Globeleq's stake in Sasan becomes hot property
New Delhi: A number of companies are vying to acquire British power investment company Globeleq's 51-per cent equity stake in the Sasan Ultra Mega Power Project including Lanco the joint venture partner in the Sasan project.

The Lanco-Globeleq consortium had in December last year won the Rs 20,000 crore project to be set up in Madhya Pradesh.

Reliance Energy (REL) is also set to bid for the global power assets of Globeleq by mid-February, a spokesman for the company said on Monday.

Globeleq has operations across 13 countries, aimed to sell stakes totalling about 3,000 MW.

The last date for submission of indicative bids is 16 February and a second-round of financial bids will be called once the potential bidders are short-listed.
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Cognizant net income up 21 per cent
Chennai: Cognizant Solutions' net income for the fourth quarter ending December 31, 2006 stood at $69.5 million, an increase of 21 per cent compared with $57.7 million in the fourth quarter of 2005.

Cognizant's revenues for the fourth quarter, increased to $424.4 million, up 65 per cent from $377.5 million in the year-ago quarter and 12 per cent on a sequential basis.

Total annual revenues to December 2006 increased to $1.424 billion, up 61 per cent from $885.8 million in December 2005. Cognizant's guidance anticipates total revenues to be at least $2.04 billion by the end of December 2007.

Operating margin under GAAP for the quarter was 18 per cent. This excluded a stock-based compensation expense of $8.1 million during the fourth quarter. GAAP operating margin for the entire year was 18.2 per cent.
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Sumeet Inds in realty JV with Vishvas Infra
Mumbai: Yarn maker Sumeet Industries' board of directors has approved forming a joint venture with Vishvas Infrastructure for development of industrial park at Sumeet's land in Gujarat state. The board also approved buying 200 acres of land in Gujarat adjacent to an expanse of 55 acres owned by the company.
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Tata Motors enters into tech deal with France's MDI
Mumbai: Tata Motors Ltd has signed an agreement with France's Motteur Developpment International (MDI) to develop environment-friendly technology for engines.

MDI's technology for using compressed air as fuel in a cost-effective and scalable manner will be developed for various applications and licensing in India, Tata Motors said.
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Rain Commodities to buy assets of US company
Mumbai: Rain Commodities' U.S. subsidiary would buy the assets of Great Lakes Carbon Income Fund for C$437 million giving it an indirect control over GLC Carbon USA Inc.

Rain would acquire the fund's wholly owned Canadian subsidiary, Carbon Canada Inc., which has a 73.56 percent stake in GLC Carbon USA Inc.

Rain already owns 20.23 per cent in GLC Carbon. GLC Carbon USA is the world's largest producer of anode and industrial grade calcined petroleum coke, the companies said in a joint statement dated February 4.
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Entertainment Network gets Delhi airport ad licence
Mumbai: Radio broadcaster Entertainment Network (India) has announced that its wholly-owned unit, Times Innovative Media Pvt Ltd, had been awarded advertising licence at New Delhi's Indira Gandhi International Airport.

The unit will set up, develop and maintain advertisements at the airport. Financial details were not immediately available.
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JSW Steel's carbon credit project receives clearance
Mumbai: JSW Steel has received clearance for its carbon credit project from the executive body of the Clean Development Mechanism under the United Nations Framework Convention of Climate Change.

According to project design document, the waste gases emitted by JSW's Karnataka steel plant (7,500 tonnes per day) would be utilised for generating power for captive consumption. The project thus contemplates reduction of emission from both the steel and power plants.

Over a period of 10 years, the plant can potentially reduce carbon emissions by 7.67 million CERs. Each CER stands for one tonne equivalent of carbon dioxide reduced and can be traded globally.

At the current trading price of 15.5 per CER, the carbon credit earnings of the company can be estimated at around 109 million (or about $130 million) over a 10-year period.

The company is now awaiting verification procedure to be completed by the authorities to check if emissions are as per the project design document approved by the executive body. The company has appointed TUV India, subsidiary of the German-based company TUV Nord as verifiers.
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BOC India gets order for air separation unit
Mumbai: Industrial gas equipment maker BOC India is planning to set up a 100 tonne a day air separation unit at Adhunik Metaliks' steel plant in Orissa.
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