Unitech to Set Up 2 SEZs in Haryana – Realty giant, Unitech is planning to set up two product-specific SEZs in Haryana for automobiles and apparels sectors in the next few months. The company is expected to soon approach the government for the approval. The firm already had 70% land in Haryana for the project. Currently, Unitech has seven notified SEZ projects in Kolkata, Gurgaon, Noida, Greater Noida, Tamil Nadu and Andhra Pradesh. (Business Standard)
Rolta to Buy U.S Based IT Firm – Rolta, the mid-sized information technology firm is close to acquiring a U.S based specialist IT firm. The IT firm provides software and related services to the oil and gas industry. The deal will give Rolta consulting and IT skills specific to the oil & gas, petrochemical and power industries. About six months ago, Rolta has acquired WhittmanHart Consulting, a Chicago-based business intelligence firm. (The Economic Times)
General Motors to Cut Production by 10% – General motors (GM) will cut down its production by 10% at its plants at Halol in Gujarat and at Talegaon in Maharashtra as the automobile sector faces a sharp decline in demand. The cut in output comes as a part of the annual plant maintenance shut down which is usually for 7-10 days. However, this year, the shut down has been extended to 15 days which will result in a 10% reduction in production. The company had set a target of producing 85,000 units from the Halol plant but has now scaled it down it to 70,000 units. (Business Standard)
Tata Power Trading co. Signs PPA with Spice Energy Group – Tata Power Trading Company, a wholly owned subsidiary of Tata Power Company, has signed a power purchase agreement (PPA) with Spice energy group, a Chennai based firm. Tata Power Trading Company will purchase the entire output from its upcoming 2,000 mega watt power project in Cuddalore district of Tamil Nadu. (The Economic Times)
ACC May shut more Plants If Demand Doesn’t Rise – Cement manufacturer, ACC may shut down more plants if the demand for its products is not satisfactory. With a capacity to make 23 million tonnes of cement annually, the company has 15 plants across the country. ACC had temporarily idled a plant in Himachal Pradesh this month and the company had laid off 25% employees at its wholly-owned subsidiary ACC Concrete. (Business Standard)
Core Projects to Acquire Princeton Review’s K-12 – Mumbai based Core projects and technologies is in advanced stages of acquiring K-12 Education Division, which is a part of the U.S. based Princeton Review, one of the leaders in online education. The size of the deal is estimated to be around $20-25 million. Reports suggest that Core projects plans to finance the acquisition through debt. While, NASDAQ-listed Princeton Review’s K12 has revenues of approximately $25-30 million, Core Projects had an annual revenue of about Rs 500 crore last year. (The Economic Times)
UTI Mutual fund to offload 26% Stake by March 2009
UTI Asset Management Company is expected to divest 26% stake to a strategic partner. According to reports, the negotiations are at advanced stages and the deal expected to close by March, 2009. It is speculated that Japan based Shinsei is being actively considered to be the strategic partner. Other players such as the U.S fund house America Vanguard Mutual Fund have also shown interest in picking up stake in mutual fund. Despite the redemption pressures in the sector, UTI Mutual Fund has continued to grow in its asset under management. (The Economic Times)
Rs 300 Crore Capital to be Infused into Future Generali – Capital of Rs 300 crore and a portfolio of 20-products will be infused in the Future Generali Life Insurance Company by the end of March 2009. Future Generali is a 74:26 joint venture between the Future group and the 177 year old Italian major, Generali. The additional capital would be infused by the two partners in the same proportion. The firm’s current capital stands at Rs 335 crore. The additional capital would be utilised for the working capital, fixed expenses, product investments etc. (The Economic Times)
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