The Hindu Business Line : Corporate developments

Coimbatore, Nov. 5 Jet Airways India Ltd has revised with effect from November 5, fuel surcharge by Rs 150 on all types of fares in both Club Premiere and Economy Class tickets on all domestic routes in the country, in view of the increase in aviation turbine fuel prices. The surcharge will not be applicable on sale of tickets on or before November 4 but will be collected if tickets are presented for any voluntary change on or after November 5.

JSW Steel Ltd has announced that it posted a 27 per cent growth in crude steel, seven per cent growth in HR Coils, 33 per cent growth in HR Plates and 109 per cent growth in pre-painted galvanised coils in October 2007 compared with the corresponding month in 2006. The company has also registered a volume growth of 11 per cent in crude steel, 3 per cent in HR Coils and 8 per cent in GI sequentially.

MSP Steel and Power Ltd has signed a memorandum of understanding (MoU) with M. P Trade and Investment Facilitation Corporation, Government of Madhya Pradesh, on October 27 for setting up a 2-million tonne clinker and cement unit in Madhya Pradesh with a proposed investment of Rs 1,000 crore. The State Government shall facilitate allocation of land and grant of captive limestone mines and for allocation of coal linkage and allotment of captive coal block for the project.

Parsvnath Developers Ltd has announced that Parsvnath SEZ Ltd (PSL), a subsidiary of the company, has signed a MoU with the Madhya Pradesh Government to provide facilities and incentives at the 76 acres SEZ being developed by the company at Indore. The SEZ, once completed, will offer approximately 40,000 direct and indirect employment opportunities and will have ‘plug and play’ provision with custom-built space station in iconic building. The SEZ envisages an investment of over Rs 2,100 crore.

Pidilite Industries Ltd (PIL) has launched, on November 3, issue of $40 million zero coupon foreign currency convertible bonds due 2012. It has decided to issue the bonds for capital expenditure in accordance with applicable law, international acquisitions and for any other use as may be permitted under applicable law or regulations, from time to time. The bonds are convertible into equity shares of the company at any time after January 9, 2008 until November 23, 2012 at a price of Rs 256.035 per share which represents a premium of 30 per cent over the closing price of the equity shares of PIL in the Bombay Stock Exchange Ltd as of November 2.

Pidilite has said that a budgetary estimate for the project is estimated to cost approx. Rs 450 crore. The plant, which will manufacture Synthetic Elastomer with approx. capacity of 25000 tonnes per annum, is proposed to be located at Dahej (Gujarat).