The Hindu Business Line : Corporate developments

Classic Diamonds (India) Ltd has tied up with a jewellery- based retailer in UAE for selling its jewellery under the brand name Classic Jewels. The retailer owns six retail stores across United Arab Emirates. The joint venture plans to open four more outlets across UAE by mid 2008.

This would result in an increase in revenue for the company by $20 million.

ICRA Ltd and Indian Overseas Bank have signed a memorandum of understanding under which the company will assign ratings to the bank's loans and its other exposures under the standardised approach of RBI's New Capital Adequacy Framework for Basel-II. To assist potential and existing borrowers of the bank in obtaining ratings, ICRA is offering special terms to the bank's clients covered by the MoU. For the bank, ICRA's Line of Credit ratings would assist in implementing RBI's framework and an ICRA rating may help the client in faster loan processing and in obtaining competitive credit terms from the bank.

Jaiprakash Associates Ltd's shareholders have approved the raising of an aggregate amount up to $1 billion or equivalent through Global Depository Receipts/ American Depository Receipts /Foreign Currency Convertible Bonds.

Rasi Electrodes Ltd's board of directors has accorded in principle approval for setting up a Copper Coated Wire Manufacturing Plant in Chennai. The planned capacity of the plant will be 1,200 tonnes per annum and is estimated to cost around Rs 6.5 crore. The expansion will result in an additional annual turnover of Rs 8 crore. It will be funded partly out of internal accruals and partly out of project term loan and is expected to commence production during the second or third quarter of calendar year 2008.