The Hindu Business Line : Corporate developments

Coimbatore, Feb. 27 3M India Ltd’s board of directors at its meeting held on February 27 has approved investment not exceeding Rs 25 crore in buildings, furniture & fittings, equipment and plant & machinery with regard to expansion of existing manufacturing facilities at Ahmedabad for corrosion protection products under automotive and specialty materials markets segment.

Anant Raj Industries Ltd has said that the Board of Approval, Union Ministry of Commerce, has granted approval to the company’s proposal for development of an IT Special Economic Zone (SEZ) of 25 acre at Rai, Haryana.

BGR Energy Systems Ltd has secured a turn-key contract from Andhra Pradesh Power Generation Corporation Ltd (APGENCO) for the execution of Balance of Plant (BOP) for the 1x500 MW, Stage VI-Unit XI Kothagudem Thermal Power Station valued at Rs 793 crore. This contract will be executed over a period of 26 months. The company is currently executing three BoP contracts for 500 MW capacity coal-based power projects and this contract is the fourth contract. The order book of the company stands at Rs 3,715 crore.

Indusind Bank Ltd has said that the finance committee of the board of directors of the bank in its meeting has approved the issuance of 3,51,92,064 fully paid-up equity shares of the bank underlying like number of GDRs to be listed at Luxembourg. After issuance of these equity shares, the bank’s paid-up equity share capital shall be Rs 355 crore. The pricing and other details would be finalised by the finance committee shortly after appointment of, and in consultation with, the lead managers.

Novopan Industries Ltd’s board of directors has approved the setting up of pre-lamination plant near Chennai having a pre-lamination capacity of around 26 lakh sq metres of plain particle / MDF boards per annum.

Shree Renuka Sugars Ltd has entered into a lease agreement for a period of 5 years with Balaghat Shetkari Sahakari Sakhar Karkhana Ltd, Latur, Maharashtra, having a plant capacity of 2500 tcd (tonnes of crushing per day).

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