SEL Rights Issue to raise up to INR 1,800cr

Pune, September 29, 2008: Suzlon Energy Limited – the world’s fifth largest wind turbine maker with 10.5% of global market share* – announced a major development with IDFC Private Equity entering into an agreement to invest INR 400 crores in Suzlon-subsidiary SE Forge Limited (SE Forge). The move calls for a dilution of 17.1% of stake, in the company specializing in large-scale foundry and forging materials with manufacturing facilities in Coimbatore (Tamil Nadu) and Vadodara (Gujarat) in India, and would reduce Suzlon Energy’s holding in SE Forge to 82.9%.

Speaking on the announced investment, Mr. Tanti said: “With this step we are creating great value for shareholders in yet another subsidiary, after the Hansen success story. The investment reflects the solidity of the company and its business plans. SE Forge is a key part our efforts to achieve a fully integrated value chain in a supply restricted environment, and a catalyst to support industry growth, as we did with Hansen. With IDFC’s participation, SE Forge is set to grow into an industry powerhouse to meet the demands of a growing high-demand marketplace.”

The move is planned to establish a separate and independent identity of SE Forge for its customers, investors, and allow the company to grow with a business plan to cater to the demand for specialized components for the wind industry and also other sectors outside of the wind energy sector with a dedicated professional management.

Luis Miranda, President and CEO, IDFC PE, said “We are extremely pleased to partner with Suzlon to build world class component manufacturing facilities for the wind energy sector in India through SE Forge. Mr. Tanti has time and again proved that he is a visionary and always a few steps ahead of the industry in identifying opportunities. SE Forge is one such initiative.

“This investment fits very well with our theme of partnering with excellent entrepreneurs to de-bottleneck the factors which hamper the infrastructure growth; in this case, it is the wind energy industry. The wind energy sector is expected to maintain its high growth supported by strong tail-winds like increasing cost-competitiveness of wind energy, high crude prices, thrust for green power and support from governments. There is a demand supply gap for large casting and forging products globally and an increasing requirement from the wind and other industries for such products. SE Forge team has put up this facility which can be benchmarked against the best in the sector, anywhere in the world. The management at SE Forge brings together the European quest for quality along with Indian expertise in low-cost manufacturing. It complements our large portfolio in the infrastructure sector. This is our first investment from Fund III and is our largest investment to date”.

Mr. Aditya Sanghi, Managing Director, Investment Banking, Yes Bank, who were advisers to the transaction, said “IDFC PE’s investment in SE Forge revalidates Suzlon’s business model. It also brings together two top pedigree institutions, which have emerged as leaders in their respective industries in a short span of time.”

SE Forge is setting up one of the largest foundry and forging capacities in the world to cater to the growing wind energy sector. The company has established two facilities – a 120,000 MT foundry unit in Coimbatore and a 42,000 rings p.a. ring-rolling forging facility in Vadodara.

Suzlon Announces Rights Issue

In another key development, Suzlon announced plans to make a rights issue to raise funds to the tune of INR 1,800 crores. The resolution was adopted by the Board of Suzlon Energy Limited on 27th September, 2008. These funds will be utilized to purchase Martifer’s stake in REpower and for potential buy-out if any of minority shares that are offered through the Domination Agreement that Suzlon plans to enter into in  relation to REpower.

Portugal’s Martifer SGPS SA was a major shareholder in REpower, and partnered with Suzlon in the bid to acquire stake in the company. This agreement is slated to be completed by 15th December 2008 and will consolidate Suzlon’s total holding in REpower to approximately 90%.

Speaking on the development, Mr. Tulsi Tanti Chairman and Managing Director – Suzlon Energy Limited, stated: “The Issuance of shares on right basis to our shareholders will strengthen the capital base of the Company. This is a key step to strike the right balance in the leverage position of the Company, and to fuel the growth of our business.”

makes cash offer of 650 pence per share- 8% more on Infosys ofier

NOIDA, London, 26 September 2008 – HCL Technologies (HCL) today announced that it has made a cash offer for a leading UK-based SAP consulting company, Axon Group Plc (Axon). Under the terms of the Offer, Axon shareholders will receive 650 pence in cash for each Axon share valuing the entire issued and to be issued share capital of Axon at approximately £441.1 million (1).

