Surana steel plant
Surana Industries will soon set up an integrated steel plant at Raichur in Karnataka at an estimated cost of Rs 473 crore. The proposal is under consideration of the state government and the company is confident of getting the requisite allocation. The process of land acquisition for constructing the factory has already begun. The company has proposed to meet the project cost through term loans and by way of public issue of equity shares.
Tata Motors has received the award for best value engineering project and was adjudged the best value engineering practising company for the current year. The company has bagged the Mohta Award conferred by the Indian Value Engineering Society for the best value engineering project implemented at its Jamshedpur plant during the year.
HCL Technologies has signed a multi-million dollar agreement with Exa Corporation of Japan to provide offshore based information technology solutions and system integration services to Exa's clients. The Japanese company is a 51:49 joint venture between IBM Japan and JFE Steel, the second largest steel maker in that country.
Tanla Solutions will soon come out with a public issue of 15885000 equity shares of Rs 2 each through a 100 per cent book building route. The company has already filed the draft Red Herring prospectus with the Securities Exchange & Board of India. SBI Capital Markets has been appointed as the lead manager to the issue.
Pidilite Industries has launched Dr. Fixit Krystalline, a brush applied, waterproofing treatment product for concrete. The product works by penetrating into concrete by forming crystals with free lime available within concrete in the presence of water. The company has also launched a Do-it-yourself info-commercial to educate all television viewers on home improvement.
Allahabad Bank has started 12-hour banking, 8 am to 8 pm, at selected 33 branches across the country. The bank has achieved a 24.45 per cent growth in business. It will soon install 109 more ATMs in addition to its existing 91 ATMs.
Digjam has launched a collection of fine jacketing fabric, the Free Spirit, for this winter. The collection has a wide range of fabric, made from merino wool and poly wool, to choose from. The price ranges from Rs 600 to Rs 2,500 per metre.
Elecon Engineering Co has won a Rs 56-crore contract from Bharat Heavy Electricals Ltd. The contract is for designing, and commissioning a coal handling plant for the Mejia power station of Damodar Valley Corporation.