A new outlet promoting Khadi, aims to make the fabric more popular, especially among the youth

Khadi Gramodyog Sahkari Bhandar Ltd, one of the pioneers of Khadi movement in Gujarat, has been promoting the fabric for the last 54 years. The organisation has now come up with its new outlet and aims to make khadi and gramodyog products more popular especially, among the youth in the state.

The merger of Reliance Industries (RIL) and Reliance Petroleum (RPL) is likely to be earnings per share (EPS) accretive for RIL shareholders by 50 to 150 basis points, analysts have said.

The swap ratio of 1:16 represents a 3.5% premium to RPL’s share price on Friday (Rs 76.20 per share).

RIL bought back Chevron’s stake of 5% in RPL @Rs 60 —- the same price at which it was sold by RIL in 2007, giving promoters complete control of India’s largest private company —- not that Mukesh Ambani was particularly seeking it.

The swap ratio was more or less in line with street expectations, though it tilts a touch towards RPL shareholders.

Jain Irrigation Systems, the Jalgaon-based irrigation systems, pipes, food processing and agri products player, is planning to raise $45 million from the International Finance Corporation (IFC), said its managing director Anil Jain.

The company will receive a $30-million loan in two tranches for the period of eight years. It will also get $15 million from Washington-based IFC, which will pick a 2.69% of Jain's equity in the company through a preferential allotment.

The latest round of fund-raising is in addition to the $30-million debt the company raised from IFC in the last couple of years.

Despite holding significant stake directly and an indirect interest through infrastructure major Larsen and Toubro in Satyam Computer Services, the Life insurance Corporation (LIC) seems to be wary of handing out projects to the fraud-hit IT company.

Indeed, the insurance behemoth has dropped Satyam from the list of vendors for a key project, sources familiar with the development told DNA Money. Going by them, Satyam's name was among the shortlisted companies for LIC's front office modernisation plan, but was dropped subsequently.

New merged entity can take on larger projects, says CFO

It was Chevron that did it, said Reliance Industries (RIL) officials about India's largest company's merger with its 70% subsidiary Reliance Petroleum (RPL). Speaking to the media, company officials said RIL had bought out the 5% stake that Chevron had in RPL and there was no longer any reason to keep it separate from the main company.

McNally Bharat Engineering bagged an order worth Rs 116 crore from state-run Steel Authority of India for a water supply system project at its Burnpur plant.

The company stated in a release that, Steel Authority of India (SAIL), IISCO Steel Plant, Burnpur, West Bengal has accepted the company`s offer for water supply system for CCP and BOF for a total price of up to Rs 115.92 crore inclusive of tax and duties.

The project is scheduled to be completed in 18 months.