 “HCL’s transformation journey enters an exciting phase where we are creating partnerships with high performance teams to become significant in our chosen areas of growth. We see Axon as one such transformational opportunity for HCL to become a significant player in the SAP services space. I am excited about the high performance and employee centric cultural synergy between HCL and Axon that would help accelerate the process of integration between the two teams”, said Vineet Nayar, CEO and Member of the Board, HCL Technologies.
 
 Commenting on the strategic fit between HCL and Axon, Ram Krishna, Corporate Vice President – Enterprise Application Services, said “The merger of Axon’s strong implementation capabilities with HCL’s strong application and infrastructure management capabilities will help us deliver unique value on an end-to-end basis for the customers of HCL and Axon. The positive interactions between the HCL and Axon management teams since July 08, reinforces my belief that we will come together and create significant incremental value for both our customers and employees.”

 Anil Chanana, Executive Vice President- Finance of HCL Technologies, said, “HCL has identified eight focus areas for growth including enterprise application services. For inorganic growth in these areas, HCL follows a thorough and diligent selection process of proactively identifying acquisition opportunities, and evaluating them rigorously against our long-term strategic growth objectives to create incremental shareholder value.”
 Axon provides process consultancy services to large organisations that have chosen SAP as their strategic enterprise platform. It has a diversified customer base across the United Kingdom, North America, and Asia that is complementary to HCL’s own customer base.  It has approximately 2,000 employees, who bring in-depth industry expertise and best practices to address the challenges faced by organisations in today’s dynamic environment.

 For the year ended 31 December 2007, Axon reported profit before taxation of £29.5 million on revenues of £204.5 million.

 The combined strengths of HCL and Axon provide a number of potential benefits and opportunities:
-Axon has a high performance and employee-centric culture that fits in well with HCL’s “Employee First” philosophy
-Axon’s process consulting and implementation capabilities complements HCL’s application and infrastructure management capabilities
-HCL’s services / industry offering will create value for Axon’s diversified blue-chip customer base with a strong position in the UK public sector and other defensive sectors
-HCL’s strong SAP presence in the US and Asia complement Axon’s excellent position in the UK
-HCL’s position as a ‘Global Services Partner ‘of SAP will strengthen Axon’s ability to win more transformational customers.

Mumbai– September 26, 2008 – Infosys Technologies Limited (NASDAQ: INFY), a world leader in consulting and information technology services, will announce results for its Second Quarter  ending September 30, 2008 on Friday, October 10, 2008, Indian Standard Time (IST) (on the night of Thursday, October 09, 2008, US Eastern Time (ET)). The results will also be available on the Infosys web-site, www.infosys.com.
Following the release, Infosys CEO and Managing Director, Mr. S. Gopalakrishnan; COO, Mr. S.D. Shibulal and CFO, Mr. V. Balakrishnan and other members of senior management will comment on the company’s performance. This will be telecast by CNBC-TV 18 to its viewers as a part of its “Boardroom” series direct from Bangalore at 10:30 a.m. IST on October 10, 2008 (this will not be telecast in the US). An archive of this event can be accessed at www.infosys.com after 2:00 p.m. IST on October 10, 2008 (at 4:30 a.m. US ET on October 10, 2008).
Financial results to mobile phone users in India
Highlights of the results will be made available to mobile phone users in India through SMS. To access highlights using SMS, kindly type “R Infosys” (R space Infosys) or “Results Infosys” (Results space Infosys) and send it to 52622 (which is CNBC on your handset). Results on SMS will be available after 10:00 a.m. on Friday, October 10, 2008.
Earnings call
(2:00 p.m. – 3:00 p.m. IST)
The company will conduct an hour-long conference call at 2:00 p.m. IST (4:30 a.m. ET) on October 10, 2008, where senior management will discuss the company’s performance and answer questions from participants. To participate in the conference call, please dial the numbers provided below five to ten minutes ahead of the scheduled start time. The operator will provide instructions on asking questions before the call. As participation in the call is limited to 100 participants in Mumbai, 20 participants in Bangalore and 25 participants outside India, early registration (by calling the numbers 10-15 minutes before the scheduled start time) is encouraged.
There will be a live webcast of this event on the Internet and an archive can be accessed at www.infosys.com after 5:00 p.m. IST on October 10, 2008 (after 7:30 a.m. US ET on October 10, 2008). A transcript of the conference call will be available at www.infosys.com.

