With projects worth R3,000 crore already in its kitty, PFC Green Energy will commence operations in the next two months, according to sources. PFC Green Energy, the wholly-owned subsidiary of state-owned Power Finance Corporation, was constituted mainly to fund renewable power projects. The companys functioning will start by the end of the current financial year, a source close to the development said.
Jaiprakash Power Q3 net loss at Rs.98 crore
Jaiprakash Power Ventures swung to a loss from a year-ago profit as it faced lower water availability at its Bina plant, sending its shares sliding as much as 10% on Monday. The company reported a net loss of R98 crore for the third quarter ended December 2012 against profit of R60 crore in the same quarter previous year. Ebitda (earnings before interest, tax, depreciation and amortization) declined 25% to R268 crore and operating profit margin slipped to 63% from 95% last year.
Hero starts work on 4th plant, global parts centre
Two-wheeler major Hero MotoCorp on Monday said it has started work on setting up the fourth plant and a new global parts centre (GPC) at Neemrana in Rajasthan, where it will invest R550 crore, with the laying of foundation stones. Both the facilities are expected to be operational towards the end of 2013-14, the company said in a statement. Hero MotoCorp managing director & CEO Pawan Munjal said: The commencement of work on the new plant is clearly indicative of our intention and strategy for the future.
Mahindra to start XUV5OO export to L America by Sept
Auto major Mahindra & Mahindra said it will start export of its sports utility vehicle XUV5OO to Latin America by September this year, besides expanding its base in Africa. The company has also ramped up production capacities of XUV5OO, compact SUV Quanto and its subsidiary SsangYongs Rexton from this month to reduce waiting periods. We have started exporting of XUV5OO to Europe from last month. We are in the process of expanding the global presence of the vehicle and will start exports to Latin America during the first half of next fiscal, said Mahindra & Mahindra CEO (Automotive Division) Pravin Shah.
JSW Steel Q3 production up 8% to 21 lakh tonne
JSW Steel on Monday reported a marginal growth of 8% in its crude steel production at 20.94 lakh tonnes in October-December amid issues like shortages of iron ore continuing to affect its performance. The company had produced 19.39 lakh tonnes (LT) crude steel in the corresponding quarter of 2011-12. However, quarter-on-quarter (QoQ) basis, JSW reported a decline of nearly 3.6% in its October-December production compared with the June-September quarter, when it had produced 21.72 lakh tonnes (LT) crude steel.
Peter England to launch concept stores
Madura Fashion and Lifestyle, part of the diversified Aditya Birla Group, on Monday said its brand Peter England will open concept stores for working professionals by the end of the year. Peter England Generation is a brand new retail identity, a unique concept store that helps young professionals to progress through the first decade of his carrier, the company said in a statement here.
Logistics player Gati Q3 net increases 11%
Logistics player Gati posted 11.21% rise in its net profit at R5.85 crore for the December quarter. The company, which is present in express delivery and supply chain management, had posted a post tax net at Rs 5.26 crore in the corresponding quarter last year, it said in an exchange filing. Its total income was up 12% at R338 crore during the reporting quarter versus the R302 crore, it said in an e-mailed statement.
CG inks deal with Karma Ind for CFL business
Crompton Greaves (CG) has entered into an agreement with Himachal Pradesh-based Karma Industries to buy compact fluorescent lamp (CFL) manufacturing business for an undisclosed amount, said a statement from the company. The operations, located at Baddi in Himachal Pradesh, are dedicated to manufacturing CFL products.
Kapil Chopra appointed Oberoi Group president
Kapil Chopra has been appointed as president of The Oberoi Group. Chopra will be responsible for all The Oberoi and Trident Hotels in India. Most recently, Chopra was the executive vice-president of the group and was instrumental in opening the two flagship properties The Oberoi and Trident in Gurgaon.