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11-Feb2019

Alufluoride, Voltas and Sundaram Brake Linings to see some action today

Alufluoride has received approval to enter into non-binding Memorandum of Undertakings (MoUs) with Jordan - Phosphate Mining Company (JPMC), Jordan for production and marketing of Aluminium Fluoride. The Board of Directors of the Company at its meeting held on February 09, 2019 has approved the same.

Voltas has intended to start construction of their new manufacturing facility, spread over 65 acres, in Tirupati. This facility will initially manufacture and assemble air conditioners and related cooling products with a total capacity of more than 1 million units to start with. The company plans to invest over Rs 500 crore while putting together an OEM base for home appliances, and simultaneously creating local employment opportunities in the region.

Sundaram Brake Linings has received approved for Transfer of Technology along with customer base, for manufacture of Brake Linings for select applications in Commercial Vehicles from Tokai Material Company, Japan. The Board of Directors of the Company at its meeting held on February 09, 2019 has approved the same.

Engineers India (EIL) has signed Memorandum of Understanding (MoU) with Mongol Refinery State Owned LLC of Government of Mongolia. As per MoU, EIL shall provide Project Management Consultancy Services to Mongol Refinery for setting up of an Oil Refinery in Mongolia for which terms and conditions are being discussed and will be mutually settled in the form of a contract agreement.

Essel Propack has inaugurated its first Greenfield unit in Kamrup in the state of Assam. The unit will deliver high-quality laminated tubes with a manufacturing capacity of 275 million tubes annually. The size of investment in phase-I is Rs 82 crore and will provide employment to about 150 people. After complete ramp up, the total investment in the unit will be of Rs 192 crore for a capacity of 750 million tubes. This is the first unit of the company in North-East of India.

Reliance Industries (RIL) has raised its stake in luxury apparel firms Future101 Design and Genesis Colors to strengthen its foothold in retail industry. Reliance Brands (RBL), a unit of RIL, has acquired a further stake of 2.5 per cent in Future101 Design on February 7, 2019, for a consideration of Rs 1.99 crore, taking its total stake in Future101 to 15 per cent.

Tata Steel has reported a rise of 83.55% in its net profit at Rs 2,456.09 crore for the quarter ended December 31, 2018 as compared to Rs 1,338.09 crore for the same quarter in the previous year. Total income of the company increased by 12.56% at Rs 17759.85 crore for Q3FY19 as compared Rs 15777.96 crore for the corresponding quarter previous year.


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