The Hindu Business Line : Corporate developments

Coimbatore, Sept. 18 Everest Industries Ltd is entering the business of design, manufacture, supply and erection of pre-engineered steel buildings that are accepted as an alternative to conventional buildings in the construction sector. There is a huge demand and supply gap at present and which will exist for quite sometime.

For undertaking this business, the company has commenced the setting up of its first plant at Bhagwanpur at Roorkee (Uttarakhand), which will be followed by other plants based on market growth.

Indo Asian Fusegear Ltd is foraying into power distribution business by setting up a new company called Indo Asian Power Distribution and Infrastructure Ltd (IAPDIL) with an investment of Rs 25 crore. The company is in talks with State electricity boards, corporations and utilities for taking up distribution network on franchise basis.

The initial investment will be made through internal accruals. The new company will have a consultancy and construction wing to carry out survey and take up construction work on turnkey basis.

JRG Securities Ltd has decided to exit from the joint venture, Arteries Investor Services Ltd, by transferring its entire shareholding of 49.99 per cent to Keynote Capitals Ltd, it partner.

KLG Systel Ltd, an IT-centric business lifecycle solutions company, has won orders worth more than Rs 25 crore from Haryana and Rs 7.5 crore from Rajasthan, both relating to the power sector, taking the total value of projects secured by it in September to Rs 100 crore.

Media Video Ltd has received approval from the Delhi High Court sanctioning the Scheme of Arrangement under section 391-394 of the Companies Act, 1956 which includes demerger of the real estate division of into MVL Infrastructure; merger of Smart Buildwell Private Ltd with MVL Infrastructure and merger of five closely held companies – Amigo Auto Private Ltd, PAR Realters Private Ltd, Anukool Realters Private Ltd, Dendrobium Property Developers Private Ltd and Media Publicity India Private Ltd – with MVL Infrastructure.

Punj Lloyd Ltd has entered into a subscription and shareholders agreement with Pipavav Shipyard Ltd (PSL) for acquisition of 12,93,61,538 equity shares of Rs 10 at Rs 27 per equity share aggregating to Rs 349.28 crore, which constitutes 28.84 per cent of the paid-up share capital and which shall constitute 25.56 per cent of the fully diluted paid-up share capital of PSL upon issuance of equity shares by PSL to 2i Capital PCC and IDBI against in-principle equity commitments made to them.