| Tata steel gets green signal for Corus takeover |
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Shareholders of the Corus Group gave the green signal to Tata Steel's $12 bn takeover bid of the Anglo-Dutch steelmaker.
Investors representing 97% of the shares backed the purchase, following an extraordinary general meeting in London.
Scheduled to take effect on April 2 the takeover marks the largest foreign acquisition by an Indian company. |
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| Autoline to acquire 51 per cent in Belgium's Stokota |
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Auto components manufacturer, Autoline Industries Ltd (Autoline), plans to acquire 51 per cent stake in Belgium-based Stokota NV in a cash and equity deal of Rs 66.80 crore (US $ 14.8 mn).
The US $ 40 mn Autoline has an existing relationship with Stokota and makes tippers as per the latter’s design and specifications for the India market.
Its integrated engineering tool design and manufacturing facility in Pune is focused on manufacturing of sheet metal assemblies and formed tubular products for the automobile industry.
Stokota has plants in Belgium, France, Poland, India and China and makes special purpose vehicles including tippers, tipper trailers, flat-bed and skeleton trailers, cement bulkers and a range of tankers.
The Investment by Autoline is intended to help effect the merger of Stokota NV, Stokota China and Stokota India to integrate its global strategy, forming a conglomerate that will be a global leader in the manufacture of high-value, low cost automotive components and transportation solutions.
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| Hyundai to set up LCV plant at Pune |
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Korean Hyundai Motor Corporation plans to set up a light commercial vehicle (LCV) manufacturing plant in Chakan in Pune.
The Maharashtra Industrial Development Corporation is said to have agreed to allot about 700 acres to the Company for the proposed unit for which purpose an MoU will soon be signed.
Estimated to cost over Rs 1,000 crore, Hyundai plans to make one-tonne load carriers primarily targeted against the Tata Ace model, at the new facility. It may even set up a powertrain plant at Chakan, as part of its indigenisation programme.
Hyundai's decision to launch into the LCV market with a one-tonne load carrier is based on a one-year market study that highlighted the Tata Ace's success story. Also keen to grab a share in the pie are Hindustan Motors, Bajaj Auto and TVS Motor Company.
For Pune’s Chakan district, the new Hyundai LCV plant is yet another feather in its cap, as this would be the second new automobile plant in the district. Earlier in November 2006 German Volkswagen made known its intent to set up an Rs 1,500-crore plant on a 500-acre plot in the District.
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AstraZeneca commissions Lab in Bangalore |
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Pharmaceutical major AstraZeneca recently opened its Process Research & Development Laboratory (PR&DL) in Bangalore. Set up with an investment of $15 mn, it will focus primarily on New Chemical Entities (NCEs) for the treatment of developing world diseases.
Located next to the Avishkar Discovery and the AstraZeneca Pharma India marketing and sales offices, the facility covers 8,000 sq.m on a 14,200 sq. m plot.
There are seven operating teams within PR&DL focusing on analytical chemistry, development manufacture process chemistry, process engineering, projects management, business development and good manufacturing practices (GMP), and quality assurance. While PRDL currently engages 50 scientists, there are plans to recruit scientists from the organic, analytical and process engineering disciplines- escalating the numbers to over 75 by 2009.
The Lab will also gear up to train pharma-biotech students in process safety.
For the Anglo-Swedish AstraZeneca, India is the fourth PR&DL and the only one outside Europe. It has two facilities in the UK and one in Sweden.
The primary objective to set base in India were its inherent strengths in process chemistry, synthesis of complex molecule, cost advantage, access to advanced analytical technical work force, stated Dr David Haywood, global vice president, Global Process R&D, AstraZeneca.
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