The Hindu Business Line : Corporate developments

Coimbatore, April 15 Ambuja Cements has said that the Ministry of Commerce & Industry has imposed a ban on the export of cement with immediate effect and the company would not be able to export cement till such time the ban remains in force. During the financial year 2007 (twelve months), of the total sales volume of 16.77 million tonnes, the company exported 1.32 million tonnes of cement having total value of Rs 277.48 crore.

Hinduja Foundries has informed that pursuant to the approval received from the shareholders of the company at the EGM held on January 5, the company has scheduled to open its GDR issue for subscription on April 14 and close it on or before April 21. The company expects to raise $15 million from this offering. Three GDRs represent one underlying share and the GDRs will be listed on Luxembourg Stock Exchange.

Grasim Industries has informed that it has increased its stake in AV Cell Inc, a joint venture company in Canada, from 25 per cent to 45 per cent, at a total consideration of around CAD 6 million (Rs 24 crore approximately) and Aditya Birla Group’s total stake in AV Cell has increased from 75 per cent to 95 per cent.

KEC International has been awarded two separate contracts by Power Grid Corporation of India Ltd for supply and construction of 400 KV Double Circuit (QUAD) Edamon - Muvattupuzha transmission line (Part-I & II) in Kerala. The total value of the contracts is Rs 155.24 crore and the project is scheduled to be completed by March 2010.

Kirloskar Brothers has received a letter of acceptance from Damodar Valley Corporation, Kolkata, in respect of Koderma Thermal Power Project, Stage-I (2x500 MW):Water System Package at Koderma District, Jharkhand. The total value of the contract is Rs 166.77 crore. The contract is in respect of supply and installation of balance of plant (Water System) package.

Orient Paper & Industries has informed that production of paper at the company’s paper mills at Amlai (in M.P.) has been disrupted due to non-availability of water in the near by river.

Steel Strips Wheels has received a repeat export order from KROMAG KFG-Austria, for the supply of 25,200 car wheel rims.

Surana Telecom has said that a meeting of the board of directors will be held on April 22 to consider the proposal of buyback of shares.

Ultratech Cement has said, in the context of ban on the export of cement and clinker from the country, that around 10 per cent of the company’s revenue is derived from exports. However, the on-going focus on increasing the volume in the domestic market is expected to mitigate, to a large extent, the effect of the ban on its operations.