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22-Jan2018

ONGC, IL&FS Transportation and J Kumar to see some action today

Oil and Natural Gas Corporation (ONGC) has received an approval for acquisition of entire 51.11% shareholding (778,845,375 equity shares) of the President of India in Hindustan Petroleum Corporation (HPCL) at a cash purchase consideration of Rs 473.97 per share with a total acquisition cost of Rs 36,915 crore. The board of directors at its meeting held on January 19, 2018 has approved for the same. Further, ONGC has entered into a share purchase agreement with the President for acquiring the 778,845,375 equity shares of HPCL (representing 51.11% of HPCL) on January 20, 2018. The parties expect to complete the transaction before end of January 2018.

IL&FS Transportation Networks has received a Letter of Acceptance dated January 19, 2018 from National Highways & Infrastructure Development Corporation (NHIDCL) for development of the Project. The construction period for the Project is 2,555 days. Earlier, in July 2017, the company had emerged as the lowest bidder for Construction, Operation and Maintenance of 2-Lane Bi-Directional Zojila Tunnel with Parallel Escape (Egress) Tunnel on Srinagar-Leh Section (the Project) in the State of Jammu & Kashmir on EPC mode at a cost of Rs 4,899.42 crore. The Project is implemented by Ministry of Road Transport & Highways (MORTH) through NHIDCL.

J Kumar Infraprojects has received Letter of Acceptance from Delhi Metro Rail Corporation (DMRC). The company has received the LOA for two works by DMRC for Line 2A Architectural Station finishing tenders. The contract is for architectural finishing works of four stations viz. Don Bosco, Shimpoli, Mahavir Nagar and Kamraj Nagar of Line 2A on Dahisar (East) to DN Nagar Corridor of Mumbai Metro Rail Project. The contract cost is Rs 28.10 crore. The other contract is for architectural finishing works of four stations Charkop, Malad, Kasturi Park and Bangur Nagar of Line 2A on Dahisar (East) to DN Nagar Corridor of Mumbai Metro Rail Project. The Contract Cost is Rs 28.87 crore.

Technofab Engineering has received two new orders worth Rs 205 crore from Public Utilities Corporation, Seychelles. The projects are in the waste water sector and are funded by European Investment Bank. With this the order backlog increases to Rs 2,200 crore, which is an all time high. It also enhances the company's standing as a significant player in the Water and Waste Water Sector both in India and overseas. This sector now accounts for around half the total order backlog.

DFM Foods has launched CRAX Cheese Balls in domestic market on January 18, 2018. The said product is offered in a pack size of 21g for a retail price of Rs 5 per pack. Last year in March, the company had launched a new product called 'CRAX Curls' which was offered in a pack size of 25g for a retail price of Rs 5 per pack. DFM Foods is engaged in the business of manufacturing, selling and marketing of packaged snack foods.

Welspun Enterprises has completed the acquisition of 49% stake in 2 Project from MBL Group at the agreed consideration of Rs 23 crore. The company shall replace the Bank Guarantees provided by MBL group within 60 days of the Appointed Date. The Projects are for 4-Laning of Chutmalpur-Ganeshpur section of NH-72A & Roorkee-Chutmalpur-Gagalheri section of NH-73 and for 4-Laning at Gagalheri-Saharanpur-Yamunanagar (UP/ Haryana border) section of NH-73.


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