Adani signs infra deals with Indonesia
Ahmedabad: Adani Enterprises Ltd, the flagship company of Ahmedabad based Adani Group, on Tuesday said it has signed a tripartite agreement with the regional government of Sumatra Selatan, and PT Bukit Asam Tbk, a government of Indonesia coal mining company, for setting up a rail and port project in Indonesia.
Adani Group chairman Gautam Adani signed a pact to this effect with Alex Noerdin, governor of the South Sumatera province, and Sukrisno, president director, PT Bukit Asam, in the presence of the Indonesian President Susilo Bambang Yudhoyono.
The project cost is estimated at $1.65 billion (`7,507 crore) and will be executed by PT Adani Global, a stepdown subsidiary of Adani Enterprises, over a period of 48 months, the firm said.
Bharat Forge-Alstom JV to start in 2013
Bharat Forge Ltd, the world's second largest forgings maker, expects its joint venture (JV) with France's Alstom SA to start production in 2013, as it continues to increase nonautomotive revenue.
“We will produce our first unit in 2013,“ Bharat Forge executive director Amit Kalyani said over the phone. The venture, which will manufacture super and subcritical power plant equipment in India, will have a capacity to produce 5,000MW annually. The plant is being set up at Mundra in Gujarat.
At present, Bharat Forge gets around 37% of its sales from nonautomotive business--very close to its stated target of achieving 40% from this segment by fiscal 2012. The company's net profit for the quarter ended 31 December nearly tripled, helped by growth in exports and a buzzing Indian commercial vehicle market, which contributes the bulk of its revenue locally.