Dalal Street

After JP Associates conference call, we were trying to figure out who is walking away with the remaining 45% of the newly formed entity JP Infra. Management has responded in e-mail but is still shady about the 45% which may goto management-politicians backing the deal. Welcome to Business India, Land of Shady deals 🙂

Here is the e-mail from the management.

In the past few hours we have received numerous enquiries from analysts and the investment community regarding JAL’ s shareholding in its SPV for the Taj Expressway project namely Jaypee Infratech Ltd.(JIL)

JIL was and remains to be a 100% subsidiary of the group. The authorised share capital of JIL was increased from Rs 200 crores to Rs1000 crores to meet its capital requirements, JAL subscribed to an additional 35 crore shares at Rs 10 each which represented 55% of the new authorised capital.

It is the same case like Anil Dhirubhai Ambani’s allotment to AAA ventures in Reliance Power IPO scam.

Jain Irrigation Systems (JISL) has informed us that the company and Mekorot, the National water company of Israel have signed an MOU for cooperating and working together in India in projects related to water infrastructure in the country. Initially the two companies will establish a framework for joint cooperation and collaboration to explore potential projects in the field of desalination plants, water resource management, water supply systems, municipal water management / wastewater treatment and reclamation projects in India.

The two companies intend to execute the water projects by using their core competencies and expertise in the water sector. Mekorot will contribute and provide design capabilities and technologies along with resources for implementation, management, operation and maintenance of such projects. The company will contribute and provide the customer relationships, business development, management resources, procurement of equipment and execution of facility / plant.

Tata’s managed VSNL has changed its name to Tata Communications. The company also launched Tata Global Network (TGN) and unique experience of operating in emerging markets in Asia and Africa to deliver a new world of globally managed communications solutions.

Earlier in Dec07, Tata Communications launched WiMax broadband services in Bangalore. Tata Communications’ Wimax network roll-out in India will provide customers with high-speed and reliable connectivity to over 100 cities and towns. Customers of Tata Wimax broadband have given a thumbs down to the service due to extremely poor customer service.

McNally Bharat Engineering Company has announced that the company has received an order from Steel Authority of India for expansion of IISCO steel plant – raw material handling system ore handling plant valued at Rs 621.88 crore inclusive of all taxes and duties.

Further, the company has informed that Steel Authority of India, Bokaro Steel Plant have awarded an order for Bokaro Steel Plant 7.0 MT expansion – coupled pickling line tandem cold mill for CRM-III (package no. 026) for an amount of Rs 70.58 crore.