Corporate News

Bajaj Hindusthan Ltd has said that Fitch Rating India Private Ltd has downgraded the company's (BHL's) national long term rating and the bank facilities' rating.

Dhunseri Petrochem & Tea Ltd has acquired 100 per cent shareholding of Dowamara Tea Company Private Ltd (DTCPL) and has taken possession of its tea factory, whose capacity is 8 lakh kg an annum. The capacity will be expanded to 15 lakh kg an annum. In the last seven months the company has purchased five tea factories including the above, with a total capacity of 50 lakh kg an annum that would be expanded to 75 lakh kg an annum.

Hindusthan National Glass & Industries Ltd has signed the Sale and Purchase Agreement (SPA) for the assets of Agenda Glas AG, Gardelegen, Germany with the Insolvency Administrator for acquisition of assets of Agenda Glas AG.

Manappuram General Finance & Leasing Ltd has clarified that the company, which has called for an EGM on May 31 to pass a resolution for starting travel and tourism related business, would remain as a gold loan company and there will be increased focus on this core activity in the future. The new line would be supplementary to the main business and it is proposed mainly to support the company as an ADII License holder (issued by Reserve Bank of India). The activity would be very marginal only, compared to the main business of gold loan.

Mukta Arts Ltd has said that the maturity claim of Rs 32.76 crore for Keyman Policy taken out by it in 2001 has been received, helping the company to reduce debt, and future interest burden, substantially.