Bangalore: British aero engine maker Rolls Royce Plc will set up its first joint venture (JV) in India with public sector aircraft maker Hindustan Aeronautics Ltd (HAL) to manufacture aircraft engine components in the country, both firms said in separate statements on Tuesday. The equal JV will begin making compressor shroud rings for aero engines from 2012, they said.
On 7 January, Mint had reported plans for the Rolls Royce-HAL JV to make civil aero engine components and systems for both the local and export market.
Jay Shree Tea board okays MP Chini buy
Kolkata: The board of BK Birla group-controlled Jay Shree Tea and Industries Ltd on Tuesday approved the company’s proposed acquisition of 100% stake in MP Chini Mills Ltd, an unlisted sugar company based in Bihar, for Rs112.5 crore. MP Chini has a sugarcane crushing capacity of 4,600 tonnes per day, which is being expanded to 5,500 tonnes per day, Jay Shree said in a statement.
The firm said it paid Rs2,025 per tonne of crushing capacity for the acquisition whereas, in a recent deal, an Indian firm paid Rs2,900 per tonne of crushing capacity for a sugar mill in Brazil.
“We think this is the best time to expand in the agro commodity space,” Jay Shree Tea’s managing director D.P. Maheswari said.