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Archive for June, 2008

Lakshmi Mittal joins Goldman Sachs board

Posted by Yogesh on Monday, 30 June, 2008

NEW YORK – Goldman Sachs Group Inc. said Sunday that billionaire steel magnate Lakshmi Mittal has been elected as an independent director at the world’s largest investment bank.

Mittal, who is chairman and chief executive of the world’s largest steel producer, ArcelorMittal SA, joined Goldman Sachs’ 13-member board Saturday and will serve on its Audit, Compensation and Corporate Governance and Nominating committees. Read the rest of this entry »

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MyScreen files patents in India as it’s a market set to grow to 500 million mobile phone subscribers by 2010

Posted by Yogesh on Monday, 30 June, 2008

TORONTO, June 30, 2008 — MyScreen Mobile, Inc. (“Myscreen”) announced today that a patent application for its technology has been filed with the Patent Office in India. The company is seeking to protect the Intellectual Property Rights of Myscreen and enables the company to operate and maintain its position as global market innovator and leader in the mobile advertising space.

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Reserve Bank of India, Bank of Japan sign currency swap deal

Posted by Yogesh on Monday, 30 June, 2008

MUMBAI (Thomson Financial) – The Indian and Japanese central banks have signed a bilateral swap arrangement (BSA) that will enable both countries to swap their currencies against the U.S. dollar for up to $3 billion.

“The arrangement aims at addressing short-term liquidity difficulties and supplementing the existing international financial arrangements as one of the efforts in strengthening mutual co-operation between Japan and India,” a joint release from the Reserve Bank of India and the Bank of Japan said.

The BSA became effective on June 29, the statement added.

Source CNBC

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Lufthansa shelves plans for aircraft maintenance joint venture in India

Posted by Yogesh on Monday, 30 June, 2008

FRANKFURT (Thomson Financial) – Deutsche Lufthansa AG. has shelved plans for its aircraft maintenance joint venture with India’s GMR Group, a company spokesman told Frankfurter Allgemeine Zeitung.

“The current general market development as well as consolidation within the India aviation industry necessitates an adjustment of our plans,” he said.

Lufthansa would have held 75 percent of the joint venture, which was announced in April 2007, the paper said.

Source CNBC

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Dr. Reddy’s Releases Annual Report for Fiscal 2007-08

Posted by Yogesh on Monday, 30 June, 2008

HYDERABAD, India, Jun 30, 2008 (BUSINESS WIRE) — Dr. Reddy’s today announced that in consideration of the recent SEC/NYSE rule changes on the Annual Report distributions, the Company’s Annual Report for fiscal 2007-08 is available on the Company’s website http://www.drreddys.com/investors/pdf/annualreport2008.pdf effective from June 30, 2008. This Annual Report has also been filedwith the Securities and Exchange Commission.

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Greenko Group signs power purchase agreements with PTC India

Posted by Yogesh on Monday, 30 June, 2008

LONDON (Thomson Financial) – Greenko Group Plc. said it has signed power purchase agreements (PPAs) with PTC India Ltd., formerly known as Power Trading Corporation India Ltd., for the output from two of its power plants. The new PPAs are for power from the Roshni biomass plant, which was acquired by Greenko in June 2007, and the soon-to-be-commissioned Rithwik Power hydro plant. Read the rest of this entry »

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Tyson buys majority stake in India chicken company

Posted by Yogesh on Monday, 30 June, 2008

NEW YORK – Meat producer Tyson Foods Inc. said Monday it bought majority ownership of a poultry processing business in India.

Tyson said it acquired 51 percent ownership of Godrej Foods Ltd., based on Mumbai. Godrej Foods is a subsidiary of agribusiness company Godrej Agrovet Ltd. and makes products under the “Real Good Chicken” brand name. The company also has a line of frozen vegetables under the Yummiez brand. Read the rest of this entry »

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BP says bids with Reliance for Indian blocks

Posted by Yogesh on Monday, 30 June, 2008

NEW DELHI, June 30 – British oil major BP Plc BPL. and India’s top private firm, Reliance Industries , have jointly bid for two deepwater exploration blocks in India, a BP India unit official said.

“We will be having 30 percent stake with operatorship of the two deepwater blocks,” Sashi K. Mukundan, BP’s vice president and country manager, India, said on Monday, the last day for submitting bids in India’s latest licencing round.

Source Reuters

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BHEL gets $485 mln contract for Syria plant

Posted by Yogesh on Monday, 30 June, 2008

MUMBAI, June 30 – Indian state-run equipment maker Bharat Heavy Electricals Ltd said on Monday it had received a contract worth more than 20.8 billion rupees for a 400 MW thermal power project in Syria.

The order for the Tishreen Thermal Power Plant Extension entails design, engineering, manufacture, supply, erection and commissioning of equipment, it said in a statement.

The project is expected to be completed in 33 months.

Source Reuters

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Larsen gets order worth $364 million

Posted by Yogesh on Monday, 30 June, 2008

MUMBAI, June 30 – Indian engineering and construction firm Larsen & Toubro Ltd said on Monday it had received an order worth 15.6 billion rupees ($364 million) for steam turbine generators.

Source Reuters

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