The Hindu Business Line : Corporate developments

Coimbatore, Feb. 14 Blue Star Ltd has completed the acquisition of the businesses of Naseer Electricals Pvt Ltd, a Bangalore-based electrical contracting firm, for a consideration up to Rs 42 crore, which includes upfront payment, debt and escrow amount payable on fulfilment of certain conditions. This move will enable Blue Star to deliver integrated Mechanical, Electrical & Plumbing (MEP) contracting projects for the commercial building and infrastructure segments. The electrical contracting firm had a turnover of Rs 107 crore (FY07) and has an order book of approximately Rs 100 crore.

EID Parry India Ltd has said that consequent to the acquisition of 51 per cent stake in the equity capital of Pune-based Phytoremedies Biolabs Pvt Ltd engaged in the business of Nutraceuticals, it had become a subsidiary of EID Parry.

Gail India Ltd has signed a Memorandum of Understanding with ITERA Oil & Gas Company of Russia for co-operation in projects ranging from participation in CNG projects in Russia, gas-based petrochemicals opportunities in Russia, E&P opportunities in Russia and CIS countries and co-operation in other projects of mutual interests.

Madras Cements Ltd has announced buyback of its fully paid-up equity shares of the face value Rs 10 each from the open market through stock exchanges using the electronic trading facilities of BSE and NSE at a price not exceeding Rs 4,200 per share payable in cash, for an aggregate amount not exceeding Rs 64.47 crore.

The buyback size represents 10 per cent of the aggregate of the company’s paid-up equity share capital and free reserves as on March 31, 2007, which was Rs 644.72 crore.

The date of opening of the buyback is February 18 and the last date is January 30, 2009 or when the company completes buyback to the extent of Rs 64.47 crore or such earlier date as may be decided by the Board of Directors at any time (by giving appropriate notice of such earlier date, if any) whichever is earlier.

Punj Lloyd Group’s wholly owned subsidiary Sembawang Engineers & Constructors Pts Ltd (Sembawang E&C), has been awarded a (Singapore) $400-million ( Rs 1,119.2 crore) contract by Marina Bay Sands Pte Ltd to construct and build the North Podium of Marina Bay Sands integrated resort comprising the casino, theatres and retail arcade in Singapore. Work on this landmark project will start this month and is expected to be completed by April 2009.

Renaissance Jewellery Ltd, through its subsidiary Renaissance Jewellery New York, Inc in the US, has acquired the business and assets of JBR Inc, a jewellery wholesaler based in New York. RJL believes that this acquisition will strengthen its position in the US market.

Revathi Equipment Ltd has proposed to sell the wind mill division, which the shareholders have approved through postal ballot.