Lanco Group, which owns Griffin Coal Mines in Australia, expects to achieve financial closure for its expansion programme by July 2013 and is also prepared to divest majority stake in the mines, a top official of the infra major said. Lanco Chairman L Madhusudhan Rao said the total investment that is needed for expansion of Griffin mines would be around $1.2 billion.
This includes increasing mining capacity, strengthening the rail line and building a jetty at port.
PTC India appoints Deepak Amitabh as CMD
PTC India on Friday said its director finance and CFO, Deepak Amitabh, would take over as chairman and managing director of the company from October 11. The present CMD of PTC India, T N Thakur, would vacate office on October 11. Amitabh will take charge as the CMD of PTC India as well as PFS a non-banking finance company promoted by PTC India and classified as Infrastructure Finance Company by the Reserve Bank of India.
Nova Specialty picks up stake in Excel Hospitals
The Goldman Sachs-backed Nova Specialty Surgery has acquired a majority stake in Kanpur-based Excel Hospitals. Nova had recently raised R300 crore from Goldman Sachs. The new Nova super-specialty facility will provide world-class, affordable healthcare services in Kanpur. The facility will have state-of-the-art operation theaters in various specialties such as laparoscopy and pain management.
L&T construction bags orders worth R2,130 cr
Larsen and Toubro construction has secured new orders worth R2,130 crore across various business segments this month. In the buildings & factories segment, the company bagged new orders worth R1,650 crore, while additional orders of R480 crore have been secured from various ongoing projects in the infrastructure segment and other business units.
Mahindra Satyam starts work on Nagpur IT centre
The Mahindra & Mahindra group-controlled IT services provider Mahindra Satyam has started the construction of its IT center in Mihan SEZ, Nagpur. As part of its expansion programme, the firm will setup up a 1,000-seat capacity centre with an initial investment of around R80 crore. The first part of the campus would be operational in 15-18 months. Mahindra Satyam today said it has earmarked R800 crore for creating additional capacity of 15,000 seats at its campuses over the next two years.
Top honours for NTL Electronics India
NTL Electronics India, the R557-crore lighting electronics major from India and one of the nations largest player in the lighting electronics, has bagged the first prize in the ELCINA-EFY awards for outstanding achievements in Business Excellence for the year 2011-12. The ELCINA-EFY awards are designed to promote entrepreneurs of electronic industry.
L&T secures new orders worth R1,744 cr
Larsen and Toubro construction has bagged new orders valued at R1,744 crore across various business segments this month, according to a statement from the company. The buildings and factories augment secured new orders worth R1,331 crore, while orders worth R413 crore were bagged in transmission lines, bulk material handling and water and effluent treatment business units.
Mana Energy launches additive to cut fuel use
Mana Energy, an India-based firm funded from Hong Kong, launched a diesel additive that can reduce the amount of fuel consumption. The company claims that a minimum of 8% of diesel fuel can be saved using their additive, while some users have also reported 15% savings.
The product is designed for all high-capacity diesel engines and can lead to total hydrocarbon reduction by 20%.
Mindtree comes up with new logo, brand identity
Mindtree, the Bangalore-based IT services and solutions firm, announced its new logo and brand identity on Friday as part of its rebranding strategy. Our difference is our unique approach balancing a human perspective with deep strategic thinking which enables us to create possibilities to help our clients succeed, said Mindtree chairman Subroto Bagchi.
PVR allots shares worth R57.7 cr to PE firm
Multiplex owner PVR has allotted 28.85 lakh shares worth R57.7 crore to PE firm L Capital Eco on a preferential basis. The shares have a face value of R10 and a premium of R190 per piece. The decision was taken on Friday at meeting of the board of directors of the company. Stock of PVR closed 2.85% up to R192.8 on the Bombay Stock Exchange on Friday.