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Omaxe Ltd has notified that Omaxe Infrastructure & Construction Pvt. Ltd, a 100% subsidiary of the Company has secured three construction contracts worth Rs 128.34 crore from U P Projects Corporation Ltd (a UP Government Undertaking).

The company has bagged the first contract worth Rs 63 crore for renovation / face lifting of ESI Hospital, Bhubaneswar.

Further, it secured the second contract for renovation / face Lifting of ESI Hospital, Choudwar, Cuttack at an estimated cost Rs 59.30 crore.

Stockholm  - Swedish carmaker Saab gained a key legal decision Wednesday in its bid for survival-by-takeover when a court okayed a writedown of 75 per cent of the company's over 10 million crowns (1.3 billion dollars) in debts.

The decision by the court in Vanersborg handling Saab's insolvency came a day after US car giant General Motors had agreed on a deal to sell Saab to the tiny Swedish sportscar company Koenigsegg.

Mumbai-based IRB Infrastructure Developers has informed that the company has emerged as the lowest bidder for the four-laning of NH 4A from Goa / Karnataka Border Km 84.00 to Panaji - Goa Km 153.070 with total length of 65.07 Km in the State of Goa under NHDP Phase III on BOT basis.

The scope of work includes design, engineering, finance, construction, operation and Maintenance of National Highway.

Axis Bank is planning to raise Rs 2,000 crore via unsecured redeemable non-convertible subordinated debentures (Lower Tier-II) of 10-year tenure, on private placement basis, at a coupon rate of 9.15 per cent.

The private sector lender on Tuesday informed that its board of directors has approved allotment of Unsecured Redeemable Non-Convertible Subordinated Debentures on private placement basis as aggregating to Rs 2,000 crore.

Reports suggest that the core size of the debenture issue will be Rs 1,500 crore plus a greenshoe option up to Rs 500 crore.

Vilnius  - The economy in EU member state Lithuania will shrink by more than 18 per cent in 2009, according to an official estimate released Wednesday.

Finance Ministry figures predicted a fall of 18.2 per cent of gross domestic product (GDP) for the year as a whole, with a further contraction of 4.3 per cent in 2010 before growth returns in 2011.

The previous Finance Ministry prognosis was for a 10 per cent fall in 2009, while the Lithuanian central bank is currently predicting a 15 per cent drop.