The Hindu Business Line : Corporate developments

Coimbatore, Sept. 17 Ess Dee Aluminium Ltd’s Board of Directors has allotted a total of 14,10,000 equity shares of Rs 10 each at a premium of Rs 565 per share to Morgan Stanley India Investment Fund (7,75,000 shares) and Morgan Stanley Mutual Fund A/c Morgan Stanley Growth Fund (6,35,000 shares).

Hindustan Sanitaryware & Industries Ltd has approved expansion of the company’s Container Glass Division for manufacturing glass bottles and jars at a new location in central Andhra Pradesh with a capacity of approximately 425 tonnes per day, at an estimated cost of Rs 210 crore. The project is expected to be completed by the first quarter of calendar year 2009. Most of the plant and machinery and designs will be imported from European suppliers providing the capability to produce quality products. This move will not only help reduce the cost of production as the new location is expected to have access to natural gas, but will also free the approximately 33 acres of land in prime real estate of Hyderabad for other more profitable uses.

Ind Swift Laboratories Ltd has said a fire broke out in a section of one of the bulk drug facilities at Derabassi (Punjab) in the morning of September 15. The fire was swiftly brought under control and other than the affected section of the facility all other sections remained intact and continue to operate normally.

Max India Ltd’s AGM has approved additional investment of Rs 1,000 crore in the equity share capital of Max New York Life Insurance Company Ltd in one or more branches.

The AGM of Man Industries (India) Ltd has approved an increase in investment limit by FIIs up to 49 per cent of the company’s paid up capital and sub-division of equity shares of Rs 10 each into equity shares of Rs 5 each.

The Uttar Pradesh Pollution Control Board has suspended the closure order issued to Mirza International Ltd and the tannery division has resumed its operations from September 13.

United Spirits Ltd has acquired a majority stake in Liquidity Inc, a Delaware Corporation engaged in the business of alcoholic beverages. This has been made by Zelinka Ltd, its wholly owned subsidiary in Cyprus, for a consideration of $3 million. Consequently, Liquidity Inc has become a subsidiary of Zelinka Ltd and of the company.