2 chip units to bring Rs 51k cr investment

NEW DELHI: Jaiprakash Associates has tied up with IBM and Israel's Tower Jazz, while Hindustan Semiconductor Manufacturing Corporation (HSMC) has tied up with ST Microelectronics and Malaysia's Siltera to set up two chip-making facilities, the government said on Friday.

MUMBAI: Aditya Birla Group flagship company Ultratech Cement on Wednesday announced acquisition of Jaypee Group's Gujarat cement unit for an enterprise value of Rs 3,800 crore.  "We will infuse equity to the tune of Rs 150 crore and Jaypee Cement (JCCL) debts of Rs 3,650 crore will be transferred to the books of Ultratech. With this acquisition, our cement capacity increases to 59 mtpa and with projects underway, it will stand raised to 70 mtpa by 2015. The transaction will be accretive in the next three years," Aditya Birla Group chairman Kumar Mangalam Birla said on Wednesday while announcing the deal. "Ultratech will save Rs 350 crore by way tax benefits and other synergies," Birla said.  The sale will help Jaiprakash Associates reduce its debt by 15%, chairman Manoj Gaur said in New Delhi on Wednesday. JCCL is a wholly owned subsidiary of Jaiprakash Associates.

Bengal's Durga Puja industry to touch Rs.40,000 crore in 2015

Kolkata, Sep 9 (IANS) West Bengal's Durga puja industry is growing at a compound annual growth rate (CAGR) of about 35 percent and is expected to touch Rs.40,000 crore by 2015 from its current size of Rs.25,000 crore, according to an industry lobby Monday.

"Despite falling rupee, rising inflation and slowdown in the economy, the large business industries are targeting high profits margins during Durga Puja in West Bengal which is growing at a compound annual growth rate (CAGR) of about 35 percent," revealed a latest survey by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).