The Hindu Business Line : Corporate Developments

Amtek Auto has acquired one of the largest automotive precision machining companies, M/s Triplex - Ketlon Group, which was also Amtek's strongest competitor running close to 185 different machining lines and having a multi-location presence in the UK. Amtek targets over $1 billion overseas sales revenue within the next two years.

The company has drawn up an integration plan for this acquisition that will bring in considerable cost savings.

Bharati Shipyard has bagged an order for two UT 755LN Platform Supply Vessels from Opielok Bereederungs GMBH & Co KG, Hamburg, Germany. The price of each vessel is $26.50 million, totalling $53 million (approximately Rs 208.23 crore). These vessels will be operating in the North Sea under a harsh environment and are capable of multifunctional duties such as carrying cargo, bulk, transportation of goods and material including dynamic positioning and fire fighting capabilities.

With reference to the announcement on October 4, regarding the board of directors giving their approval for investment in a lead smelter up to Rs 25 crore, Exide Industries has now finalised the acquisition of 100 per cent shareholding in Tandon Metals Pvt Ltd, located near Pune, Maharashtra. Its core business is smelting of primary and secondary lead.

Hindustan Oil Exploration Company has said the rights issue and allotment committee under the authority of the board of directors has fixed Rs 117 per share as the issue price for the rights issue (including premium) and the entitlement ratio will be 2:3 (2 equity shares for every 3 equity shares held).

PSL has announced the achievement of financial closure by its joint venture company, PSL North America LLC, for development of its integrated pipe manufacturing and coating facility in Mississippi, US.

It is pertinent to mention that out of an estimated demand for 2,50,000 km pipeline network worldwide in the next five years due to continuous enhancement in crude oil prices, approximately 1,00,000 km are estimated to be implemented in North America, West Asia and Asia.

Temptation Foods has purchased Food Processing Division of Chambal Fertilisers and Chemicals effective November 7.

Videocon Appliances has said the Scheme of Amalgamation of Ranjangaon Industries (the transferor company) with Videocon Appliances (the transferee company) has become effective on October 31 upon filing of the order of the Bombay High Court with the Registrar of Companies. The company has fixed November 30 as record date.