Crompton Greaves starts manufacturing in Brazil
Crompton Greaves (CG) commenced operations of its new extra-high voltage switchgear manufacturing facility in Sapucaia do Sul in the state of Rio Grande do Sul, Brazil, a statement from the company said. It is the company’s first manufacturing facility in Brazil. CG expects annual revenue in excess of $50 million during the first years of operations, the company said.
Tata Power completes stake buy in BP Solar
Tata Power Company informed BSE on Thursday that the company has on completed the purchase of 51% equity shares of in Tata BP Solar India, making it a wholly-owned subsidiary of the company. In December 2011, Tata Power had said that it will acquire 51% Tata BP Solar India, which was then held by BP Alternative Energy Holdings.
JVPL to earn R100 crore from carbon credits
The United Nations Framework Convention on Climate Change has registered the 1,000-MW Karchham Wangtoo Hydroelectric project of Jaiprakash Power Venture (JPVL) for its clean development mechanism (CDM). At present rates, JPVL is expected to get carbon credits worth R80-100 crore per annum and the crediting period is from October 15, 2011, to October 14, 2021. The project will provide 3.54 million of CO2reductions in a year.
Aijaz Tobaccowalla is new Pfizer India MD
Pfizer has appointed Aijaz Tobaccowalla as managing director, India. He will succeed Kewal Handa, who earlier this year announced his intention to retire in August 2012. “With more than 20 years of experience in the pharmaceutical industry, Aijaz “Jazz” is a seasoned leader who will continue to lead Pfizer India through this exciting period,” said Ahmet Goksun, regional president emerging markets Europe, Russia, India and Turkey, a part of the emerging markets business unit.
CDR cell on Essar Oil to meet today
The core group of the corporate debt restructuring (CDR) cell on Essar Oil will meet on Friday in Mumbai to decide whether the Ruias-promoted company can exit the CDR process. Essar Oil had recently said that it plans to come out of its R9,000 crore CDR process by June-end. Reports said the CDR process was being delayed owing to a recent Supreme Court order setting aside an earlier Gujarat High Court ruling which enabled Essar Oil to benefit from a sales tax deferment scheme.
Office space absorption to be down by 15%: CBRE
Global realty consultant CBRE on Thursday said absorption level of office space in India may come down by about 15% this year due