The board of Jindal Vijayanagar Steel (JVSL) will meet on March 11 to consider the debt restructuring package approved by the RBI-constituted corporate debt restructuring (CDR) cell. The package, if approved, would involve conversion of 40 per cent of existing equity capital into 0.01 per cent cumulative redeemable preference shares and issue of equity shares at par to certain lenders in lieu of part of debt, the company informed the Bombay Stock Exchange today.
Engineers India (EIL) will develop engineering capabilities of Aval branch of Sonatrach, Algeria. EIL engineers along with Sonatrach engineers will execute in-house consultancy assignments for oil and gas products, a release said.
Tata Steel has received the Golden Peacock Award 2002 for excellence in corporate governance and corporate social responsibility in the private sector category.
Hitachi Europe has endorsed KPIT Cummins GNU tools for its H8 and SH series of microprocessors.
Tata AIG Life Insurance Ltd will extend insurance cover to 15,930 employees of Wipro Ltd for a total sum assured of Rs 876 crore. Tata AIG would provide a group term life insurance cover to it company employees. Wipro has chosen option whereby the sum assured is based on employee’s grade in the company, TATA AIG said in a release.
CMC Ltd has bagged software projects from domestic and international customers aggregating to Rs 100 crore in the fourth quarter. The company has garnered an order from National Bank of Bahrain while the domestic ones include projects from Reserve Bank of India, Andhra Bank, Bank of Baroda, Bank of India and the government of Karnataka, deputy managing director and COO, R. Ramanan said.
ITC has launched its Spriha brand of natural incense sticks manufactured by ‘Cottage Industries’, a unit of the Sri Aurobindo Udyog Trust in Pondicherry. It will market Spriha in two fragrances — Sambrani and Nagchampa. It is priced at Rs 20 for 20 sticks. It has also launched two other Agarbathis — Nivedan at Rs 10 for 20 sticks and Ashageet at Rs 7.50 for 20 sticks and Rs 4 for sticks.
Fitch Ratings India has assigned an-principle rating of AAA(Ind)(SO) to the secured non-convertible debentures to be issued by Tata Teleservices Ltd with a full guarantee from the Netherlands Development Finance Company.
The static equipment shop of Chittaranjan Locomotive Works (CLW) has produced the first locoset of static equipment for the year 2003-04, a press release said.