Business News

• Kimura is CEO for Renault-Nissan plant
• Air India may swap debt for equity
• Jindal Steel plans to acquire Rocklands
• Tata Steel, Rio Tinto in licensing pact

Kimura is CEO for Renault-Nissan plant

Renault Nissan Automotive India Pvt. Ltd on Wednesday appointed Kou Kimura as chief executive officer and managing director of its Chennai manufacturing facility with effect from 1 April. Kimura was promoted to CEO and MD from his previous position of senior vice president plant operations of Chennai facility, which he held since 2008.

Air India may swap debt for equity

State owned carrier Air India may ask lenders to convert some debt to equity as part of a financial restructuring plan.

“The move is among 20 options being considered”, Kamaljeet Rattan, a spokes man for the Mumbai based carrier, said on Wednesday. He declined to elaborate.

Air India has begun talks with about 20 banks on restructuring debt that totalled `34,720 crore as of the end of March 2009, after posting losses.

Jindal Steel plans to acquire Rocklands

Jindal Steel and Power Ltd Mumbai: Jindal Steel and Power Ltd said on Wednesday its unit would make an open offer to raise stake in Australia's Rocklands Richfield to 100% from pres ent 14.46%. Jindal Steel's Australia unit would pay A$0.25 per share to buy out Rocklands, it said in a statement. Jindal Steel's offer values the total equity of Rocklands at A$88 million (around `420 crore), it said. The Indian company intends to initiate the open offer from Wednesday, it added.

Tata Steel, Rio Tinto in licensing pact

India's Tata Steel Ltd and global mining giant Rio Tinto Plc have signed a licensing pact to further sup port technological and commercial development of the direct iron ore smelting process, HIsarna, Tata Steel said in a statement.

The agreement covers how both companies will work together, sharing exist ing knowledge of the two technologies that are combined in the new process, the statement said. The HIsarna iron making process consists of cyclone pre reduction technology owned by Tata Steel, and bath smelting technology owned by Rio Tinto. The pact also covers how benefits from future successful marketing of the technology will be made available to both companies, as well as to the members of ULCOS, the consortium of European steel makers in whose name the project is being carried out, the statement added.