The Hindu Business Line : Corporate developments

Coimbatore, March 10 Gitanjali Gems Ltd has made a foray into the business of providing gold loans and safe deposits vaults through incorporation of its wholly owned subsidiary in the name of Mohar Jewels Ltd. GGL has, in continuance of its policy towards strategic acquisition, has acquired ‘Trinity Watch Company Pvt Ltd’ through its wholly owned subsidiary Gitanjali Lifestyle Ltd. GGL has also acquired Renaissance Retail Venture Pvt Ltd (RRVPL) through Gitanjali Lifestyle Ltd. RRVPL is engaged in the business of promoting, conducting and managing retail stores, dealing and trading in all sorts of silver, gold, platinum and other diamond studded jewellery. Lucera is one of the premium brands owned by RRVPL.

Gujarat Fluorochemicals Ltd has informed that a meeting of the board of directors will be held on March 21 for considering buy back of equity shares of the company.

Indsil Electrosmelts Ltd has signed a joint venture agreement with the GoodEarth group of companies based at Nagpur to jointly operate an already acquired manganese ore mine in Indonesia. The mine is spread across 5000 hectares and has rich resources of high grade manganese ore. It is estimated that the resources in this mine would be around 3 million tonnes of medium and high-grade variety. Estimated production is around 3,00,000 tonnes per annum.

MSP Steel & Power Ltd has signed a memorandum of understandings with M P Trade & Investment Facilitation Corp Ltd, Government of Madhya Pradesh for setting up two iron ore beneficiation plants, one in the district of Jabalpur and other in Katni, with capacities of 5 MTPA each, with a proposed investment of Rs 200 crore in each plant and a pelletisation and steel plant of appropriate capacities in these districts provided that the beneficiated ore is suitable for pelletisation. The Madhya Pradesh Government shall facilitate the required infrastructure facilities, incentives and necessary clearances and concessions.

Southern Iron & Steel Company Ltd has said that March 7 has been fixed as the effective date with regard to the Scheme of Amalgamation of SISCOL with JSW Steel Ltd (JSWSL). In terms of the scheme, the shareholders of SISCOL would be issued equity shares of JSWSL in the ratio of one fully paid-up equity share of Rs 10 each of JSWSL for every 22 equity shares of Rs 10 each held in SISCOL.

Sundaram Clayton Ltd has said that with reference to the Scheme of Arrangement between Sundaram-Clayton Ltd and WABCO-TVS (India) Ltd and their respective shareholders and creditors, the High Court of Madras on Feb 20 pronounced the order sanctioning the Scheme of Arrangement and once the order is filed with the Registrar of Companies, Chennai, the scheme will become effective from that date.