" Company Updates "

Tata Power Company (TPC), India’s largest private power utility, has signed an exclusive joint venture agreement with SN Power, a Norwegian power company to jointly develop 2,000 MW of projects in India and Nepal under construction or in operation by 2015 and a total of 4,000 Mw by 2020.

Sources reported that the proposed project entails an investment of about Rs 15,000 crore, if calculated at a rate of Rs 5-8 crore per Mw of power generation.

Besides the latest alliance, Tata Power and SN Power are also looking at co-developing the Tamakoshi-3 project in Nepal, to which SN Power holds license rights.

According to a company official, who did not want to be identified, each joint project, most yet to be finalized, will be developed through a Special Purpose Vehicle (SPV) structure.

The joint venture plans to raise funds from international lenders such as International Finance Corporation.

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L&T sells its share in Voith Paper Technology

India’s largest construction and engineering group Larsen and Toubro (L&T) has announced the sale of its share in Kolkata-based Voith Paper Technology (India) Limited to its long term Joint Venture Partner, GmbH, Heidenheim, Germany for an undisclosed amount.

VPTIL was a 50:50 JV between L&T and Voith Paper Gmbh,Germany, providing design, consultancy and other value added services to the Indian paper Industry that included setting up of complete paper plants.

Before the transaction both companies held equal (50:50) stake in the joint-venture. The share transfer has become effective on 1 October 2009.

Voith Paper Gmbh, established in January 1867, has annual turnover of €4.9 billion. The firm employs around 42000 professionals.

The Chandigarh-based Compact Disc India (CDI), an integrated media and entertainment company, has informed that its board of directors has approved the investment of USD 3 million in CDI Media.

The investment would be made to set up pre production animation studio at Los Angeles, USA.

CDI Media is a wholly owned subsidiary of the company incorporated in USA.

The share of the company closed on Friday at Rs 68, up 5%, compared to previous close of Rs 65 on BSE. The total volume of shares traded was 181,030.

Steel, the world's sixth-largest steelmaker by capacity, and public-sector MMTC have entered into an agreement to set up a joint venture to acquire, develop, operate mines and process minerals and metals.

Under the arrangement, Tata Steel would hold 74 per cent stake in the proposed JV, while the balance 26 per cent will be held by MMTC.

It should be noted that steel production in India is projected to grow to over 120 million tonnes by the year 2015. Therefore, to fulfill raw material requirement of increasing steel demand and other mineral based industries, MMTC and Tata Steel have agreed to execute the agreement.

The Aditya Birla group, a Mumbai-based multinational conglomerate, today signed a MoU with Orissa government for setting up of a 10 MTPA capacity sea port on Build Own Operate (BOO) basis in Bhadrak district at an investment of Rs 1500 crore.

The port, which will be established at Chudamani in Bhadrak district, would have 3 three million tons per annum (MTPA) in the first phase. The port will be further expanded to 10 mtpa.

According to an official release, the port will have two berths, and will handle bulk cargo such as cement, aluminum, iron ore, thermal coal, limestone, gypsum, clinker and copper.

Wipro, India's third-largest software exporter by revenue and Delhi International Airport (DIAL) has entered into a 10 year outsourcing deal to provide world class IT Infrastructure and Services for Indira Gandhi International Airport (IGIA), New Delhi.

Under the arrangement, Wipro and airport operator Delhi International Airport Ltd. will form a joint venture which would be named Wipro Airport IT Services. Wipro would hold 74% in the joint venture while DIAL will hold the balance 26% stake.

Vijay Mallya-led United Spirits has informed that the company has raised Rs 1615.60 crore by private placement of shares with qualified institutional buyers.

The company has sold 1.76 crore equity shares through qualified institutional placement (QIP) to investors at Rs 913.70 per share, representing 16.4 per cent stake.

The company commenced its QIP on October 14 and closed the issue on October 20.

Sources reported that the net proceeds of the issue would be utilized primarily to cut debt incurred upon the acquisition Whyte and Mackay Group, to repay other debt, to fund capital expenditure and for other corporate purposes.

The scrip of United Spirits closed today at Rs 1020 on BSE, down 2 per cent compared to its previous close. The counter has made 52-week-high and low of Rs 1090 and Rs 426 respectively.

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