The Hindu Business Line : Corporate developments

ABG Heavy Industries has concluded the terms of purchase of the world’s largest crawler crane, having lifting capacity of 3,200 tonnes, from M/s Terex Demag, Germany.

With reference to the announcement dated November 5 regarding fixing of record date (i.e. December 3) for the purpose of reduction of capital & first interim dividend, Colgate Palmolive India has said that the record date has been changed from December 3, to December 6 for the purpose of reduction of share capital and payment of first interim dividend for the financial year ending March 31, 2008, on the reduced face value of Re 1 per share.

Diamond Cables is expanding manufacturing base and adding a HT Power Cables and LT Cables facility at Vadodara at an estimated cost of Rs 68 crore and the facilities will be in operation in January 2008 and June 2008 respectively. To finance the project and raise long-term working capital for the same, the board of directors has given in-principle approval to accept a loan of Rs 68 crore from GE Capital.

On completion of this project, the company shall be among the top three power cable manufacturers in the country. It had raised Rs 68 crore as long-term debentures and Rs 60 crore as short-term loan from Clearwater Capital Partners India and the board has approved pre-payment of the entire NCD and short-term loan. The company requires long-term working capital funds, which will enable its big ticket entry into turnkey T&D projects. The board has approved a loan of Rs 160 crore from Clearwater Capital Partners Ltd, of which tranche A of the loan comprising Rs 90 crore shall be repaid in one year and tranche B comprising Rs 70 crore will be repaid in 5 years’ time.

GTN Industries has received an order on October 31 from Andhra Pradesh Pollution Control Board, Hyderabad, to close its yarn processing unit at Gundlapotla Village, Mahabubnagar district, with immediate effect for allegedly not complying with pollution control norms. The company is taking necessary remedial action to get vacated the said order and in the meantime the company has closed the unit effective from November 1.

Subhash Projects & Marketing has secured order worth Rs 52.06 crore from PHED, Jaipur, for Bisalpur Jaipur Water Supply Project (Transfer System) Works Contract for design, supply, erection and testing of pumping stations at Jaipur comprising all civil, mechanical, electrical and instrumentation works and operation & maintenance of all three pumping stations for 2 years. The work shall be completed within 16 months.