An investment of Rs 600-700 crore (Rs 6-7 billion) is expected in the project.
The new company, which will be based in Palegaon near Pune, would aim at development, design, manufacturing and related services in the fields of electronic warfare, radars, military avionics and mobile systems for military requirements of Indian customers as well as the world market.
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety.
These include B K Modi's Spice, Larsen & Toubro and Tech Mahindra. iGate, which had participated in the first round of bidding, backed out from completing the second round. Global majors like IBM are understood to have entered the second round, but this could not be independently confirmed. Other names floating include that of Hewlett-Packard and KKR Private Equity Investors.
Coming from a family that has a 140-year history of growing coffee, Siddhartha, 59, initially dabbled in stock trading and wanted to work as an investment banker in Mumbai after completing his Master's in Economics from Mangalore University.
The Nifty dropped 128 points (2.4%) to 5,094. The BSE market breadth was extremely negative. Out of 2,962 stocks traded 2,356 declined while 557 advanced.
Both men and women tend to gain weight right after marriage. So, health experts have offered some tips that will help couples stay healthier together.
The board of approval, headed by commerce secretary G K Pillai, will also consider requests from realty major DLF for de-notification of its IT-ITeS SEZs in Gujarat, Haryana, West Bengal and Orissa. Larsen and Toubro has proposed to set up an IT SEZ in Mumbai, while Gulf Oil Corporation has moved application for a similar tax-free zone in Bangalore.
Sudip Banerjee, CEO, L&T Infotech talks about business post-Satyam, expansion plans and bigger acquisition targets.
Under the RFQ, companies had to initially participate in technical bids based on certain minimum criteria such as net worth, experience and so on. Only five or six companies that scored the highest on this basis were then permitted to put in financial bids.
The Uttarakhand government has asked Larsen & Toubro to stop work on its 99-Mw Singoli-Bhatwari hydel project in the hilly Rudraprayag district of the state.
To present revival plan to board; Naik meets PMO official.
Engineering and construction major Larsen & Toubro has signed a memorandum of understanding with the US-based GE Hitachi Nuclear Energy, one of the largest nuclear power plant vendors in the world, for the construction of nuclear power plants in India.
Larsen & Toubro, now one of Satyam's largest single shareholders with 4 per cent, sees a lot of synergy between the core strengths of the beleaguered software giant with those of L&T Infotech, its unlisted information technology subsidiary.
The S&P BSE Sensex surged 160 points to close at 25,262.
Four companies, including India's largest private sector electricity generator Tata Power and infrastructure major Larsen & Toubro Ltd, chose not to bid for the Rs 16,000-crore ultra mega power project (UMPP) in Tilaiya in Jharkhand even as Reliance Power, Lanco Infratech and NTPC Ltd, the country's largest power producer, submitted their technical bids.
The ICC has approved Nikita Miller as replacement for Sunil Narine in West Indies' WC squad
The survey takes into account factors such as financial reputation, vision, corporate reputation, quality and innovation.
Larsen & Toubro, India's largest engineering company, has sought permission from the market regulator to sell its 6.9 per cent stake in Mahindra Satyam, which is currently valued at around Rs 900 crore.
Larsen and Toubro has outbid Hyundai, Samsung and NPCC to win two major offshore platform contracts from the Oil and Natural Gas Corporation, aggregating over Rs 5,300 crore.
The NSE Nifty settled flat at 5,054. The market breadth was fairly positive, out of 2,843 shares traded, 1,599 advanced and 1,166 declined on the BSE.
Engineering giant Larsen and Toubro (L&T) is selling a third of its 6.9 per cent stake in Mahindra Satyam, formerly Satyam Computer Services. The transaction is expected to fetch Rs 304 crore (Rs 3.04 billion) for the company, said banking sources.
The Nifty ended at 4,882 -- down 17 points. The BSE market breadth was negative. Out of 2,808 stocks traded 1,460 declined while 1,290 advanced.
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Shares of the company were trading at Rs 1240.10 apiece on the BSE at 1350 hours, down 1.23 per cent from the previous close.
New Zealand batsman Ross Taylor has returned to side after recovering from eye surgery in late November and will rejoin the Test team for their two-match series against Bangladesh. Taylor had surgery to remove a pterygium, or growth, on his left eye that had affected his vision after the second Test victory against Pakistan in Hamilton. "It's great to have Ross back," New Zealand selector Gavin Larsen said in a statement on Thursday. "He has a phenomenal record that speaks for itself and he's coming off a terrific hundred in his last Test.
The company aims to book a profit of over Rs 250 crore from the open market sale, said two sources familiar with the development.
The Anchor and Panasonic connection is a blend of legacy and quality and there really is no question of substituting one for the other. Panasonic is banking on Anchor's familiarity and widespread recall, to push its way ahead in the premium, automation-aided home appliances and accessories market.
After a strong start to the week on Tuesday, the Sensex this morning opened 15 points higher at 16,868 amid subdued global cues.
Engineering and construction major Larsen & Toubro would recruit nearly 10,000 people over the next three years for executing its various projects, company sources said on Friday.
In the face of a credit crunch in the global and domestic markets, Indian corporates will have to preserve capital and judiciously use it for their expansion plans, Larsen and Toubro chief financial officer Y M Deosthalee said.
Engineering giant Larsen and Toubro, which acquired little over four per cent stake in Satyam in less than a month, is believed to have approached the government on Tuesday, evincing interest to buy the troubled IT company.
The NSE Nifty settled at 4,662, down 70 points. The GDP numbers, economic growth of 6.1% in Q1, failed to cheer the investors and the index tumbled to a low of 15,590.
Larsen & Toubro chairman and managing director AM Naik speaks to Business Standard's Nevin John and PB Jayakumar on the new joint venture with global defence giant EADS and other plans.
Jaiprakash Power Ventures Ltd (JPVL), promoted by the $7-billion Jaypee group, has signed a Rs 4,000-crore agreement with Larsen & Toubro Ltd, the engineering and construction major, for supply of equipment for its Nigrie Super Thermal Power Project in Madhya Pradesh.
Larsen & Toubro on Monday said it is yet to take any decision on selling its over 8 per cent stake in Mahindra Satyam, but had sought market regulator Sebi's approval for offloading the holding in the IT company.
Three manufacturing sectors (engineering and construction, industrial commodities and materials and commodities) created more value for its shareholders in last five years than IT or pharmaceutical companies. Engineering and construction companies, led by Larsen & Toubro and BHEL, posted a total shareholder return of 81 per cent in the last five years trailing March 31, 2007, the BCG-CII study showed.
T R Prasad, independent director on the Satyam board, defended the decision to acquire the two Maytas firms, and said that the purpose was to create shareholder value. "We looked at it and according to our best judgment we thought the decision was in the long-term interest of the company," Prasad told Business Standard.
After last Monday's massive fall in the Indian markets, a lot of quality stocks have fallen significantly.
A team from India's $7 billion engineering behemoth, Larsen & Toubro, which holds 12 per cent stake in Satyam Computer Services started inspecting the books of the troubled company.
India Inc raised $2.78 billion from overseas markets in October this year, up 44 per cent from a year ago, according to the Reserve Bank data released on Friday.
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