The Hindu Business Line : Corporate developments

Kpit Cummins Infosystems Ltd has approved allotment of 1,510,877 equity shares of Rs 2 each to Cummins Inc, USA, on preferential basis against a cash consideration of $5 million, at a price of Rs 130.09 per share.

Parsvnath Developers Ltd has said that it has incorporated a subsidiary company viz. ‘Parsvnath Retail Ltd’ on November 19 for undertaking retail business.

Power Grid Corporation Of India has entered into a joint venture with Reliance Energy Ltd, which has in its scope execution of about 300 km of transmission lines from Parbati to Koldam and Koldam to Ludhiana. Power Grid will have a 26 per cent equity holding in the joint venture and Reliance Energy will have 74 per cent equity holding.

The above lines are part of elements of the transmission system associated with generation projects viz. Parbati-II HEP and Koldam HEP. NHPC is establishing 800 MW Parbati-II HEP and NTPC is establishing 800 MW Koldam HEP in Himachal Pradesh.

Rane Engine Valves has said that pursuant to the Madras High Court order, a meeting of the equity shareholders of the company will be held on November 28 for the purpose of considering, and if thought fit, approving, with or without modification, the scheme of demerger, merger and amalgamation proposed to be made between Rane Brake Linings Ltd, Techcons Ltd, Rane Brake Products Ltd, Rane Holdings Ltd and the applicant company and their respective shareholders.

Sintex Industries Ltd’s board of directors will meet on November 30 to consider proposed preferential allotment of warrants/securities to promoters and also proposed issue of FCCB’s/ADRs/GDRs/QIP.

Southern Ispat Ltd has decided to speed up plans to set up an integrated steel making plant, which includes a 4X25 MT Induction Furnace capacity, 3,50,000 TPA TMT/Structural manufacturing plant, 3,00,000 TPA captive Sponge Iron unit and 50 MW captive Power plant at an investment of Rs 500 crore.

The board has authorised the Managing Director, Mr Vivek Agarwal, to go ahead with preparing project report, source the part financing partners say, bankers, financial institutions, merchant bankers by taking assistance from the consultants etc.

The MD is informed to approach the Managing Director of KSIDC, Thiruvananthapuram, and speed up the process and get assistance of the Government of Kerala to procure coal and iron ore from the Government of Karnataka / Orissa.