Corporate Announcement

Essar Oil - Essar bags an E&P block in Vietnam; To invest USD 60 million

Essar Oil Ltd has informed BSE that the decision of the Board to consolidate the upstream Exploration & Production activities under its proposed subsidiary, Essar Exploration & Production Ltd.Further the Company has informed that, the proposed subsidiary, Essar Exploration &Production Ltd, Mauritius, has been awarded an Offshore block in the prolific SongHong basin, Vietnam, for Exploration admeasuring approximately 5925 Sq Kms. by theGovernment of Vietnam. The block was offered under the recent Licensing Roundoffering 7 offshore blocks.

Everest Kanto - Press Release

Everest Kanto Cylinder Ltd (EKC) has announced that an Asset Purchase Agreement has been signed with US-based Reunion Industries, Inc. (OTC - RUNI) to buy all of the assets and liabilities of its pressure vessels division, CP Industries for cash consideration of USD 64.25 Million, subject to adjustment and further subject to Bankruptcy Court proceedings and other regulatory approvals. The assets shall be acquired by a subsidiary of EKC.ICICI Securities were the sole advisors to EKC on this transaction.CP Industries, located in McKeesport, Pittsburgh, U.S.A , manufactures and sells large seamless pressure vessels for the containment and transportation of pressurised gases and is a global leader in this business. After consummating this transaction, EKC intends to operate and grow this business at its present facility.According to Mr. Prem Khurana, Chairman and Managing Director, "This acquisition will enable EKC to capialise the robust global demand for specialty and CNG gas storage systems across various countries."

Religare Enterprises - Press Release

Religare Enterprises Ltd along with Vistaar Entertainment Ventures on March 04, 2008 announced the launch of the "Vistaar Religare Film Fund" (VRFF), India's first ever film fund. VRFF WILL be India's first regulated film fund and the AMC Vistaar Religare Capital Advisors Ltd, has filed for an approval with SEBI as a Venture Capital Fund (VCF). The Fund shall, in the first round, have a corpus of approximately Rs 200 crores and would be close-ended in nature with a lock-in of 5 years.

Tata Communications Rolls Out World's Largest Commercial WiMAX Network with Telsima

Tata Communications Ltd has announced that the Company has selected Telsima Corporation, a global player in WiMAX systems to provide WiMAX solutions for Tata Communications broadband wireless network in India. Tata Communications is the first to launch broadband services on the WiMAX platform on a large scale for retail consumers in India.In the initial phase, Tata Communications' WiMAX network will offer Broadband Internet access and content services to enterprise and residential customers in Delhi, Mumbai, Pune, Bangalore, Chennai, Hyderabad, Cochin, Chandigarh, and Kolkata. By the end of 2008 Tata Communications plans to have enabled WiMAX retail broadband service in about 15 cities.

Action Construction - Result of Postal Ballot

Action Construction Equipment Ltd has informed BSE that the members of the Company, by way of Postal Ballot, has passed the following Resolutions, with requisite majority.
1. Special Resolution to Split Company's Share pursuant to section 94(1)(d) of the Companies Act, 1956.
2. Special Resolution to amend Articles of Association relating to Director's Sitting Fees.
3. Ordinary Resolution pursuant to section 293(1)(a) of the Companies Act, 1956.

Advanta India - Acquisition of 100% Business of Garrison & Townsend, LP, ("GT") Hereford, Texas, USA

Advanta India Ltd has announced that the Company, through its subsidiaries has acquired 100% business of GARRISON & TOWNSEND, LP, ("GT") Hereford, Texas, USA for a consideration of US$ 10.5 million.GT has strong presence in Grain Sorghum about 32% of its revenue, forage sorghum, BMR sorghum and Sorghum — Sudan about 67% of its revenue. The fiscal year 2007, GT achieved a sale of about US$ 11 million. This acquisition bolsters the Company's presence into Sorghum in USA in particular and strengthens the Advanta's presence in sorghum world wide, in general.GT is a hybrid gain and forage sorghum research, production, conditioning marketing and selling Company. Its products are marketed throughout the United States as well as in Italy, Israel, Pakistan, Mexico, Central America, South America and Japan. Ten largest customers of GT contribute about 60% of its revenue.GT is efficiently operated with 27 full-time employees with additional hands and contractors during peak production and processing season.