Grasim Industries Ltd. has informed the Exchange that the Board of Directors of Samruddhi Cement Limited (“Samruddhi”), an unlisted subsidiary of Grasim Industries Limited ( the “Company”), in its meeting held on November 15, 2009, has approved the merger of Samruddhi into UltraTech Cement Limited (“UltraTech”), a listed subsidiary of the Company.The merger is proposed to be undertaken through a scheme of amalgamation under Sections 391-394 of the Companies Act, 1956. Continue reading Grasim Board Approves Merger of Samruddhi Cement into UltraTech Cement
India to be Two Trillion Dollars Economy by 2014-2015
MUMBAI: India will be a $2-trillion economy in the next five years as its GDP growth is likely to average at 12 per cent in nominal terms powered by a huge consumption demand, Enam Securities has said.
“India’s GDP is likely to grow at (an) average 12 per cent in nominal terms. Hence, India will be a $2-trillion economy by 2014-15,” Enam Securities Head-Research, Nandan Chakraborty, and economist Sachchidanand Shukla said in a report titled “India Strategy” released today.
This growth will be led by the huge consumption demand in sectors like FMCG, power, auto (small car hub), IT and pharma, it added. The brokerage firm said insurance companies, financial services and equity markets will flourish as the country’s annual savings pool grows to $700 billion from $400 billion at present. Continue reading India to be Two Trillion Dollars Economy by 2014-2015
NTPC to Set up 1000 MW Renewable Energy Projects
NTPC plans to invest about Rs. 8,100 crore for setting up over 1,000 MW renewable energy projects by 2017. The company has set a target of adding at least 1,000 MW of power through renewable energy sources by the end of the next Plan period (2012-17), according to sources in the Power Ministry. Continue reading NTPC to Set up 1000 MW Renewable Energy Projects