Category: Breaking Corporate India Earnings News

Suzlon Energy (Tianjin), a wholly owned subsidiary of Suzlon Energy has secured orders totaling nearly 200 MW of capacity for wind farm projects in the P.R. China.

The first order from Ao Lu Jia New Energy Development, calls for the delivery of 148.5 MW of wind turbine capacity through 99 units of the S82 – 1.5 MW turbines for use in three wind farms. Deliveries for the first wind farm are scheduled for shipment during the second quarter of financial year 2008-2009.

Whereas the second order from Beifang Longyuan (North Union) calls for the delivery of 50 MW of wind turbine capacity through 40 units of the S64 – 1.25 MW turbines, scheduled for delivery in the first quarter of financial year 2009-2010.

Virat Crane Industries has obtained the in-principle approval of the exchange for the demerger of its real estate / infrastructure division into Crane Infrastructure and amalgamation / merger of Durga Dairy with Virat Crane Industries.

The demerger scheme envisages a share issuance of 1 shares of demerged entity namely Crane Infrastructure for every 1 share held by the existing shareholders of the company.

The demerger of real estate / infrastructure division and amalgamation / merger of Durga Dairy with the vompany will take effect after obtaining the order of Honorable High Court of Andhra Pradesh, Hyderabad. The company has initiated the process with reference to the court approval.

Wipro announced changes in the management structure of its IT business and expansion of its board of directors.

Girish Paranjpe, Suresh Senapaty and Suresh Vaswani have been appointed to the board of Wipro. Wipro also re-structured its IT business by appointing Girish Paranjpe and Suresh Vaswani as joint-CEOs.

Girish Paranjpe has been with Wipro since 1990 and has transitioned from leadership roles in the finance function to business leadership roles. Most recently he was the president of the banking, financial services and insurance business unit of the global IT business of Wipro.

Suresh Vaswani has been with Wipro since 1985. Over this period he has held multiple leadership positions, and was most recently president of Wipro Infotech (the India, Middle East and APAC IT business of Wipro) and of global practices (EAS, Testing & TIS).

Last Month, Shoppers Stop CEO, B Nagesh was honored by being inducted into the World’s Retail Hall of Fame. Just a while ago Shoppers Stop has informed us that the company has been awarded the emerging market retailer of the year award, by World Retail Congress at Barcelona.

Hope we will see many more such feathers in the Indian retailers cap.

KEC International has been awarded two separate contracts by Power Grid Corporation of India for supply and construction of 400 KV double circuit (QUAD) Edamon – Muvattupuzha transmission line (part – I & II) in the state of Kerala.

The total value of both the contracts is Rs 155.24 crore. The line is associated with grid strengthening scheme for Kerala I & II of Powergrid Network.

The job involves supply of towers, line materials, erection and commissioning. The total length of both the lines is 150 kms and the project is scheduled to be completed by March 2010.

Aban Offshore has informed us that the company has signed a contract with Exxon Neftegas for the deployment of the jack-up rig Murmanskaya Offshore Russia for a 2 well programme. The estimated revenues from the contract (with an estimated duration of approx 160 days) is approximately US$ 34 million.

The deployment is to commence in direct continuation of its present contract which is expected in June 2008.