HYDERABAD, Feb 14: US-based Photonics corporation will set up shop in Telangana State shortly. A Memorandum of Understanding has been signed by Telangana Government Information Technology Secretary Mr.Haripreet Singh and US-based Photonic Corporation CTO and CEO Dr. Birendra Raj Dutt in the presence of Chief Minister K.Chandrasekhar Rao and Minister for IT and Panchayat Raj Mr KT Rama Rao in the CM’s camp here this morning.
Both, the Government of Telangana and Los Angeles headquartered PhotonIC Company agreed to collaborate in setting-up an ecosystem to facilitate the institutionalization of all processes and concepts related to photonics, an official release said here.
They have also agreed to evolve, test and produce the next generation chips and products by using the technology of Silicon Photonics and compound semi-conductor photonics. Both of them also agreed to work in tandem in evolving a strategy to promote photonics in Hyderabad. The MOU will be followed by a more detailed agreement specifying the roles and responsibilities for both within 90 days of completion of feasibility report to be prepared by PhotonIC Corporation.
(UNI)
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7.NB
M&M plans to invest Rs 4,000 crore
on new plant in Tamil Nadu
CHENNAI, Feb 14:
Auto major Mahindra and Mahindra has proposed to invest Rs 4,000 crore for setting up a large manufacturing facility in Tamil Nadu which would roll out the company’s future models, a top official said today.
“Our investment will be Rs 4,000 crore in two stages. It will be spread across seven years.
“In the first phase, we will set up the test track facility. Second will be an automotive plant,” Executive Director of Automobile Division, Pawan Goenka told reporters here.
The Tamil Nadu government has promised to allocate 255 acres of land in Cheyyar in Kancheepuram district for the proposed facility which would be the largest for the company in the country, outside Pune, he said.
“We have been promised that the land will be allocated very soon. The MoU will be signed during the Global Investors Meet (in May this year)”, Goenka, who was here to participate in the curtain raiser for the meet, said.
“After land has been alloted to us, immediately, we will start off with the test track facility. After that we will set up the automotive factory. But, it depends on how the auto industry grows,” he said.
He further said that the plant in Tamil Nadu would manufacture products that would be rolled out by the group in future.
“This is a future plant. As we develop new products, those products will come from this plant. It will be for both domestic and exports”, he said.
To a query about expectations from the Budget to be presented later this month, he said, “There has to be a clear roadmap for GST (Goods and Services Tax).
“We are also expecting policies on ‘Make in India’ concept. It has been talked about. It is not specific to auto industry.
“If there is an impetus on ‘Make in India’, that will certainly help all companies that are involved”, he added. (PTI)
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8.NB
Apollo Hospitals Q3 net profit
rises 13.86% at 95 crore
NEW DELHI, Feb 14:
Healthcare major Apollo Hospitals Enterprise today reported 13.86 per cent rise in standalone net profit at Rs 95.01 crore for the quarter ended December 2014.
The company had reported a net profit of Rs 83.44 crore for the corresponding period of the previous fiscal, Apollo Hospitals said in a filing to the BSE.
Standalone total income of the company also rose to Rs 1,182.53 crore for the quarter under consideration as against Rs 993.34 crore for the same period a year ago.
Revenues from healthcare services grew to Rs 711.52 crore for the third quarter ended December 2014. It was Rs 636.28 crore for corresponding period of last fiscal.
Pharmacy revenues also grew to Rs 471.21 crore for the quarter under consideration from Rs 357.13 crore in the year-ago period. (PTI)
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9.NB
Sun Pharma Q3 net
declines 7% to Rs 1,425 cr
NEW DELHI, Feb 14:
Drug major Sun Pharmaceutical Industries today reported a 6.92 per cent decline in its consolidated net profit at Rs 1,425.07 crore for the third quarter ended December 31, 2014.
The company had posted a net profit of Rs 1,531.09 crore for the corresponding period of the previous fiscal.
Net sales of the company declined to Rs 4,279.54 crore for the quarter under consideration, as against Rs 4,286.59 crore during the same period of previous fiscal, Sun Pharmaceutical Industries said in a filing to BSE. (PTI)
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10.NB
Suzlon’s Q3 net loss widens
to Rs 6,538.68 crore
MUMBAI, Feb 14:
Debt-laden wind turbine maker Suzlon today reported a widening of consolidated net loss at Rs 6,538.68 crore for the third quarter ended December 2014 on the back of sale of its overseas subsidiary Senvion.
The company had reported a loss of Rs 1,075.25 crore in the corresponding period a year ago.
Its total income declined marginally to Rs 4,977.18 crore during the October-December quarter as against Rs 5,052.2 crore in the third quarter of FY14.
“The huge loss during the quarter is on account of the notional loss to the extent of around Rs 6,000 crore on the sale of our overseas subsidiary Senvion last month,” the company’s Chairman Tulsi Tanti told PTI here today.
Last month, the company had sold Senvion to Centrebridge Partners LP for Rs 7,200 crore as part of its strategy to hive off non-core businesses and reduce debt burden of over Rs 17,000 crore.
“Most of the proceeds of this deal will be used to pay off our debt. Besides, we are also looking at selling stake in SE Forge, another non-core business,” he said.
However, he did not disclose further details on how much the company is expecting from the sale of subsidiary.
“It is too premature to talk about this. But we will be using the funds raised through the sale for repaying our debt,” Tanti said.
The company has also sold stake in its manufacturing capacity in China as well as in US-based Big Sky wind farm.
Meanwhile, the company has also signed definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore in Suzlon Energy.
Post allotment, DSA shareholding will be 23 per cent shares (based on current shareholding), while the Tanti Family will hold 24 per cent shares.
Management control will remain with Tanti family by virtue of pooling arrangement for voting.
“All the strategic initiatives are extremely crucial and will pave the way for our growth. These bold steps will strengthen our capital structure permanently, enabling significant de-leveraging and liquidity to ramp up volumes rapidly,” he said.
The proceeds of both the transactions are expected to be received before March 31, he added.
Both Suzlon and Sanghvi will form a joint venture to develop 450 MW with farm, a move that will mark the latter’s foray into the renewable energy business.
Besides, the Sanghvi Family and Associates will provide project specific non-fund capital for two years, which will be utilised for execution and capacity utilisation, Tanti said. (PTI)
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