Corus gets rebranded as Tata Steel
Corus, the steel group owned by the Tatas, has from Monday adopted the name Tata Steel as it new identity. Corus has been renamed Tata Steel Europe. The Tata group had acquired Corus, the Anglo-Dutch steel firm, which is Europe’s second largest steel producer, for £7 billion in April 2007. Corus has manufacturing operations in many countries and major plants located in the UK, the Netherlands, Germany, France, Norway and Belgium.“The Tata Steel name and logo will begin to appear on the company’s ransactional documents, product deliveries, locations and vehicles,” the steel giant said on Monday.
L&T bags deals from Visa Power
Engineering and construction major Larsen and Toubro has bagged a ` 1,610 crore order from Visa Power, a Visa Steel and Power Group Company, for its 2x600 MW power plant being set up in Chhattisgarh.
“Larsen and Toubro has won the project through an international competitive bidding process and it includes the execution of Balance of Plant (BOP) package for Visa Power Ltd for their 2x600 MW power plant, which is being set up in Raigarh, Chattisgarh,” L&T said.
Under the BOP, L&T would design, engineer, supply and complete balance of plant. Work includes civil, structural and architectural works.
Godrej eyes domestic acquisitions
Personal care products maker Godrej Consumer Products Ltd, which has made four overseas acquisitions this year, is also interested in buying domestic firms to boost growth, the $2.5 billion diversified group, said Mr Adi Godrej, the chairman of the company, on Monday. India is the world’s fastest growing major economy after China and demand for products such as soaps, shampoos and hair conditioners are growing fast on the back
of rising incomes in the nation of 1.2 billion people.“Our first priority will be acquisitions in India,” said Mr Godrej. The company had acquired a company in Indonesia for $270 million and paid $43 million for two firms in Argentina.
IDFC plans to raise `3,400cr
Infrastructure financier IDFC is planning to raise `3,400 crore via a bond issue targeting retail investors. This will be the first public issue of bonds by an infrastructure firm to be covered under the Section 80 CCF of the tax code, the company said. These bonds will be listed on the two major exchanges and will be subject to a five year lock in period. Investors can get tax relief of up to `20,000 per year on these bonds. Each bond has a face value of `5,000. “These long term bonds will hit the market on September 30 and will be open for subscription up to October 18, 2010,” IDFC MD and CEO, Mr Rajiv Lall, said.
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