Tata Power, through its wholly-owned subsidiary Coastal Gujarat Power, on Wednesday, 6 March 2013, announced the synchronisation of the 800 megawattts (MW) Unit No 5 of the country's first Ultra Mega Power projects (UMPP) in Mundra, Gujarat. With the synchronisation of Unit No 5, the thermal power generation capacity of Tata Power stands at 8,500 MW and the generation through clean sources such as hydro, wind and solar stands at 852 MW.
Speaking on this milestone, Anil Sardana, managing director, Tata Power, said, "The synchronisation of Unit No 5 of Mundra UMPP marks a milestone in India's history as the first UMPP setting an execution excellence benchmark for the Indian power sector. The synchronisation of the last unit is a significant achievement in a sector which is ridden with numerous challenges. The Mundra UMPP features a number of new and advanced technological initiatives based on super-critical technology. We eagerly await a viable solution by the CERC and look forward to an early resolution of this issue."
The 4,000 MW Mundra UMPP is the first of the UMPPs that heralds the entry of 800 MW super-critical boiler technology in India, which is environment-friendly and efficient, Tata Power said in a statement. This technology and the choice of unit sizes will help save fuel for the project and cut down greenhouse gas emissions as compared to regular coal-fired power stations, Tata Power said. In addition, the choice of imported coal significantly lowers sulphur emissions. The plant will use significantly less than the stipulated 1% sulphur and 10% ash content in coal, Tata Power said in a statement.
Mahindra & Mahindra (M&M) after trading hours on Wednesday, 6 March 2013, announced the launch of its first tractor manufacturing plant in Zaheerabad in Andhra Pradesh. The plant has been set-up at a substantial investment of over Rs 300 crore, M&M said. The plant will have an installed capacity of 1 lakh tractors per annum, which can be scaled up to meet additional demand, M&M said in a statement. The world class facility which is equipped to meet international manufacturing standards is spread across 80 acres of land and is built over 60,000 sq.mt., making it the largest tractor plant in India, M&M said.
Speaking on the occasion, Mr Anand Mahindra, Chairman, Mahindra Group, said: "The Group has always believed in investing for the future and this new tractor plant at Zaheerabad is yet another example of our philosophy in action. Our endeavour is to be present in the entire eco system of Agri Business and this new facility will help brand Mahindra to deliver on its promise of Farm Tech Prosperity. This push towards rural prosperity will help India, which is currently poised at a tipping point, to emerge as one of the fastest growing economies in the world. The government of Andhra Pradesh and its administration have been proactive in their support to Mahindra which has helped us to set up this facility in record time."
Dr Pawan Goenka, President, Automotive and Farm Equipment Sectors, Mahindra & Mahindra said: "Our Zaheerabad tractor plant is the largest tractor plant in Asia and a major investment for Mahindra in Andhra Pradesh. With this plant we are also setting up a supplier park which will help to bring more investment and employment in the region. This plant brings us closer to our customers and hence will help us to serve them better."
Meanwhile, M&M, the promoter of Mahindra Holidays & Resorts India, is selling 34 lakh shares of Mahindra Holidays & Resorts India, constituting 4.02% of the equity share capital of Mahindra Holidays, through Offer for Sale (OFS) via the stock exchanges mechanism today, 7 March 2013. The OFS will begin at 9:15 IST and end at 15:30 IST. The floor price for the OFS has been set at Rs 270 per share. Shares of Mahindra Holidays dropped 0.54% to settle at Rs 276.35 on Wednesday, 6 March 2013.
DLF said its board has approved offering equity shares through institutional placement programme (IPP) and/or any other method prescribed and approved by the Sebi, subject to approval of shareholders. The board also approved to form an equity issuance committee to decide on the proposed allotment of equity shares. The company said it will hold shareholders' meeting on 4 April 2013, for their approval in the proposed share allotment plan.
State-run Rashtriya Chemical and Ferilisers (RCF) will be in focus as the government is offering to sell 6.89 crore equity shares, or 12.5% stake, of the company via Offer for Sale (OFS) route on stock exchanges on Friday, 8 March 2013. The share sale will begin at at 9:15 IST and close at 15:30 IST on the same day. The floor price shall be intimated today, 7 March 2013 after the close of trading hours and before the close of business hours of the stock exchange. As on 31 December 2012, the government held 92.50% stake in RCF.
HPCL has sought the government's approval for setting up a nine million metric tonne per annum grass root refinery-cum-petrochemical complex in Rajasthan, utilizing Rajasthan crude, at an estimated cost of about Rs 37000 crore. This refinery will also have capability to process other type of crudes.
Mcnally Bharat Engineering Company said its has raised Rs 41.60 crore by allotting cumulative non-convertible redeemable preference shares to three seperate investors.
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