloyd. The project is scheduled to be commissioned in September 2014.