Earnings call with US and European Investors
(8:30 a.m. – 9:30 a.m., US ET)

The company will also conduct an hour-long conference call at 8:30 a.m. ET (6:00 p.m. IST) on October 10, 2008, where senior management will discuss the company’s performance and answer questions from participants. To participate in the conference call, please dial  +1-800-522-7804 (+1-706-643-9620 for callers from outside US / Canada)
The operator will provide instructions on asking questions before the call. As participation in the call is limited to 150 participants, early registration (by calling the numbers 10-15 minutes before the scheduled start time) is encouraged.

This event will be webcast live on the Internet and an archive can be accessed at www.infosys.com after 11:00 a.m. ET on October 10, 2008 (after 8:30 p.m. IST on October 10, 2008). A transcript of the conference call will be available at www.infosys.com.

Fax-on-Demand Service

The quarterly financial results will also be available through a Fax-On-Demand service, which will be operational from 10:00 a.m. IST onwards on Friday, October 10, 2008 (from 12:30 a.m. on October 10, 2008, US ET). This service will be available through facsimile number +91 (80) 2852-2444.

Hyderabad, September: Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) has entered the inhaler segment in India with the launch of ‘Combihale’ – a combination of a steroid and a long acting bronchodilator. It is used in the treatment of asthma and is available in two combinations, Combihale FF (Formoterol + Fluticasone) and Combihale FB (Formoterol + Budesonide).
Combihale would be available along with ‘Redihaler*’, a dry powder inhalation device that was designed in-house and which will initially be given free of cost with Combihale.
Combihale comes in both Dry Powder Inhaler and Metered Dose Inhaler forms and is available in the following pack sizes:
Metered dose inhaler of 120 doses
Dry Powder capsules, 2 X 15’s blister caps along with the Redihaler device
Notes to the editor:
Inhaler market is currently valued at Rs 473 crores growing at over 17% annually (Source: ORG IMS)
Brief mode of action of Combihale:
Combihale is a combination of a steroid and a long acting bronchodilator
Combihale range of inhalational drugs are dispensed either through dry powder (DPI) or metered dose inhaler (MDI) forms
Upon oral inhalation, they selectively deposit the drug at the site where their action is needed.
These contain bronchodilator, which relax the constricted airways and corticosteroid, which limit inflammation and irritation in the airways in patients suffering from obstructive lung disease including Asthma

NEW YORK CITY, September 25, 2008 – Suzlon Green Power Ltd. announced today a commitment to bring 3,500 megawatts of electricity to nearly 10 million people with the development of $5 billion in green energy assets over five years, primarily in India and China. Of the $5 billion total project value, Suzlon Green Power will provide approximately $1.5 billion in equity. Suzlon Green Power, a closely held enterprise owned 100 percent by India’s Tanti family, made the announcement today at the 2008 Clinton Global Initiative (CGI).

“The urgent global need for clean energy compelled me to dramatically expand my family’s business holdings,” said Tulsi R. Tanti, who is best known as the founder of the wind-turbine company, Suzlon Energy Ltd., based in India. “Our flagship business Suzlon Energy continues to focus on developing wind power solutions, offering wind turbines to the global market.  On the other hand, we now commit to developing and owning green power assets through Suzlon Green Power, which will bring energy where it is needed most. Suzlon Green Power’s business model will offer us an asset-based long term annuity income while mitigating the twin challenges of global warming and climate change. It also adds greater vertical integration to our holdings, building the value of our businesses in the long-term.”

Tanti’s efforts are global, with a majority of Suzlon Green Power’s projects to be located in India and China, two areas with burgeoning energy needs. The company’s commitment also will foster sustainable development and a cleaner, better future for our children by stimulating socio-economic change through job-creation and improved infrastructure. It will bring more electricity where it is desperately needed in developing regions, and help move those regions toward energy security. The commitment also will help several countries meet the requirements of the Kyoto protocol.

The company estimates that its projects will create 1,000 jobs directly and many times more indirectly, and will reduce seven million tons of CO2 equivalent per year.
Suzlon Green Power will invest resources and expertise in four key areas:

1.       Acquire existing green power assets to develop scale and expertise.

2.       Develop greenfield power projects.

3.       Garner support and cooperation from a network of vendors, business partners, investors.

4.       Partner with local NGOs and other organizations to develop neighborhoods where the power assets will be developed and operated.

