The Hindu Business Line : Corporate developments

Coimbatore, Dec. 13 Finolex Cables has entered into a joint venture agreement with J-Power Systems Corporation (JPS) of Japan (a joint venture between Hitachi Cable and Sumitomo Electric Industries) to offer complete turnkey solutions in Extra High Voltage (EHV) cable systems in India and overseas. The venture will have a modern production facility such as VCV (Vertical Continuous Vulcanising) tower to produce high voltage XLPE (Cross Linked Polyethylene) insulated power cables. It will be named ‘Finolex J-Power Systems Pvt Ltd’ and is expected to be established in January 2008 near Pune for manufacture and sale of high voltage power cables up to 500 kV grade.

IFCI has said that the board meeting to be held on December 20, has been advanced to December 17, for consideration of financial bids received from the bidders for acquisition of 26 per cent stake in it. The company has stated that the Union Government has informed that it would not exercise its conversion option in respect of its Optionally-Convertible Debentures of Rs 400 crore and Rs 523 crore at this point of time. Further, as regards the financial provision of Rs 1,300 crore, the Government has informed that it would assist the company if need be.

Maxwell Industries has received an intimation from its promoter directors, who are also directors on the board of Lovable Lingeries Pvt Ltd and Microtex India Ltd, stating that they have attended the Board and shareholders meeting on December 11 of the Lovable Lingeries Pvt Ltd and Microtex India Ltd where the matter relating to the merger with the company was discussed. It was decided that the merger should not be pursued further as the effective date of scheme of amalgamation has already expired. It was stated that the petition for mergerpending before High Court of Bombay be withdrawn and the direction of High Court of Bombay be sought to dismiss the application and dispose of the petition. The company proposes to call a Board Meeting to discuss this matter.