Suzlon Group has secured a Rs 720-crore wind-turbine supply order from US-based PowerWorks. Suzlon’s US-based subsidiary, Suzlon Wind Energy Corp (SWECO), has forged an agreement with PowerWorks to supply up to 98.7 Mw of wind turbines. As per the agreement, Suzlon will supply up to 47 wind turbine generators and will oversee the operations, maintenance and service of the wind turbines for a period of two years. This follows Suzlon’s recent move to do a cashless restructuring of its existing foreign currency convertible bonds worth $485 million for five years. “We have a strong focus on the US market as it offers a favourable renewable energy environment and the federal policy framework is moving in the right direction,” said Tulsi Tanti, chairman of Suzlon Energy.
Ibiboads Appoints Rammohan Sundaram As CEO
Online travel firm Ibibo has appointed Rammohan Sundaram as the Chief Executive Officer (CEO) of its advertising business, ibiboAds. Sundaram has previously worked with Yahoo India, Tribal DDB, Madison Communications, Jobsahead.com (Monster World Wide Company), Encore Events, Microland Group and Indian Express. “We are very excited to get Ram to partner with us on the ibiboAds initiative. We believe that in Ram we have an entrepreneur and leader who understands the online advertising business well enough to scale it,” Ibibo Group CEO Ashish Kashyap said. IbiboAds is an affiliate network platform and has also recently forayed into the ‘retargeting’ space. The ‘retargeting’ product and affiliate network platform is currently used by ibibo’s internal e-commerce advertisers such as Goibibo.com and redBus.in.
Volvo India Appoints Kamal Bali As Managing Director
Volvo India has appointed Kamal Bali as managing director with immediate effect. Bali, based in Bangalore, would report at the Volvo Group level to Niklas Gustavsson, EVP, Corporate Sustainability and Public Affairs, and Chairman of the Board of Volvo India, and operationally to Philippe Divry, President VIPL, the company said in a statement. Prior to joining Volvo India, Bali was working as the President and CEO of LeeBoy India Construction Equipment Private Limited, the company stated.
General Electric Makes $389 Mn Tender Offer For Alstom India Shares
General Electric Co made tender offers to buy shares worth up to $389 million in two of Alstom SA’s India units to comply with local rules. GE has offered to buy 25 per cent in Alstom T&D India Ltd from public shareholders at Rs 261.25 a share in a deal valued at up to $278 million, according to a notice issued to Indian stock exchanges by the offer manager Credit Suisse. GE is also seeking to buy 26 per cent of Alstom India Ltd at Rs 382.20 per share for up to $111 million, said a separate filing. The company will indirectly acquire Alstom’s 75 per cent stake in Alstom T&D and 68.6 per cent in Alstom India, if its bid to buy the French group’s energy unit is successful, requiring the U.S. group to launch tender offer as per Indian market rules.
UBI Profit Rises Rs 469 Cr
The Kolkata-based lender said it earned a net profit of Rs 469 crore in the quarter ended March 31, 2014, compared to Rs 31 crore in the corresponding period of the previous financial year as it stepped up its recovery efforts and reduced bad loans by over Rs 2,500 crore. The bank has been struggling recently with mounting losses, deteriorating credit quality and low capital adequacy ratio. “Thankfully, that phase is over. We have turned around this quarter on the back of robust recovery. We have reduced our non-performing assets (NPAs) significantly and improved our capital adequacy ratio,” Sanjay Arya, executive director of the bank, said in his post-earning comments.
SAIL Sales Up 14% In April
State-owned Steel Authority of India Ltd (SAIL) said its sales in April rose 14 per cent at 8.1 lakh tonnes as against 7.09 LT in the same period of last year. “Steel Authority of India Ltd has registered a growth of 14 per cent in sales in April 2014, with 8.1 lakh tonnes sales, including 66 per cent increase in exports as compared to April 2013,” the company said in a statement. It added that the hot metal production rose by 6 per cent at 1.22 million tonnes (MT) vis-a-vis 1.16 MT of April, 2013. The crude steel production of the company was at 1.14 million tonnes, up 4 per cent.