Godawari Power and Ispat (GPIL), an integrated steel manufacturer based in Chhattisgarh, is mulling foray into commercial power generation with projects in Chhattisgarh or Jharkhand with capacities ranging between 300 to 1,000 mw with coal and coal rejects as fuel.
Monday, February 25, 2008
GMR to enter into air charter services
GMR Infrastructure is foraying into air charter services and will enter into the corporate jet market with a capital expenditure plan of Rs 7 billion, reports Economic Times.
GMR Aviation, set up to drive this charter venture, will have an initial fleet size of 6 nine-seater aircraft and two choppers. The company is looking at tapping the growing corporate jet market in India. The company has already obtained a license to operate charter services and has met with encouraging response in its test-marketing phase.
The company, which has already acquired two nine-seater Falcons, will have a total fleet size of six aircraft and two choppers. The company will spend Rs 1.20 billion on each of the four Falcons, Rs 1.60 billion on two other aircraft and Rs 600 million on two choppers. The Rs 7-billion fleet acquisition would be funded through debt: equity in the mix of 80:20. The company has already placed the orders for enhancing the fleet strength.
The charter services for a nine seater Falcon aircraft will be priced at Rs 2,50,000 per hour. Two of the Falcons are high-end and long-range aircraft. Apart from long haul, the company is also pitching the services for the domestic circuit. So routes such as Bangalore-Chennai/Hyderabad are very much on the radar and so are intra-city routes such as connectivity to upcoming BIAL airport in Devanahalli in Bangalore.
Reliance Energy buyback plan
Reliance Energy shares were up 3.5 per cent after the company said its board will meet on March 5 to consider a share buyback. At 10:29 am, the share was up 3.5 per cent at Rs 1,680 with volume traded at 1,63,872 against two week average of 10,99,946 shares.
Punjab National Bank - Change of BPLR
Punjab National Bank has informed BSE that the Bank has reduced the BPLR from existing level of 13% p.a. to 12.50% p.a. effective from March 01, 2008.
In addition, Bank has also selectively reduced its interest rates by 50 bps on loan, which are not linked to BPLR such as housing Loans above Rs 20 lacs where interest rate will be in the range of 9.5% to 10.5% (against the existing rates ranging from 10% to 11%). Further, the interest rates in respect of loans granted for second house have also been reduced by 50 basic point (bps). Bank has also reduced rates of interest on Car loans consumer loans (personal loans) by 50 bps to 100 bps.
Reliance joint venture with iconic UK fashion retailer M&S
Reliance Industries chairman Mukesh Ambani’s deal-making spree to get the best domain expertise in the retail sector is poised for the big one now. His retail arm, Reliance Retail (RRL), is locked in ‘substantial’ discussions to float an equal joint venture with iconic UK fashion retailer Marks & Spencer (M&S) for apparel, gourmet food and cafes, multiple sources familiar with the situation said.
According to a source close to the deal, the gourmet food format is likely to be integrated with Reliance Fresh “wherever possible,” (upmarket localities) as a shop-in-shop format. This would help M&S get immediate scale in food business. There are 491 Reliance Fresh stores that sell food, FMCG and fruits and vegetables and this figure is likely to touch 1,400 by the end of next fiscal.
The $16-billion M&S, operating in the country through a franchisee arrangement with Planet Retail since 2001, is in the midst of charting a new India strategy aimed at accelerating expansion in the domestic market. It recently slashed prices by 20% to attract more footfalls in the stores and taking prime space in malls to open more stores.
Reliance Power Bonus Issue
Reliance power shareholders , they informed today that they will give 3 bonus shares for 5 shares already holded in reliance power .
HDFC Bk, CBoP Boards okay swap ratio of 1:29
The Boards of both banks, HDFC and Centurion Bank of Punjab have okayed a swap ratio of 1 share of HDFC Bank for every 29 shares of CboP, reports CNBC-TV18.
The merger ratio has come in favour of HDFC Bank at current market price.
HDFC Bank will make a preferential issue to HDFC after the merger to maintain 23.28% stake. The merger values CBoP at Rs 50.80 per share and current market price at Rs 56.35.
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