EID Parry to buy back 49% Cargill stake in JV for R35 cr
Murugappa Group’s EID Parry (India) on Thursday announced it has entered into an agreement to buy back 49% stake of its JV partner Cargill Asia Pacific Holdings in Silkroad Sugar, a sugar refinery project at Kakinada in Andhra Pradesh. Both companies had entered into 51:49 JV in April 2006 and the plant was supposed to go on stream in December 2007. Cargill decided to sell its stake in the JV due to the defunct nature of the Kakinada Refinery for over two years due to non-availability of feedstock gas. Ravindra S Singhvi, MD, EID Parry, told FE, “The total acquisition cost is pegged at around R35 crore. We will be investing another R50-100 crore to migrate to coal-based boiler energy and other equipment.” The company is determined to take up the project as planned with coal-fired boiler generation and the project is expected to commence in 2014, Singhvi added.
Pratyush Kumar to head Boeing India
US-based Boeing, a leading maker of airplanes, has named Pratyush Kumar as president of Boeing India. Kumar will succeed Dinesh Keskar, who returned to Boeing Commercial Airplanes earlier this year, the company said in a statement on Thursday. Kumar, an IIT graduate, was Delhi-based president and CEO of GE Transportation for South Asia. Before joining GE in 2003, Kumar founded a biotech start-up in Boston.
AI Express to become independent in 5 years
Air India Express would be become an independent company in five years time, officials of Air India Charters said on Thursday. Chairman Rohit Nandan told reporters that the budget airlines would have its own crew and aviators in five years time as crew who are on deputation from Air India return to the parent company. ‘’We have 180 pilots against the required number need 250. Of these, 166 are on deputation from Air India. We are planning to recruit 60 commanders and 50 pilots,’’ Air India Express deputy chief operating officer, captain Pushpinder Singh, said.
TN, Raasi Green Earth sign MoU for solar project
The Tamil Nadu government on Thursday signed an MoU with Raasi Green Earth Energy to set up a solar park at an investment of R920 crore to generate 100 MW of power. The proposed project is to come up on 500- acres and would be the first solar park to be set up on a public-private partnership (PPP) mode in the country,