27-Jan-2011

SAIL to set up a 3 million tonne steel plant in Indonesia

SAIL will set up a 3 Mtpa in Indonesia, entailing a likely investment of up to Rs 15,000 crore, according to sources. It has already inked a pact with Indonesian govt. on January 25 for setting up a steel plant and a mineral processing unit besides development of mineral deposits. (Source: Business Standard)

Sesa Goa secures stay order against Bellary sell-off

Sesa Goa has secured a stay order from the Delhi High Court against the decision taken by IFCI on Bellary Steel sell-off in which JSW Steel was declared the highest bidder. Last month, a consortium of lenders led by IFCI had declared JSW Steel as the highest bidder for acquiring the assets of Bellary Steel and Alloys. (Source: Business Standard)

ICICI Bank to open 500 branches every year

ICICI Bank will add 400-500 branches annually over the next three years and focus on financing infrastructure projects in road and power. Presently, it has about 2,500 branches and 5,800 ATMs. Though the bank did not open any new branch in the current financial year, it acquired Bank of Rajasthan that itself meant addition of 500 branches. (Source: Economic Times)

Maruti crosses one million sales mark in 10 months of FY-2011

Maruti Suzuki India became the first company in India to sell one million units in a single year last fiscal, has already crossed the milestone in just ten months this financial year. During the April-December this fiscal the company sold a total of 9, 27,655 units, which includes both domestic sales and exports. (Source: Economic Times)

Praj Industries aims to grow non-core business fivefold in two years

Praj Industries is looking to increase the share of its non-ethanol businesses in its top line from the current 5% to 25% in two years. The company last fiscal decided to diversify into newer areas like water & wastewater management, customized equipment for oil & gas and other industries, and bio-nutrients to derisk operations in the ethanol business.  (Source: DNA Money)