Private equity firm Warburg Pincus offloaded 2.11% stake in solar module manufacturer Moser Baer India for over R2.2 crore through a series of open market sales between September 6 and September 14. The PE firms stake now stands at 4.82% in the company. The investor sold 35,49,355 shares of Moser Baer India. Waburg Pincus had sold 24.5% of its stake in the company in May this year to Global Town Investment in an off-market transfer deal. Moser Baer shares closed 2.14% up to R6.69 on the Bombay Stock Exchange on Monday.
RInfra forays into cement biz with Reliance Cement
Making its foray in the Indian cement market, Reliance Infrastructure (RInfra), part of the Reliance Group, announced the launch of Reliance Cement, the companys cement brand, a company statement said. Reliance Cement will be manufactured from RInfras recently commissioned Butibori plant at Maharashtra and will mainly be delivered to Vidarbha market. The cement business will be housed under Reliance Cement Company, a subsidiary of RInfra.
RPowers Sasan plant connected to national grid
Reliance Power (RPower) said its flagship 4,000 MW Sasan power project is now connected to the national grid, with the commissioning of a 400 Kv switchyard. The project is ready to draw power from the grid to provide start-up power for the plants first 660 MW unit which is nearing completion five months ahead of schedule, the company said. RPower said the switchyard would enable evacuation of power to seven states.
Ramco bags GoAir maintenance contract
Chennai-based Ramco Systems has bagged the maintenance repair overhaul (MRO) contract of Wadia Groups GoAirlines. Ramco will deliver epublications including engineering and configuration, maintenance programme and planning, line maintenance , technical records and complete materials. The M&E software of Ramco will be integrated with our flight operations ARMS system and SAP ERP for achieving required automation and seamless business overflow, said Giorgio De Roni, CEO, GoAir.
BGR bags R1,900-crore Damodar Valley deal
Chennai-based BGR Energy Systems, a EPC and BoP company in the power industry, received the notification of award (NoA) from Damodar Valley for steam generators for the Raghunathpur, West Bengal, thermal power project phase-II (2x660MW). The order is valued at euro 109.79 million plus rupee component of R1,121 crore, totalling around R1,901.57 crore. The execution period of the contract will be 58 months.
Havells, Osram settle Sylvania dispute
Lighting products maker Havells India said on Monday that Osram, a unit of Siemens, will pay one of its units $38 million (R205.2 crores) to settle a legal battle over the Sylvania brand. The settlement clarifies that Osram Sylvania owns the Sylvania trademark in the US, Puerto Rico, Canada and Mexico, while Havells Sylvania owns the patent in the rest of the world, the company said. Both Osram and Havells will have the right to make and brand products in each others territories, as long as the products are destined for sale in their own regions.
Q3 job outlook positive; retail to hire more: Survey
Job outlook is looking better for October-December with retail, consumer goods, pharma and IT companies starting to expand operations, a survey showed on Monday days after government announced big-bang reforms to spur economic growth. The quarterly survey by hiring firm TeamLease shows a 3 points rise in net employment outlook index to 77 in the third quarter of 2012-13 from 74 in Q2 and 73 in Q1. Mumbai and Hyderabad led the chart for possible job creations followed by Bangalore and Kolkata while Delhi and Chennai may see a decline in jobs, the survey said.
Karnataka Bank appoints part-time chairman
Public sector lender Karnataka Bank has reappointed Ananthakrishna as part-time chairman of the bank for a period of three years. Ananthakrishna assumed office for the first term as non-executive part-time chairman of the bank on July 13, 2009.
Essel Group forays into UAE with brand Chandra
India-based multi-billion-dollar business conglomerate Essel Group has forayed into the UAE with its brand Chandra that will offer a range of herbal beauty and personal care products. Essel Group officials told reporters on Sunday that launching of Chandra here is a part of a larger plan to introduce comprehensive wellness concepts across West Asia in phases.