Month: September 2007

Real estate firm Peninsula Land struck a deal to sell 5,75,000 square feet of land at its Dawn Mills premises to Alok Infrastructure, a unit of Alok Industries for Rs 1050 crore. ENAM has a BUY on Peninsula Land with a price target of Rs 719.

Peninsula Land (PLL), formerly known as Morarjee Realties, is known for its concept-based architecture in the commercial, retail and residential sectors. Some of the company’s real-estate projects are Crossroads, CR2, Peninsula Corporate Park, Peninsula Technopark, Peninsula Business Park, Ashok Towers and Ashok Gardens.

3i Infotech acquired a strategic stake of 26% in Taxsmile.com India (Taxsmile), with a commitment to acquire a majority stake over a period. Taxsmile is a company engaged in Internet-based tax filing and tax advisory space for individuals.

3i Infotech’s principal activity is to provide a range of software and information technology solutions including packaged applications for the banking, financial services and insurance, manufacturing, contracting and retail and distribution industries.

Mumbai-based Essel Propack is reportedly in talks Alcan for acquiring its packaging unit, Alcan Packaging Beauty. Montreal-based Alcan, which is the world’s third-largest aluminium company, has said it plans to sell its packaging unit as part of a restructuring exercise.

Reports suggest that Alcan Packaging Beauty, which includes packaging for food and beverage, medical and pharmaceutical, cosmetics and tobacco, had posted sales of $800 million last year.

Alcan Packaging Beauty is present in 11 countries and has some of the world’s leading cosmetics and beauty companies as its customers. If the deal is struck, it would be in line with Alcan’s objective of becoming a focused company that is strong in mining, smelting and high-end aluminium products, reports suggest.

Air express and courier firm Blue Dart Express said today, that it plans to invest about Rs 1000 crore in the short- to medium-term to expand its air infrastructure. The company will expand its aircraft fleet, add material handling equipment and ramp up ground handling facilities.

The company now operates four Boeing 737s and two Boeing 757s. Blue Dart also plans to launch a new ground express service which will expand its capacity to 17,500 locations from 14,600 locations now.

Blue Dart Express is South Asia’s leading integrated air express carrier and premium logistics-services provider. The company has the most extensive domestic network covering over 14,000 locations, and services more than 220 countries and territories worldwide through sales alliance with DHL, the global brand name in express distribution services.

ICRA and Indian Overseas Bank, a premier nationalised bank headquartered in Chennai, have signed a MoU under which the company will assign ratings to the Bank’s loans and its other exposures under the standardized approach of RBI’s new capital adequacy framework for basel-II. Last week we had reported in news flash that ICRA would rate loans of India’s largest bank, the State Bank of India.

The MoU between ICRA and the Bank seeks to deliver benefits to the Bank as well its clients. For the Bank, ICRA’s line of credit ratings would assist in implementing RBI’s new capital adequacy framework under basel-II. For the client, an ICRA rating may place the rated entity in a superior position in terms of faster loan processing and to obtain competitive credit terms from the Bank.