Suzlon and other Tanti companies bring extensive experience in wind farm development. Of the more than 30 wind farms Suzlon has developed, two are of significant size: Sanganeri, on the southern tip of India, with 600 megawatts; and Dhule, northeast of Mumbai, with 1,000 megawatts under development.

The International Energy Agency estimates that the world’s energy needs will increase more than 50 percent by 2030, and both China and India’s energy use is set to double between 2005 and 2030. Suzlon, with other global organizations, is exploring the most efficient renewable energy sources that can be brought to scale to meet this exponentially growing demand for energy.

HYDERABAD, INDIA (September 25, 2008) – Suven Life Sciences Ltd, a Drug Discovery and development company announced today that they received permission from Drug Controller General of India (DCGI) to conduct Phase I clinical trials of SUVN-502, a potent, safe, highly selective, brain penetrant and orally active antagonist at a non-peripheral, CNS receptor site 5-HT6, intended for the symptomatic treatment of Alzheimer’s disease and other disorders of memory and cognition like Attention deficient hyperactivity, Parkinson, Schizophrenia.
SUVN-502 is the lead compound, selected from a series of more than 500 compounds, which were innovatively designed and developed using the combination of traditional and rational medicinal chemistry approaches.
Suven is also in discussions for potential licensing partners for this compound.  Timing of the licensing would depend on the deal terms and ability to get co-promotion rights in some of the regulated markets.  The Company targets launching the molecule in 2012 and aims to be an early launcher in this class.  Other molecules in the same category currently under development include GSK’s molecule presently in Phase II.
Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class therapies through the use of GPCR targets. The Company has six internally discovered therapeutic drug candidates currently in pre-clinical stage of development targeting conditions such as ADHD, dementia, depression, Huntington’s disease. Parkinson’s disease and obesity are in addition to developmental candidates in Alzheimer’s disease and Schizophrenia.

New Delhi, September 23, 2008: Punj Lloyd, a globally diversified services and development specialist, has been awarded the Engineering, Procurement, Installation, and Commissioning of Strategic Gas Transmission Project, worth USD 800 million (Rs 3636 crores), from Qatar Petroleum. The project includes laying of 211 km of pipeline with associated stations and infrastructure.

The project will transport 2000 MMSCFD[1]of sweet lean gas from Ras Laffan to different consumers via 36 inch diameter pipelines. Work on the project is expected to be completed in 32 months.

According to Mr Atul Punj, Chairman, Punj Lloyd Group, “This is the fourth EPC contract that we have bagged in Qatar and this prestigious contract demonstrates the confidence of the client in Punj Lloyd Group’s capability in executing large and challenging projects. The project will facilitate in meeting the power and water production growth of Qatar.”

“Middle East is a key market for us. Owing to the rapid infrastructure and oil & gas development in the region, we will continue to secure large ticket orders for our portfolio. I am glad our strategy of operating in different geographies is paying rich dividends”, he further added.
Punj Lloyd has major presence in Qatar and is executing key EPC projects including the Doha Urban Pipeline Relocation and the Multi-Product Pipeline from Qatar Petroleum Refinery to Doha Depot for Qatar Petroleum, and fuel systems for the New Doha International Airport.
With this, the order backlog for the Punj Lloyd Group on consolidated basis has gone up to Rs 24063 crore. This is the total value of unexecuted orders as of June 30, 2008 and new orders received till date.

Mumbai, September 23, 2008: Sejal Architectural Glass Ltd. (SAGL), a leading player in the architectural glass solutions, has announced that the board of directors of the company has recommended a dividend of 5.50 percent for its shareholders including those who have got allotment in IPO. However, the promoters & promoters’ group shareholders, which controls 52.34 per cent stake in the company, has decided to waive their right to receive dividend this year.
Meanwhile, the company posted a 43 per cent growth in net sales at Rs 54.7 crore and a 68 per cent rise in net profit at Rs 4.60 crore. It is currently implementing around Rs 500 crore expansion plan to set up a 200,750 MT per annum float glass plant at Jhagadia in the state of Gujarat. To part finance the project, the company had tapped the capital market recently, which had an overwhelming response.

