The Hindu Business Line : Corporate developments

Coimbatore, July 31 BASF India Ltd’s Board of Directors at the meeting held on July 31 approved the setting up of compounding plant at Thane for the engineering plastics business.

The plant capacity would be 9,000 TPA and is expected to come on stream by the second half of 2009.

The cost of the plant is estimated at €2.9 million (Rs 17.2 crore) and will be financed by internal accruals and borrowings.

Insilco Ltd’s Board of Directors at its meeting held on July 31 has approved conducting a postal ballot to seek the assent / dissent of the members of the company to sell, lease, transfer or otherwise dispose of the whole or substantially the whole of the undertaking of the company at Patalganga.

Kirloskar Oil Engines Ltd has informed that the sale of the valves division of its auto components business located at MIDC, Ahmednagar (the EOU) and MIDC, Nashik, to Eaton Industrial Systems Pvt Ltd was completed on July 31 and the company has received a consideration of Rs 88. 8 crore (after deducting Rs 1.2 crore from the consideration price of Rs 90 crore on account of unfunded pension liabilities).

NTPC Ltd has said that the 500 MW of Kahalgaon Super Thermal Power Project - Stage II will commence commercial operation w.e.f. 00:00 hrs of August 1.

With the commercial operation of this unit, the commercial capacity of Kahalgaon Super Thermal Power Project would be 1,340 MW.

Pyramid Saimira Theatre Ltd’s Board has considered a proposal for segregating the investment portfolio into a separate entity.

The Board suggested conducting a thorough study of the proposal and in the process wanted to obtain opinion from all stakeholders before taking any final decision.

Sona Koyo Steering Systems Ltd has fixed September 10 as the record date for the purpose of sub-division / stock spilt of Rs 2 a share into shares of Re 1 each.

Surana Industries Ltd’s Board of Directors has decided to form a wholly-owned subsidiary at Singapore in the name and style of Surana Mines Ltd or such other names as may be approved by ROC and Singapore Government, to carry on business in India or abroad of all kinds of acquisition of coal mines, yard and purchase of coal. It approved Draft Project Report for Phase II of the Integrated Steel Complex at Raichur, Karnataka.

Vishal Cotspin Ltd’s Board of Directors, at its meeting held on July 31, approved ending manufacturing activity with immediate effect and selling the plant and machinery with electrical as well as land and building.

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