The Hindu Business Line : Corporate developments

JBM Auto Ltd has entered into a 50:50 joint venture agreement with Magnetto Automotive S.P.A (Italy) for manufacture of skin panels, body and under body, welded parts and sub-systems for four-wheeler OEMs in Pune region namely Tata, Fiat Tata and Volkswagen group. The new company has been incorporated in the name of JBM Magnetto Automotive Private Ltd and facilities are established at Chakan, Pune. JBM Auto has entered into another joint venture agreement with Sandhar Technologies Ltd with 50:50 stake to form a consortium for operating and maintaining the tool room and technical service centre of Pithampur Auto Clusters Ltd in tehsil Mhow, Indore, Madhya Pradesh.

JSW Steel Ltd’s cold rolling mill complex at Vijayanagar Works was inaugurated on March 17. The 1-million tonne CRM complex will cater to the automobile and auto component industry and act as a catalyst for attracting further investments in this sector in Southern India.

Kalindee Rail Nirman (Engineers) Ltd’s shareholders have approved of raising money by way of specified securities to qualified institutional buyers through QIP route up to a maximum of Rs 150 crore, raising of money by way of issue of 18,00,000 convertible equity warrants to promoters at a price not less than Rs 402 per warrant and raising of investment limit by foreign institutional investors up to 74 per cent of the paid up equity share capital of the company.

Malu Paper Mills Ltd has signed a memorandum of understanding with Maharashtra on March 15 for setting up mega expansion project. The main features of the project are installation of two machines viz. (PM-III) Newsprint Paper machine of 49,500 mtpa capacity along with 6 MW captive power plant and (PM-IV) the writing and printing paper machine of 82,500 mtpa along with 15 MW captive power plant. The phase I – PM III – has already commenced the commercial production and on the completion of the mega project, the company will be eligible for incentives and benefits such as exemption from payment of electricity duty, stamp duty and industrial promotion subsidy etc.

State Bank of Bikaner & Jaipur has decided to raise tier-I capital by private placement of unsecured, redeemable, non convertible IPDI - aggregating to Rs 200 crore. The necessary approval has been placed before the Directors of the Board.

Tanla Solutions Ltd’s Board of Directors has approved sub-division/ split in the face value of the equity share from Rs 2 to Rs 1 each and the same would be recommended to the shareholders for approval by postal ballot.

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