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Automobiles
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Tata Motors completes Jaguar and Rover buy
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Tata Motors has completed the acquisition of the Jaguar and Land Rover businesses from Ford Motor Company for a net consideration of $2.3 billion.In a press release, Tata Motors said that it was in an advanced stage of negotiations with leading auto finance providers to support the Jaguar |
Land Rover business in the UK, Europe and the US, and was expected to select financial services partners shortly. The Ford Motor Credit Company would continue to provide financing for Jaguar and Land Rover dealers and customers in the transition period.
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Cities
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3 Indian cities in world's top centres of commerce |
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Reflecting the growing global economic clout of the Asian region, three Indian cities - Mumbai, New Delhi and Bangalore have been ranked among the 75 top centres of commerce in the world. According to a study titled 'Mastercard Worldwide Centres of Commerce Index', London has been ranked as the most influential city in the world in the 75 cities index. |
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Construction |
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Punj Lloyd acquires 74 % stake in UK firm |
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Engineering and construction firm Punj Lloyd has acquired a 74 percent stake in the UK - based Technodyne International, for an undisclosed amount. With projects executed across the world.
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Technodyne carries out the basic design and detailed engineering for complete steel and steel plus concrete tanks, including associated piping, instrumentation and electrical systems. Technodyne also has track record in designing of test rigs, a Punj Lloyd release said. The acquired capabilities will enable the company to provide end-to-end solutions for complete delivery of complex cryogenic and high pressure LNG, LPG, ethylene, ammonia and other similar storage tanks.
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Emaar MGF hints at IPO in 12-18 months |
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Emaar MGF Land Ltd., a joint venture between Emaar Properties of Dubai and MGF of India, has announced that it would be back with an initial public offering (IPO) in the next 12-18 months.The company, had withdrawn its IPO plan in February, due to the downtrend in the stock markets.
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Mr. William R.Rattazzi, Chief Executive Officer, said that the company lined up projects worth $3 billion in the South Indian cities such as Chennai, Coimbatore, Kochi, Mysore and Mangalore in the next few years. The company would develop residential, commercial, hospitality and SEZs in 10 cities in the South."We bring in global expertise through our alliances with Multiplex, Turner, Accor, Four Seasons, Hyatt, Marriott and Premier Inn to offer the best of the services to the Indian customers," he added.
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Defence |
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EADS invites India to join Eurofighter upgrade |
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Bidding for the mega tender for 126 fighter aircraft, the European aviation giant EADS has sweetened its offer by inviting India to become the fifth country and the first outside Europe to join the ongoing upgrade of Eurofighter aircraft. EADS is also prepared to involve India in its supersonic jet trainer development programme as well as other futuristic projects such as unmanned aerial and undersea vehicles. |
Offsets are a crucial component of the over $ 10 billion mega tender floated by the Indian Air Force (IAF) and the six competitors are conjuring new avenues to ensure that 50 percent of the contract value is generated within India.
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Education |
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European Union grants scholarships to 164 Indians |
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The European Union's Erasmus Mundus scholarships for the academic year 2008/09 have been granted to 164 students and teaching staff from India. The scholarships allow students to study in Europe for one or two years and obtain a Master's degree from one of the 103 Erasmus Mundus Masters Courses offered by the Consortia of European higher education institutions, according to an European Commission statement. |
One of the characteristic features of the Erasmus Mundus programme, created in 2004, to enhance the quality of European higher education through continuous worldwide dialogue and cooperation with third countries. Is that student grantees are allowed to follow their courses in at least two universities located in different European countries. This gives them the opportunity to learn about European cultures, languages and academic systems.
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Electrical equipment |
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Crompton buys French firm |
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Crompton Greaves Ltd. has concluded an arrangement for the acquisition of Societe Nouvelle de Maintenance Transformateurs (Sonomatra). Sonomatra is based in France and is engaged in providing services of on-site maintenance/repair of power transformers. |
On-load tap changers, oil analysis, oil treatment and retrofilling. The approximate enterprise value of this acquisition is euro 1.30 million. This acquisition will enhance the company's capabilities in the services segment of its transmission and distribution business.
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Petroleum |
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GSPC plans LNG terminal at Mundra |
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GSPC LNG Ltd. is setting up a LNG terminal in Gujarat. The 10 million tonnes per annum (mtpa) terminal is likely to come up alongside the Mundra port. The partners for the project are likely to be the Adani group and Essar. This will be the fourth LNG regassification terminal in the country. |
The two operational terminals are both in Gujarat - Petronet LNG - run terminal at Dahej and the Shell India terminal at Hazira, Two other LNG regassification terminals are under construction. A terminal at Kochi is being constructed by Petronet LNG while the terminal at Dabhol in Maharashtra is being built by Ratnagiri Gas & Power, the joint venture company that operates the power plant at Dabhol.
