Top corporate news of the day- August 14, 2015

India Infoline News Service | Mumbai | August 14, 2015 08:44 IST

GVK Power and Infrastructure Limited is thinking of raising as much as Rs40bn from the capital markets for its airport vertical. The company is expected to file the draft red herring prospectus for the proposed IPO of the GVK Airport Developers Private Limited in a week or two.

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GVK Power and Infrastructure Limited is thinking of raising as much as Rs40bn from the capital markets for its airport vertical. The company is expected to file the draft red herring prospectus for the proposed IPO of the GVK Airport Developers Private Limited in a week or two. (BS)

Nestle India had moved Bombay High Court against the Food Safety & Standards Authority of India (FSSAI) order to stop manufacturing Maggie noodles. The court has now set aside the order, but asked the Swiss food major to get its noodle samples tested at three FSSAI accredited labs—Hyderabad, Mohali and Jaipur. (ET)

Larsen & Toubro has exited its investment in Coimbatore-based Salzer Electronics. Senior Vice President and Head, L&T (Electrical and Automation), clarified that the exit from Salzer was part of a regular treasury transaction. "The business relationship would however continue as usual," he said. (BL)

The state government has approved the expansion plans of Bhushan Power & Steel Ltd and Aditya Birla Group-owned Utkal Alumina Ltd. Bhushan Steel has proposed to expand steel making capacity at its Thelkoli plant under Rengali tehsil near Sambalpur from 2.8 million tonne per annum (mtpa) to 5.5 mtpa. The expansion plan is estimated to cost Rs48bn to the steel maker. It also approved the expansion of Utkal Alumina to ramp up capacity of its alumina refining unit at Daruguda near Rayagada to 1.5 mtpa from the existing one mtpa. The entire cost of the refinery is Rs76bn. (BS)

Symphony Ltd announced the acquisition of China's leading air cooler player Munters Keruilai Air Treatment Equipment (Guangdong) Co Ltd at an attractive price of Rs150mn thereby marking its foray into the new geographies of China, ASEAN region and Latin America. (BL)

GMR Infrastructure Ltd has commenced the operation of its 370-MW GMR Vemagiri Power Generation Ltd's gas-based project from at Vemagiri in Andhra Pradesh. (BL)

JSW Steel Ltd and Kalyani Steels Ltd are considering cutting some steel product prices to preserve market share, worried Chinese exports will become even cheaper due to a weaker yuan (BS)

As part of its strategy to boost export business, Ashok Leyland is planning to set up three or five assembling plants outside India. The first plant is expected to go on stream by end of the current fiscal and each of these plants would attract investment of around Rs300-500mn. (BS)

Allcargo Logistics has acquired two additional vessels aggregating 24,000 DWT for an undisclosed sum for its coastal shipping business. (BS)
 

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