Business Daily from THE HINDU group of publications
Friday, Oct 05, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Oct 05, 2007 ePaper |
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Markets
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Announcements Our Bureau Coimbatore, Oct. 4 Educomp Solutions Ltd has signed a MoU with Raffles Institution, Singapore, to bring the best of global education to India. Raffles Institution is a leading school in Singapore and renowned for its innovative practices and curriculum. Exide Industries Ltd intends to enter the lead smelting and recycling business and is in discussions with local smelters to enter into an alliance including equity participation. The management has been authorised to select a local smelter where an initial investment of up to Rs 25 crore by way of equity participation could be made. Such an acquisition — as and when it materialises — would be a significant step towards enhancing the amount of recycled lead and lead alloys used by the company and would help to reduce its dependence on import of high cost lead. HDFC Bank Ltd has acquired 45,00,000 equity shares of Rs 10 each in HDB Financial Services Ltd. Upon this acquisition of shares, it has become a subsidiary of the bank. Indowind Energy Ltd has received an in principle approval from Power Finance Corporation Ltd for taking up the consultancy assignment for financial advisory for the proposed 100-MW wind farm project to be set up at an estimated cost of Rs 550 crore. The company’s board, at its meeting to be held on October 10, would consider the proposal. Rane Madras Ltd has executed an agreement for sale of 35.15 grounds or nearly 84,360 sq. ft. of surplus land at its manufacturing unit in Chennai for Rs 55.36 crore. The sale is expected to be completed within 30 days, subject to certain conditions and obligations on the part of both the buyer and the company. Steel Strips & Tubes Ltd has, in view of the emerging scenario in the real estate and infrastructure sectors, decided to continue the real estate and infrastructure business/operations independently and not to merge with SAB Industries Ltd. Sun TV Network Ltd will launch two FM radio stations at Madurai and Tuticorin under the brand ‘Suryan FM’ from October 5, through its subsidiary Kal Radio Ltd. These stations can be heard at 93.5 MHz frequency. With this, the total operational FM Stations of Sun TV group goes up to 11.
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