Nitin Fire Protection Industries, a leading player in the fire security and protection systems, has informed that its 100% subsidiary Nitin Cylinders, has finally received Bureau of Indian Standard approval for Industrial and CNG Cylinders.

With the latest approval, the company can now sell its cylinders in domestic Indian market where the demand for CNG Cylinders is registering rapid growth.

The Punjab government is planning to woo TATA project for the state. It has decided to invite TATA group chairman to consider Punjab for the proposed TATA car project.

It is pertinent to note that TATA is facing many problems in West Bangal. It is planning to shift the Nano car project to the alternate place in the country. TATA is also facing political problems from Chief Mamata Banergee and regional parties.

Punjab Industry Minister Manoranjan Kalia said that the state has written a letter to TATA to invite it for small car project in the state. The state has assured all sorts of help for successful completion of this project. The government has invited a special delegation from TATA group to further discuss the project.

It is in news that Oil and Natural Gas Corp Ltd (ONGC), is planning to buy Imperial Energy Corp, a Russia based firm. This fact was even more strengthened when a source from the Indian government confirmed it.  

The official who didn’t want his identity to be revealed reported, “We are waiting for it. We have submitted the bid. Our bid is very competitive ... it will take 2-3 days, maybe next week you will hear something.”

Though the source did not reveal the amount of the bid, yet it was reported in one of the business newspapers, that ONGC has submitted an initial bid of 12.90 pounds per share, which comes around $2.96 bn.  

The current fiscal would see the country’s largest private airline, Jet Airways (India) merging with its wholly-owned subsidiary JetLite into Jet Airways. Naresh Goyal, Jet promoter is hopeful that the merger may break even by the end of this year.  

In the year 2007, Air Sahara was acquired by Jet Airways and had been renamed as JetLite. According to Sudheer Raghvan, chief commercial officer, Jet Airways, “We are not ruling out the merger but haven’t finalized anything.”

He further reported, “The Company is analyzing many options to break even by December end at any cost as aviation is our core business and we are in the industry to do business.”

A very well known financial newspaper had reported recently that EIH Chairman has informed that the company is in talks with various investors to sell its stakes, but nothing has been finalized as yet.

However, on Friday EIH denied any such announcement and labeled the newspaper’s report as “false”. In a statement issued by the company to stock exchange, it was said, “The Company is not in discussion with leading corporate houses and private equity firms to divest a strategic stake.”

EIH even claimed that the news published by the newspaper is absolutely baseless, untrue and mischievous.

Real estate major Ansal Properties and Infrastructure announced that it has decided to invest Rs 3,600 crore for developing a 270-acre IT Special Economic Zone and parks in India.

A statement issued by Ansal properties informed that this 270 acre SEZ would have an IT zone, residential zone and a recreational area.