Wassup Trackpad

Cyient acquires Asian engineering services unit of Pratt & Whitney

Cyient which earns 35.8 per cent of its revenue from aerospace and the defence sector, has acquired Global Services Engineering-Asia, an engineering and repair unit of the US-based aircraft engine manufacturer Pratt and Whitney Services Pte. The acquisition fits into its long term growth strategy in aerospace and defence sectors. Asia Pacific contributes 12 per cent to Cyient’s global revenue. The region grew 27.8 per cent annually in the latest quarter. This is the fourth acquisition by Cyient, which had cash reserves of Rs 661.4 crore at the end of the June quarter. It acquired a majority stake in Mysuru-based electronics system design and manufacturing services company, Rangsons Electronics, in January. It acquired US-based Softential Inc in March last year followed by purchase of 51 per cent in data analytics start-up, Invati Insights, in an all-cash transaction in August.

Radio Mirchi gets MIB nod to acquire Oye FM’s four stations

Entertainment Network (India) (ENIL), the parent body of Radio Mirchi, got approval from the information and broadcasting (I&B) ministry for purchase of four radio stations from TV Today Network (TVTN). Two months ago, the I&B ministry had declined approval on the grounds that the proposed transaction was not in conformity with FM radio guidelines. The company has now got the approval to purchase Oye FM's four radio stations in Amritsar, Jodhpur, Patiala and Shimla. No clearance has been received; it seems, for Oye FM’s stations in the lucrative metros of Delhi, Mumbai and Kolkata.

Force Motors sets up plant to assemble BMW engines

Pune-based Force Motors has formally inaugurated a Rs 200-crore facility at Singaperumalkoil that will manufacture and test engines for the German luxury carmaker BMW. It can produce up to 20,000 units premium engines every year. The capacity can be further increased up to 50,000 units as demand increases. The company, which now has 15 manufacturing facilities across its group in the country, has a turnover of Rs 1,000 crore from OEM supply business. The company expects to triple its revenue to Rs 3,000 crore in next three years. As per mangment, this is the first outsourced plant globally for BMW. Nobody (No other manufacturer) has done this before. Force Motors is the first company in the world to do powertrains for both Mercedes (Benz) and BMW.

No Plan To Privatise Major Airports

The NDA government doesn't have any plan to privatize any of the major airports of the country as reported in some section of the media. To a question in Rajya Sabha, Minister of State for Civil Aviation, Mahesh Sharma, gave a written reply that “Government has no proposal and plans to privatize some of the major airports in the country including Chennai, Kolkata, Bengaluru, Ahmedabad etc.” On the other hand Airport Authority of India (AAI) has issued request for proposals to undertake the operations of the airport. “Th e government intends to undertake the operation, management and development of Chennai, Kolkata, Ahmedabad and Jaipur airports through Public Private Partnership (PPP),” he added. In last three years all these four airports revenue has constantly increased with Chennai airport remaining the highest revenue generating airport earning Rs. 1022.80 crore during FY15.

Domestic Oil And Gas Production Declines During 1st Quarter

Now Plan To Transfer Fertilizer Subsidy Directly At a time when production of crude and natural gas production is climbing northward across the globe owing to shale gas piling up, domestic production on both crude oil and gas is constantly declining in the country. As per the latest data released by Ministry of Petroleum and Natural Gas, crude oil production during June 2015 remained at 3101.005 TMT, which is 0.67 per cent lower than the production during June 2014. At the same time cumulative production during first quarter of 2015 also declined by 0.86 per cent to 9305.507 TMT as against corresponding period last year. Interestingly during this period production remained high by 2.66 per cent than the target set by the government as production usually declines by ageing field. On the other hand, natural gas production dipped further during June 2015 to 2722.925 MMSCM showing a drop of 5.93 per cent over June 2014, whereas cumulative natural gas production during April- June, 2015 was 8244.567 MMSCM which is 4.20 per cent lower than the production during corresponding period of last year. Interestingly ONGC and Oil India’s crude production remained buoyant during first quarter, showing a marginal growth of 1.17 per cent and 0.18 per cent respectively but private sector companies remained a drag showing a decline of 4.82 per cent.