New Delhi: Premier Ltd launched its compact sports utility vehicle (SUV) named Rio in Bangalore priced at Rs5.66 lakh. The diesel power car will be made under a technology manufacturing arrangement with the Zotye Group, a Chinese manufacturer. At present, the car is being assembled at the company’s Pune plant and will be sold through its network of 60 dealers.
Sasol, Tata to spend $10 bn on venture
New Delhi: Sasol Ltd, the largest producer of motor fuel made from coal, plans to spend $10 billion (Rs47,000 crore) in India in partnership with the Tata group on a block awarded last year, following similar investments in Indonesia and China.
The South African company plans to produce 80,000 barrels per day of motor fuel by 2018 from a coal block in Orissa, Mark Schnell, president of the company’s Indian unit, said in an interview in Mumbai on Wednesday, Sasol and India’s Tata Group own equal stakes in the venture, he said.
UFO Moviez to bring 3D to 1,000 screens
Mumbai: UFO Moviez India Ltd, a satellite-based digital cinema network with close to 2,000 digital screens across India, announced the launch of its next-generation 3D Digital Cinema solution. As part of the roll out, UFO Moviez will enable 1,000 screens across India over next two years. Of these, the first 500 will be converted by the end of the current year.
Symphony to buy Proteans Software
Bangalore: Symphony Service Corp. a Bangalore software product engineering services firm, said it will acquire a local rival Proteans Software Solutions for an undisclosed sum. “Proteans is a perfect fit for Symphony Services.... The acquisition will bolster our offerings, especially in product lifecycle management and total quality” Pallab Chatterjee, chairman and CEO of Symphony Services, said in a statement.
Unitech promoters increase stake
New Delhi: Promoters of real estate firm Unitech Ltd have increased their stake to 46.30% from 45% through conversion of 5.90 crore warrants into equity shares ahead of schedule, resulting in an equity infusion of Rs224.78 crore. The fresh infusion of funds by promoters in the company would help in further reducing the debt, which as of 31 March stood at Rs5,281 crore. Consequently, the debt equity ratio will also fall below 0.50. Each warrant has been converted into an equity share of Rs2 each at a premium of Rs48.75 per share. Prior to this, on 29 March Unitech promoters had converted 5 crore warrants into equal number of shares by paying Rs190 crore, which had increased their stake in the company to 45% from 43.84%.
Last year, on 29 June, Unitech had issued 22.75 crore warrants to its promoters at a price of Rs50.75 per share, which are convertible into equal numbers of equity shares within a period 18 months, which falls due on December 28, 2010. Shares of Unitech closed at Rs70.85, up 2.76% while the benchmark Sensex rose 1% on Wednesday.
Devesh Chandra Srivastava
Coal India’s IPO may take place by Sep
New Delhi: Coal India Ltd.’s initial public offering, planned next month, may now take place by September when market conditions improve, coal minister Sriprakash Jaiswal said. “We will bring the IPO when the markets look favourable,” Jaiswal said in New Delhi. “Now it is likely to happen in August or September. The cabinet is likely to approve the decision very soon.”