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| Sevan Marine bags contract from ONGC |
Norwegian firm Sevan Marine ASA has bagged a contract from state - run Oil and Natural Gas Company for deepwater drilling rigs. The company expects to generate a revenue of about $569 million, including mobilisation, over the contract period, the filing added.
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Punj Lloyd secures Rs.6.49-billion order from IOC |
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Engineering, procurement and construction firm Punj Lloyd has secured Rs.6.49-billion contract from Indian Oil Corporation for construction works at the oil major's Barauni Refinery in Bihar. Punj Lloyd will upgrade the refinery to improve quality of motor spirit (gasoline) to meet Euro-III emission norms for reducing vehicular pollution. |
The project is scheduled to becommissioned within 23 months, a statement by the company said. This is the fifth engineering, procurement and construction (EPC) contract from Indian Oil to Punj Lloyd and the second motor spirit quality upgradation project given by the state - run oil marketing company to Punj Lloyd.
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India to set up underground rock caverns to store crude oil |
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Indian Strategic Petroleum Reserves (ISPRL), a wholly owned subsidiary of Oil Industry Development Board, proposes to construct underground unlined rock cavern storage for imported crude oil at Mangalore for 2.0mmt. Engineers India is the project consultant. Engineers India, on behalf of ISPRL, has invited International competitive bids for pre - qualification of bidders fro the civil works for the underground cavern.
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Power |
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Financial closure soon for Reliance Power project |
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The financial closure of the Krishnapatnam ultra mega power project of Reliance Power Ltd. would be achieved in the coming three months, said a senior company official on the condition anonymity. The 4,000 MW coal fired project is located near Krishnapatnam in Andhra Pradesh. It is approximately 3 km from the nearest port where imported coal would be delivered to supply fuel for the project. The project would have five units of 800 MW each. Engineering majors such as BHEL, Doosan and L&T Ltd would be bidding for the contracts. These companies have submitted technical offers; commercial offers are yet to be negotiated.
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Power Equipment |
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Gammon acquires stake in two Italian companies |
Gammon India, a leading construction firm, has acquired stakes in two Italain firms. Gammon has acquired a 50% stake in Dadelmi Spa and 75% stake in steam turbine maker Franco Tosi Meccanica.
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Printing |
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HUBERT Burda forms joint venture with HT Media |
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Hubert Burda Media, a German media group, has formed a joint venture with HT media to set up a printing press in India. Burda will outsource some of its global printing requirements to the joint venture which plans to set up the press near Delhi. The joint venture marks Hubert Burda's entry into the Indian market, one of the fastest growing media markets in the world. |
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Retail |
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Woolworths forays into India |
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British retailer Woolworths Plc has reached an agreement with the Kolkata - based RPG Group's retail arm, Spencer's Retail to open 10 Ladybird childrens concessions in Spencer's hypermarkets. Six of the concessions will also sell Woolworth's famous toy brand Chad Valley.
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Adidas on expansion spree, to add 160 new stores in 2008 |
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German sportswear and apparel major Adidas is going for a major expansion across India in 2008, which will involve setting up of around 160 new stores and setting footprints in 140 cities.
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"We are identifying properties in various cities and will set up 150-160 stores this year which is much more than 2007 figures. By 2008 end, we will reach the figure of 450 franchise stores by the end of 2008," Adidas India Managing Director Andreas Glenner said. When the planned expansion completes, Adidas would have presence in 140 cities as against 119 cities currently, he added.
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Telecommunications |
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Gsm subscribers touch 205 million |
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India has added 6.28 million GSM connections during May 2008 . This takes the total number of GSM mobile subscribers to 205 million. Bharti Airtel continues to lead with 66.8 million subscribers followed by Vodafone Essar with 47.4million. The state owned Bharat Sanchar Nigam had 37 million subscribers while Spice Communications had 4.4 million and Idea Cellular had 26.4 million subscribers.
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Tourism |
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Tourism projects identified for infrastructure development |
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Essar Steel Holdings Ltd. (ESHL), a part of Essar Global Ltd., on Thursday agreed to acquire Esmark of the US at an estimated enterprise value of $1.1 billion (Rs.4,500 crore). ESHL has agreed to the material terms of a proposed tender offer for cash purchase price of $17 per share of all outstanding shares of Nasdaq listed Esmark. Esmark is a steel production and distribution company with a capacity of 2.4 million tonnes annually and steel distribution centres across the US.
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