L&T Bags Another Hefty Order

Orders Flowing In...

Engineering and construction firm Larsen and Toubro has received a USD 740 million (approx `4510 crore) order from Qatar Railways Company for the design and construction of the Gold Line of the Doha metro project. L&T was among the five firms that forged a joint venture to bid for the project. The total order awarded to the JV is valued at USD 3.3 billion, but the share of L&T Construction’s Heavy Civil Infrastructure business is valued at USD 740 million. Two firms from Turkey and one each from Greece and Qatar had formed the joint venture.

Augmenting Reserves

State-owned iron ore miner NMDC is set to form a joint venture agreement with Mosi Oa Tnuya Development Company (MOTDC), a Zimbabwe government-owned firm, for development of exploration assets. The move would help ensure augmentation of NMDC’s mineral reserves and globalisation of its operations.

Trimming Overseas Properties

Reliance Industries has divested its 30 per cent stake in an oil and gas block in Peru to Australia’s Woodside Petroleum and Pluspetrol of Argentina to trim its overseas properties. The company, in a presentation to investors after the fourthquarter earnings announcement, said its current international portfolio “comprises of three blocks - two in Yemen and one in Peru.” In addition, RIL last month won two offshore exploration blocks (M17 and M18) in Myanmar.

Focussing on Europe

Country’s second largest IT firm Infosys has crossed the USD 2 billion revenue mark in Europe for the first time, driven by strong demand for Consulting and System Integration (CSI) services. Bangalore-based firm, which reported revenues of USD 8.24 billion for the year ended March 31, 2014, saw the European region accounting for 24.4 per cent of the topline. Raising Funds Tata group hospitality major, Indian Hotels Company (BSE Code: 500850), has sought market regulator SEBI’s approval to raise `1000 crore through issue of debentures on rights basis. As per the draft offer document filed by IHCL with SEBI, the company is planning to issue ‘compulsorily convertible debentures (CCDs)’ for an amount “not exceeding `1000 crore on a rights basis to the eligible equity shareholders of the company.

Ramping Up Production

Close on heels of the Supreme Court (SC) lifting the 18-month ban on mining in Goa, Sesa Sterlite, one of the state’s largest miners has said it expects to resume mining soon and ramp up production in postmonsoon months to almost 90 per cent of its annual capacity in the current year. However, the company realises much of its plan hinges on how effectively the state government is able to operationalise SC judgement which also said all mining leases in Goa, including those of Sesa Sterlite, have expired in 2007 and hence mining operations cannot be carried out until renewal / execution of the lease deeds by the state government. 

We will open 500 branches this year. With increased number of branches, my CASA and priority-sector lending will improve and if my CASA and priority sector problems are resolved, I would be as competitive as any other bank.

MS Raghavan
CMD, IDBI Bank