Category: Breaking Corporate India Earnings News

Maharashtra Seamless has informed us that DP Jindal group, one of the largest producers of seamless pipes in India, is buying another seamless plant in Romania having a capacity of 200000 TPA in its flagship company, Maharashtra Seamless.

DP Jindal group is one of the leading and prominent business houses in India in its line of business having a group turnover of Rs 3000 crore. The group is well diversified into manufacturing of seamless pipes, ERW pipes, wind power generation, offshore oil & gas drilling and projects exports. The group is also having a joint venture with tenaris, the largest manufacturer of seamless pipes in the world and also having a marketing collaboration with noble drilling, US, the second largest drilling company of the world, for Indian operations.

North Indian Realty Developer, Unitech with not so good quality of construction [Visible from the Cracked Wall in Unitech’s Uniworld City, Picture on your left] has chalked out an ambitious plan to develop 48 malls across India involving an investment of Rs 20,000 crore / $5 Bn.

Unitech wants to retain these malls under its proposed ReIT for fixed commercial rental income. Unitech is also planning to list on Foreign bourse [speculated to be Singapore, not certain yet]. A unit of Unitech Ltd is already listed on London’s Alternative Investment Market.

Matrix Laboratories has informed us that it has received tentative approval from the U.S. FDA under the president’s emergency plan for AIDS relief (PEPFAR) for its ANDA for tenofovir disoproxil fumarate tablets, 300 mg. The company’s tenofovir disoproxil fumarate is the first and only generic tentative approval of Gilead Sciences Inc.’s viread tablets, 300 mg.

The company’s ANDA was tentatively approved in less than six months and is the seventh PEPFAR tentative approval earned by the company within the last 12 months. Under PEPFAR, a tentative approval means that a company can immediately sell an HIV / AIDS treatment outside of the United States. Although existing patents / marketing exclusivity prevent the approval of the product in the United States, a tentative approval indicates that the product meets all safety, efficacy and manufacturing quality standards for marketing in the United States, which helps to ensure AIDS patients abroad who receive these medications get the same quality product as the American public.

Tenofovir disoproxil fumarate will help to meet the urgent and increasing need for high quality, affordable treatment in the developing world where the prevalence of HIV / AIDS is socially and economically devastating.

Jet Airways will introduce a daily flight from Chennai to Toronto and New York via Brussels with effect from 06 December 2007. At Brussels, flights will be synchronized in order to provide passengers seamless transfer between Delhi, Mumbai and Chennai to cities in North America – New York (JFK), Toronto and New York (Newark). Jet Airways will be offering a special inaugural economy return fare of Rs 36,000 plus taxes. Premiere class return fares start from Rs 1,57,500 plus taxes.

Jet Airways in partnership with Brussels Airline allows passengers to choose to fly to 54 European destinations which includes destinations like Venice, Frankfurt, Stockholm, Rome, Munich, Madrid and Geneva. Jet Privilege members can also earn and redeem JP Miles on all the routes of Brussels Airlines.

Jet Airways will use a brand new Airbus 330-200 aircraft on this route, which carries its passengers in a two-class layout and offers unprecedented levels of luxury, privacy and comfort in the air. The Airbus 330-200 aircraft has been especially configured for international operations with 30 seats in premiere class and 190 seats in the economy class. This next-generation aircraft promises to offer unmatched international experience in premiere and economy class.

Gammon India has announced that Indira Container Terminal the special purpose vehicle incorporate by the consortium of Gammon and Dragados S.P.L on 03 December 2007 signed the license agreement with the Mumbai Port Trust for developing the Mumbai offshore container terminal project.

The estimate project cost is about Rs 800 crore in the initial phase of 3 years and another Rs 400 crore subsequently, thus aggregating about Rs 1200 crore. The project is on a BOT basis for 30 years, including 3 years of construction & equipping period, from the date of signing the license agreement.

Phoenix Mills in a communication has told Dalal Street that they will acquire the majority stake in Big Apple Real Estate through the swap of Phoenix’s stake in its Agra project (Market City in Agra) and through an infusion of around Rs 80 crore as fresh capital.

The funds infused by Phoenix are likely to be deployed across Big Apple’s projects in Meerut, in building a second large mall in Lucknow, and also in its proposed projects in Gorakhpur, Allahabad, Kanpur and Dehradun.

Phoenix Mall in Mumbai is one of the most expensive Retail spaces in India.