Share buy back
Cummins India Ltd (CIL): The company has informed that Cummins Diesel Sales & Service (India) Ltd, (CDSS) a subsidiary, has decided to participate in the share buy back offer of Newage Electrical India Ltd and offer 2,40,000 equity shares of Rs 10/- each fully paid constituting 12 per cent of the present paid up share capital of Newage. Upon buy back of these shares by Newage, Newage will cease to be subsidiary of CIL. The company has further informed that CIL, along with its subsidiary CDSS is currently holding approx 54 per cent of the share capital of Newage Electrical India Ltd, (Newage), an Ahmednagar (Maharashtra)-based company engaged in the manufacture and sale of alternators having paid up share capital of Rs 2,00,00,000 (Rs 20 million) divided into 20,00,000 equity shares of Rs 10/- each fully paid up.
Newage is an unlisted public limited company. Newage has made an offer for buy back of its shares. CIL will not participate in the buy back offer and will be holding approximately 42 per cent of the paid up equity share capital of Newage, acquired by CIL in July, 2002.
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Project news
Larsen & Toubro Ltd (L&T): The company has signed a contract valued at $23 million, with Lafarge Surma Cement (LSC) Ltd, Bangladesh, for construction of a 17 km long cross-national conveyor belt. It will convey limestone and shale from the mines in the hilly terrain of Shella Bazar, Meghalaya (India), to the marshy plains of Chhatak, Bangladesh, where Lafarge is putting up a cement plant. This is the longest conveyor belt to be constructed in India and is to be executed in 24 month by ECC, the construction division of L&T. K G Hariharan, executive vice-president (indl & elec projects & utilities), L&T-ECC, signed the contract on behalf of L&T on September 25.
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