Rating secured by CTE is the highest ranking for SMEs
Hyderabad, September 22nd, 2008:  Cambridge Technology Enterprises Limited (CTE), the leading provider of SOA based solutions and Enterprise Transformation applications to mid-size enterprises, today announced that it has been awarded highest rating in SME sector by CRISIL, which is India’s largest rating agency. The company has secured SME1 rank, which indicates the highest level of creditworthiness, adjusted in relation to other SMEs. 
Credit evaluation in the SME sector needs a specialized approach, as the issues and drivers of credit quality are different from those applicable for large companies. The entire process of rating took more than four weeks during which CRISIL interacted with the promoters and top management of CTE and then analyzed the information obtained during the interactions. The analysis included comprehensive details about CTE, its functioning, the sustainability of business plans and long term viability of units , assessment of promoter’s competence and track record , an evaluation of size (scale and net worth), profitability, efficiency of capital and working capital management, and credit protection measures. After an extensive analysis of strengths and weaknesses, CRISIL awarded CTE a rating of ‘SME 1′ which is the highest rating for SME’s. This CRISIL SME rating is provided as a one-time assessment and rating is valid for one year from the report date.

This year, CTE was among the top three companies in the IT /ITeS and ICT section at Emerging India Award 2008 organized by CNBC-TV18 and ICICI Bank. In addition, CTE was also ranked as the third fastest growing technology company by Data Quest in its latest survey of Top 200 IT Companies.
Bhaskar Panigrahi, CEO Cambridge Technology Enterprises, said, “We at CTE have been working hard to achieve and maintain the highest standards, therefore, we are glad and excited that CRISIL has given us the highest ranking. Their rating report will also serve as a guide to focus on areas of improvement and enable us to excel further.  “

Hyderabad, September 22nd 2008 – Infotech Enterprises Ltd (IEL), a global technology solutions provider with headquarters in Hyderabad, India today inaugurated its new facility in NOIDA. The new facility was inaugurated by Mr. M.M. Pallam Raju, Hon’ble Minister of State for Defence and Mr.Som Mittal, President, Nasscom.  Mr. Alex Gerets from Tele Atlas’ global head quarters in Belgium was also present.

The four level facility has a built up area of 45,000 sq ft with 600 seats will engage up to 1000 associates. Infotech has invested over Rs. 20 crores on this facility.  The facility features a Medical and health support and space for recreation. This will be Infotech’s fourth facility in India; besides two at Hyderabad (Madhapur and Manikonda) and one at Bangalore (Electronics City).

Commenting on the occasion, Mr. BVR Mohan Reddy, Chairman & Managing Director Infotech Enterprises Limited, said, “This new facility in NOIDA is in line with our growth strategy.  It adds a new dimension to our pursuit of excellence in providing high value services to our customers”.
Infotech has been in Noida since acquiring the Indian operations of Tele Atlas in 2005.  Infotech’s association with Tele Atlas spans over fourteen years.  Last year, Tele Atlas renewed their association with another multi year contract.  At this facility, Infotech provides digital mapping and software development services to meet Tele Atlas’ requirements. Infotech would also be offering database services and software engineering to other clients. This new facility gives us a base to provide Engineering Services as well.
 
Speaking on the occasion, Mr. M. M. Pallam Raju, Hon’ble Minister of State for Defence said, “The Armed forces are working on enabling the end IT strategy and plan to ensure that the objective of network centric warfare is realized sooner. The defence offsets policy of the Government of India seeks to encourage Indian private sector towards defence production and supplies.  I am sure IT companies such as Infotech Enterprises would also address the felt need.”

Speaking at the inaugural event in NOIDA, Mr.Som Mittal, President, NASSCOM said, “On NASSCOM’s behalf we congratulate the Infotech team on the inaugural of their NOIDA facility. As the industry continues to chart its way forward, we will see more such expansion announcements and these are very encouraging signs. We wish the Infotech team all the best for their future projects.”

Infotech is planning to commence work in Engineering Services also at NOIDA and it will be ramping up all their associates’ base in NOIDA to 1500 nos. in less than a year. Another facility in NOIDA is being created in the SEZ with an investment of Rs.10 crores. This facility will be ready in the next six months. Infotech is also putting up facilities in SEZs at Vizag, Kakinada and Hyderabad in Andhra Pradesh.