L&T gets export orders of engineering equipment worth Rs.120 crore
Bangalore: L&T will be exporting engineering equipment (reactors) worth Rs120 crore to China, Kuwait and the US for oil refineries and petrochemical units.

The company, which has decided to position itself as a high-end infrastructure and engineering construction and technology company, also plans to expand the facilities in Hazira, where it manufactures specialised engineering equipment for oil and other core sectors.

L&T has also decided to exit from the glass container business in order to concentrate on its core business. It has already demerged its cement unit and sold the majority state of 51 per cent to the Birla group. The sale of the glass unit will be finalised in about two months, according to the company.

L&T's business turnover with China is expected to growth threefold in five years from the current figure of Rs500 crore.
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Rs.226 crore orders for Nagarjuna Construction
Hyderabad: Nagarjuna Construction Company Ltd (NCCL) has secured four new orders worth Rs226.90 crore.

The orders include strengthening and improvement of transmission and distribution network from the Assam State Electricity Board, construction of a hospital for women and children, from the Pondicherry Government, construction of Gandikota dam across Penna River from the Andhra Pradesh Government and construction of multi-storeyed apartments in Bangalore from Sriram Properties Ltd, according to a company press release.
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Jindal Steel signs up for integrated steel project in Orissa
Bhubaneswar: Jindal Steel and Power Ltd (JSPL) has signed a Memorandum of Understanding with the Government of Orissa to set up a two million-tonne steel plant, 80,000 tonne ferro alloys plant and 200 MW captive power plant in the State.

The integrated steel project will be implemented with an investment of Rs4,000 crore. The company will use locally available coal to produce gas for making steel. The proposed project will provide gainful employment to more than 10,000 persons in Keonjhar and Angul districts of the State.

The company is contemplating to increase the capacity of the proposed steel plant to six million tonnes per annum and accordingly the investment will be raised to Rs10,000 crore.
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Kochi Refineries board to consider merger with BPCL
Kochi: The board of directors of Kochi Refineries Ltd (KRL) will consider a merge proposal with Bharat Petroleum Corporation Ltd (BPCL) at its board meeting on Oct.26. It will also consider and pass the half yearly results of the company.

The merger will also be in the interest of BPCL since KRL has become a cash rich company. KRL's upswing has occurred with the rise in international crude oil prices, which have resulted in refining margins for KRL have been going up.
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i-flex bags Caribbean deal
Mumbai: i-Flex Solutions has announced that it has won a "significant contract" with a Caribbean asset management company for its Flexcube investor services solution.

The solution will be implemented for the client's mutual funds administration, for managing and automating the entire MF process lifecycle. RBTT Trust, the client, is based in Trinidad and is a subsidiary of the RBTT Financial Holdings group, which operates in 12 Caribbean jurisdictions, said a news release from the i-flex.
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Take Solutions buys out clinMetrics for $3 m
Chennai: The Chennai-based Take Solutions has acquired the US-based clinMetrics for $3 million - 25 per cent by cash and the rest in stock.

While Take Solutions focuses on supply chain management, clinMetrics provides analytical software solutions for pharmaceutical and bio-informatics sectors, according to the company.

Take Solutions would fund the acquisition through internal accruals and capital infusion from the existing shareholders. It would also invest $5 million in the next couple of years in the US business, he said.

clinMetrics, a three-year old firm with 40 employees, would be subsequently merged with Take Solutions that employs around 300.

According to the company, the acquisition would help Take Solutions enter pharmaceutical and bio-informatics sectors, and foray into the US market. The combined entity would provide pharmaceutical customers analytical and transactional applications, including regulatory compliance by timely and accurate reporting, risk mitigating and enforcement of best practices.

Take Solutions hopes to report a turnover of $10 million this fiscal ending March 31, 2005 from $3.4 million last fiscal.
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