Author: CP

Larsen & Toubro and Eastern Contracting LLC joint venture has bagged an order worth Rs 610 crore (AED 557.5 Million) from Victory Heights Golf Residential and Development LLC, United Arab Emirates, to build a prestigious residential property in Dubai City.

Victory Heights has undertaken the development of luxury Golf residential community in Dubai Sports city. The development’s 18-hole championship golf course is designed by renowned Golfer Ernie EIs.

The project is to be completed in 660 days from the date of commencement and involves construction of Package-2 of the villa development involving 295 grandeur villas of ground + 1 configuration.

The Company and Eastern Contracting LLC – which undertakes a variety of turnkey and other construction projects in UAE – have formed a joint venture to execute this project.

Rajesh Exports net profit rose 123.09% to Rs 33.33 crore in Q4 March 2007 as against Rs 14.94 crore in Q4 March 2006. Sales rose 0.75% to Rs 1796.52 crore in Q4 March 2007 as against Rs 1783.07 crore in Q4 March 2006.

The net profit rose 52.19% to Rs 101.28 crore in the year ended March 2007 (FY 2007) as against Rs 66.55 crore during the previous year ended March 2006 (FY 2006). Sales rose 25.75% to Rs 6893.37 crore in FY 2007 as against Rs 5481.87 crore in FY 2006.

The company decided on 12 June 2007 to initiate the development of 5 selected properties from the company’s existing land bank of 32 properties. This is the first phase of development that the company will be undertaking from the 32 strategically located properties owned by the company.

Government of India has granted ‘Navratna’ status to Power Finance Corporation and a formal investiture ceremony in this regard is scheduled to be held in New Delhi on 22 June 2007.

It will allow higher operational freedom to the board of directors of the company regarding extent of investment in joint ventures, incurring of capital expenditure, creation of below board level positions, investment in equity etc.