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Our Bureau

Coimbatore, June 25

Amtek Auto Ltd has informed that its subsidiary Amtek Transportation Systems Ltd has signed a JV agreement with American Railcar Industries Inc based in St Charles, Missouri. The JV, which will be owned 50 per cent by the ARI subsidiary and 50 per cent by Amtek Transportation Systems Ltd, is expected to manufacture products from a new facility to be located in India. The construction of the facility is expected to begin during this year and the JV will begin rail car production in the third quarter of 2009. This JV will cover not only railways but also the aerospace industry.

HBL Power Systems Ltd has approved rights issue in the ratio of 1:25 at a price of Rs 150 a equity share inclusive of Rs 140 a share as premium.

NMDC Ltd has informed that a new joint venture company between NMDC Ltd and Chhattisgarh Mineral Development Corporation Ltd (CMDC) for the development of Bailadila Iron Ore Deposit in Chhattisgarh has been incorporated as ‘NMDC-CMDC Ltd’ on June 19 with an initial share ratio percentage of 51:49.

Sterling Biotech Ltd’s Board of Directors has approved issue of secured Non Convertible Debentures (NCDs) on private placement basis to the extent of Rs 300 crore.

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