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Corporate Briefs

Essar bags Rs 43-cr contract

Essar Construction, a part of the Rs 17,000 crore Essar group, has bagged, amid stiff competition, the contract for developing a combined water supply scheme in Madurai and Theni in Tamil Nadu. The value of the contract is Rs 43 crore. The project includes construction of an intake well, water treatment plant, trunk main and distribution network. A senior Essar official said the project, which is being implemented on behalf Tamil Nadu Water and Drainage Board, involves laying of 750 km of pipes, one of the longest pipeline in the state. “On completion of the project, about 43 villages in Andipatti constituency will get drinking water supply. About 320 lakh litres of water required for this purpose will be drawn from Vaigai Dam in Andipatti,” he said.

Hero Honda

Hero Honda Motors has posted a 13.27 per cent rise in motorcycle sales during September 2002 at 1,33,992 units against 1,18,286 units in the same month last year. Sales during April-September 2002 went up by 30.2 per cent at 8,29,297 units over 6,36,830 units sold a year earlier, a company statement said. The September sales were, however, lower by 2.3 per cent compared with 1.37 lakh units sold in August this year.

L&T move

Larsen & Toubro Ltd (L&T) has signed a $ 23 million contract with Bangladesh-based Lafarge Surma Cement for construction of a 17 km long cross-national belt conveyor. The belt, the longest to be constructed in India, would convey limestone and shale from mines in Meghalaya to Chhatak in Bangladesh where Lafarge was putting up a cement plant.

Amex centre

American Express (Amex) has opened a global service centre in Gurgaon, which will cater to the financial giant’s clients across the world.

Sundaram fund

Sundaram Money Fund, the liquid fund from Sundaram Mutual, has announced a dividend of Re 0.155 per unit of Rs 10 for the quarter ended September 27.

Duncans tea

Duncans Industries has launched the ‘Runglee Rungliot Darjeeling Fannings’. It will be available in 250 gm and 100 gm packs at Rs 50 and Rs 22 respectively.

Nestle launch

Nestle India Ltd has launched its first product in the ready-to-drink beverage — Nestle’s Fruit’n Milk.

Financial Tech

Financial Technologies India Ltd has decided to reduce its capital base to Rs 7.48 crore by writing off Rs 18 crore intellectual property rights from its books due to lack of capability to generate revenues.

Fiorano plan

US-based Fiorano Software Inc, an enterprise integration software product company, plans to scale up its India development centre by adding about 35 people for working on the next version of its Tifosi platform.


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