PUNE, Feb 14: Prime Minister Narendra Modi today inaugurated American giant GE Corporation’s first multi-modal integrated manufacturing site which will export 50 per cent of its output to other GE sites around the world and generate around 1,500 direct and indirect jobs.
In the first phase of operations, the facility named ‘Brilliant Factory’ at Chakan near here, will manufacture products and solutions for power sector, oil & gas and transportation industries, the company said.
In Phase II, the facility will include manufacturing capability for new generation aviation engine components and machining and sub-assembly for the latest rail locomotives and diesel engines.
Spread over 68 acres in MIDC Industrial Park at Chakan II, the facility will generate over 1,500 jobs and support the growth of local businesses, many of whom will be SME suppliers, the company said.
The company did not divulge the investment details.
The opening ceremony was attended by the state’s Governor Vidyasagar Rao, Chief Minister Devendra Fadnavis, while the GE leadership team was represented by Vice Chairman John G Rice and South Asia President & CEO Banmali Agrawala.
The ‘Brilliant Factory’ is one of GE’s most advanced facilities, bringing together automation, industrial Internet and 3D printing, and is built on the concept of flexibility, allowing for manufacturing of a diverse set of products and catering to the company’s broad range of businesses, including aviation, oil & gas and rail.
It will also serve both domestic and export markets, working on the principle of ‘shared centre of excellence’ on process, capability and human capital, aimed at driving economies of scale.
Commenting on the plant, Rice said it signifies a proud milestone for GE in India and the next step in the company’s technology and innovation partnership, a journey that started over 110 years ago.
“Our operations here in Pune help us to compete locally and globally and play an important role in the resurgence of India’s manufacturing sector and in the country’s growth and development,” Rice added. (PTI)
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TN not to blame for Nokia closure,
says Minister
CHENNAI, Feb 14:
Seeking to deflect the flak faced by the State Government on the Nokia issue, Tamil Nadu Industries Minister P Thangamani today said the mobile phone maker faced problems only because of the retrospective tax issue. Addressing the curtain raiser for the Global Investors Meet (GIM) scheduled to be held in the city on May 23 and 24, Mr Thangamani said Nokia faced some problems. ‘This is not because of the State Government, but because of retro-spective taxes which were imposed on the companies by the previous Central Government.
‘However, our Hon’ble AMMA’s Government (Former Tamil Nadu Chief Minister and ruling AIADMK General Secretary) is trying to find solutions to this problem to the extent possible. He said since 2011, Tamil Nadu proves to be a safe place for the investors.
As far as, FDI is concerned, during the period May 2011 to November 2014, Tamil Nadu is ranked Third next only to Maharashtra and New Delhi on this score. (UNI)
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SEBI bars Shah Group Builders raising
money from public
MUMBAI, Feb 14:
Market regulator, the Securities and Exchange Board of India (SEBI) has restrained Shah Group Builders Ltd. and its directors from mobilising funds from public through the issuance of securities.
It was alleged that Shah Group Builders raised over Rs 22 crore
through issue of shares to more than 1,500 people with a promise to list the shares through IPO.
The company had allegedly defaulted in payment of the agreed interest and has not refunded the principal amount. SEBI found that the company had issued equity shares to 50 or more persons as so was under a legal obligation to get listed on a
stock exchange.
Among others, it was also mandatory for the company to bring out a prospectus with respect to the public issue. However, it failed to comply with these norms.
In an order issued yesterday SEBI said, “the company and its directors or promoters – Nalin V Shah, Nirav N Shah and Neelam N Shah were involved in the mobilisation of public funds through the
issue of equity shares without complying with the applicable law.”
(UNI)
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Dilip Shanghvi to buy equity
worth Rs 1,800 crore in Suzlon
NEW DELHI, Feb 14:
Wind turbine maker Suzlon Energy has signed definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore.
“Post allotment, DSA shareholding in Suzlon Energy will be 23 per cent shares (based on current shareholding), while the Tanti Family will hold 24 per cent shares,” Suzlon Energy said in a statement.
Management control will remain with the Tanti family by virtue of pooling arrangement for voting.
“This financial investment is in sync with the Prime Minister’s long-term vision and immense potential of the renewable energy market.
“While we believe Suzlon has the potential to emerge as a global leader in the renewable energy space from India, it will take substantial and sustained effort on part of the management team to achieve a significant operating performance improvement,” Dilip Shanghvi said.
“These bold steps will strengthen our capital structure permanently, enabling significant deleveraging and liquidity to ramp up volumes rapidly.
“We are convinced that the support from Dilipbhai Shanghvi and family will help in creating a long-term sustainable value for our stakeholders,” Suzlon Group Chairman Tulsi Tanti said. (PTI)
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Coal block auction
begins: Ambanis, Adanis in the race
NEW DELHI, Feb 14:
Auction of coal blocks began today for the first time with corporate honchos Ambanis, Adanis and Birlas queuing up for the two mines being offered on day one.
After clearing the technical bidding stage, entities from Reliance, Adani, Essar, GMR, Vedanta and Aditya Birla groups became eligible to bid or these blocks — one in Odisha and the other one in Madhya Pradesh.
The Supreme Court had in September last year cancelled the allocation of 204 mines.
The two blocks which have been put on offer are Talabira-I mine in Odisha for power sector and Sial Ghoghri mine in M for non-power sector.
The five bidders who have technically qualified for the Talabira mine are Adani Power, Essar Power M P Ltd, GMR Chhattisgarh Energy Ltd, OPG Power Generation Pvt Ltd and Sesa Sterlite Ltd.
Around 134 bidders have cleared the initial stages of eligibility for coal auction for 21 blocks put up by the government.
Hindalco, Jindal Steel and Power Ltd (JSPL), Bharat Aluminium Co Ltd (Balco), GMR Chhattisgarh Energy Ltd, GVK Power, JSW Energy, Ambuja Cement and Hindustan Zinc are other major companies which have technically qualified for bidding. (PTI)
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