Mumbai: Kalindee Rail Nirman (Engineers) Ltd may look for a “strategic alliance” with Larsen and Toubro Ltd (L&T), but no dialogue has been held yet, its director said on Wednesday.
“Definitely, we would like to associate with Larsen and Toubro, if they are having some interest in this company (then) it’s good for both of us,” Arvind Gemini, director, Kalindee, told television channel CNBC TV18.
Larsen and Toubro’s investment arm L&T Capital had a 13.93% stake in the Delhi-based railway signalling and telecommunications company at the end of December quarter, according to Bombay Stock Exchange data.
Maytas status after probe results: WEF
New Delhi: The World Economic Forum (WEF) said on Wednesday it will await the legal investigation of crisis-ridden Maytas Infra Ltd to be completed before deciding on the infrastructure entity’s status on its list of prestigious companies worldwide.
WEF had named Maytas Infra along with 22 other Indian firms on its list of “Global Growth Companies” published in December last year. Responding to a question on whether the WEF would exclude the company from the list, an official of the forum said in an emailed statement from Geneva that it is aware of the allegations surrounding Maytas Infra and the ongoing process.
The government has initiated an investigation against Maytas Infra for alleged financial irregularities committed by its promoter group—the family of Satyam Computer Services Ltd founder B. Ramalinga Raju. The Forum has created the community of Global Growth Companies to highlight the next generation of industry leaders, the spokesperson said.
SBT says it has financial closure for biodiesel unit
Hyderabad: Biodiesel producer Southern Online Bio Technologies Ltd (SBT) announced completing financial closure for its second biodiesel unit of 250 tonnes a day, coming up at Visakhapatnam at an investment of Rs90 crore, comprising Rs36 crore of equity and Rs54 crore of debt.
In a statement, managing director N. Satish Kumar said the firm raised equity through preferential offer of shares and warrants recently to promoters and high networth individuals. A consortium of lenders that include Bank of India, UCO Bank and State Bank of Hyderabad sanctioned Rs54 crore in loans and Rs25 crore as working capital for the project that will take off in the third quarter of next fiscal.
— C.R. Sukumar
NTPC to borrow 70% of FY10 capex: official
New Delhi: State-run power utility NTPC Ltd plans to borrow 70% of the total Rs17,700 crore it needs for expansion in the 2009-10 fiscal year, a senior official said on Wednesday.
“This fiscal, our capex was Rs12,380 crore. But next fiscal, it is going to be higher because 18,180MW of capacity is under construction,” said A.K. Singhal, director of finance at NTPC. 750MW of capacity was likely to be commissioned this month.
Amid job cuts, Microsoft to maintain H-1B level
Seattle: Microsoft Corp., facing criticism for hiring foreigners while making job cuts, said it plans to keep its use of H-1B guest-worker visas at about the same level.
The company posted a letter on a blog from general counsel Brad Smith in response to concerns voiced by Chuck Grassley, a Republican senator from Iowa. While saying it would continue using the H-1B programme, Microsoft declined to answer questions about the number of foreign workers it employs and if they were affected by reductions.
After Microsoft cut 1,400 positions on 22 January, Grassley wrote to chief executive officer Steve Ballmer demanding he fire H-1B visa holders first. Microsoft, the world’s largest software maker, has been a leading advocate for an expansion of the H-1B programme, sending co-founder Bill Gates to lobby Congress last year.
FIPB defers Unitech’s FDI proposal
New Delhi: The Foreign Investment Promotion Board (FIPB), the apex body approving foreign direct investment in the country, has deferred a proposal by real estate developer Unitech Ltd to convert the operating company into an operating-cum-holding company.
Unitech had applied to FIPB seeking some exemption to bring in more foreign investment in the holding company.
The company had planned to raise Rs5,000 crore through issues in the overseas market.
— Shabana Hussain