Financial Daily from THE HINDU group of publications
Saturday, Jul 09, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 09, 2005 |
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Corporate
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Mergers & Acquisitions French company keen on acquiring stake in TELK Our Bureau
Thiruvananthapuram , July 8 A FRENCH public sector company has shown interest in taking a stake in the State-owned Transformers and Electricals Kerala Ltd (TELK). The Industries Minister, Mr V.K. Ibrahim Kunju, told the State Assembly on Friday that the French company could be brought on the board of TELK only through a bidding process. The Government was looking into the proposal as the company could not be revived without a strategic partner. He said that the company required Rs 61.20 crore for one-time settlement of its dues. But the Government was not in a position to provide any funds, he added. The Chief Minister, Mr Oommen Chandy, told the House that 18 companies had expressed interest in executing the Vizhinjam international container transhipment project. The date for submitting the tenders would close on July 30 and the follow-up measures would be taken up immediately thereafter. The Chief Minister said that the project, for which a company had been floated, had immense possibilities and would become a major port facility on the west coast. He said that the Government proposed to acquire 100 acres of land for the Kazhakkutam-Kovalam IT corridor in addition to the 86 acres that had already been acquired. Of this, 50 acres had been handed over to Infosys and 36 acres to US Software. Mr Chandy informed the House that work on the first stage of Thiruvananthapuram International airport development project will commence shortly. The Government had handed over 27 acres of land to the Airports Authority of India (AAI) for the purpose and it would acquire more land once AAI indicated its readiness to begin work on the second stage. He said that the Government was searching for a private partner for setting up a biotechnology park. He, however, regretted that there was opposition to the proposal to elevate the Government College of Engineering, Thiruvananthapuram, to the status of a centre of excellence. The proposal was mooted by the University Grants Commission. The Chief Minister called for support from all quarters to the development activities taking place in the capital city, which, he termed, was unprecedented.
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