Promoters of Shanthi Gears, the city-based makers of industrial gear boxes are on a consolidation mode with the CMD P Subramanian acquiring the entire stake held by daughter S Sangeetha as a gift.
With this transaction, Mr Subramanian’s personal stake in the company would go up to 35.15% from 20.4%. The transaction would be completed on next Wednesday. This move is an attempt by the company, which is tackling a slowdown in orders and labour strife, to reassure its customers and shareholders.
As the entire 14.75% stake (about 1.2 crore shares) held by Ms Sangeetha is being taken as gift, it would not attract long-term capital gains tax. In all, the promoters have 44.7% stake in the company.
Incidentally, Ms Sangeetha, the second largest shareholder among the promoters in Shanthi Gears, was also involved in the company’s operations. But now, Mr Subramanian has taken complete charge of the company.
The Rs 253-crore Shanthi Gears was reportedly in talks with Belgium-based Hansen Transmissions for a stake sale in 2008. But it didn’t go through.
The company, which had six units in Coimbatore has also restructured operations and has production only in three locations now.
Saturday, May 08, 2010
Tuesday, May 04, 2010
Nilgiri Mountain Railway toy train
The Nilgiri Mountain Railway toy train is the highlight of a visit to the hill settlement of Ooty, in India's southern state of Tamil Nadu. Established in the early 19th century by the British as the summer headquarters of the Chennai government, Ooty is now a soothing place for visitors to escape the summer heat. The historic railway line was completed in 1899, 45 years after the first plans were drawn up.
Nilgiri Mountain Railway Train Route:
The Nilgiri Mountain Railway is located in India's southern state of Tamil Nadu. It runs from Metupalaiyam to Udagamandalam (Ooty), via Coonoor, in the Nilgiri Hills. The track is 46 kilometers (28.5 miles) long, and passes over 26 viaducts, and through 16 tunnels and tall girder bridges. This railway is particularly picturesque because of the surrounding rocky terrain, tea plantations, and forested hills. Coonoor, with its world famous teas, is a tourist destination in itself.
Nilgiri Mountain Railway Train Services:
One toy train operates along the Nilgiri Mountain Railway from Metupalaiyam to Ooty. The engine is an 'X' Class steam locomotive, made in Switzerland. It pulls quaint blue and cream wooden carriages with large windows. The engine is commonly changed for a diesel powered one at Coonoor, to provide greater traction for the steep climb up to Ooty.
Both first class and second class seating are offered on the toy train, and it's worth buying a first class ticket to have a more peaceful journey away from the crowds.
Nilgiri Mountain Railway Train Timetable:
There's only one toy train departure daily. It leaves Metupalaiyam at 7.10 a.m, and arrives in Ooty at noon. Coming back, the train leaves Ooty at 3 p.m. and reaches Metupalaiyam at 6.35 p.m. The train is scheduled to connect to the Nilgiri Express, which travels from Chennai to Metupalaiyam.
An additional toy train service does run during the peak summer tourist season in April and May. It usually starts from Metupalaiyam at 9.30 a.m. More frequent train services also run from Coonoor to Ooty.
The area receives rain from both the south-west and north-east monsoons, and this sometimes disrupts train services.
Nilgiri Mountain Railway Cost:
The train fare is 24 rupees (50 cents) in second class and 142 rupees ($3.00) in first class, one way.
Nilgiri Mountain Railway Reservations:
Reservations for travel on the toy train to Ooty can be made at Indian Railways computerized reservation counters, or on the Indian Railways website. It's advisable to book as early as possible, particularly during peak season, as the train fills up weeks in advance.
Here's how to make a reservation on the Indian Railways website. The station code for Metupalaiyam is MTP, and Udagamandalam (Ooty)
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Nilgiri Mountain Railway Train Route:
The Nilgiri Mountain Railway is located in India's southern state of Tamil Nadu. It runs from Metupalaiyam to Udagamandalam (Ooty), via Coonoor, in the Nilgiri Hills. The track is 46 kilometers (28.5 miles) long, and passes over 26 viaducts, and through 16 tunnels and tall girder bridges. This railway is particularly picturesque because of the surrounding rocky terrain, tea plantations, and forested hills. Coonoor, with its world famous teas, is a tourist destination in itself.
Nilgiri Mountain Railway Train Services:
One toy train operates along the Nilgiri Mountain Railway from Metupalaiyam to Ooty. The engine is an 'X' Class steam locomotive, made in Switzerland. It pulls quaint blue and cream wooden carriages with large windows. The engine is commonly changed for a diesel powered one at Coonoor, to provide greater traction for the steep climb up to Ooty.
Both first class and second class seating are offered on the toy train, and it's worth buying a first class ticket to have a more peaceful journey away from the crowds.
Nilgiri Mountain Railway Train Timetable:
There's only one toy train departure daily. It leaves Metupalaiyam at 7.10 a.m, and arrives in Ooty at noon. Coming back, the train leaves Ooty at 3 p.m. and reaches Metupalaiyam at 6.35 p.m. The train is scheduled to connect to the Nilgiri Express, which travels from Chennai to Metupalaiyam.
An additional toy train service does run during the peak summer tourist season in April and May. It usually starts from Metupalaiyam at 9.30 a.m. More frequent train services also run from Coonoor to Ooty.
The area receives rain from both the south-west and north-east monsoons, and this sometimes disrupts train services.
Nilgiri Mountain Railway Cost:
The train fare is 24 rupees (50 cents) in second class and 142 rupees ($3.00) in first class, one way.
Nilgiri Mountain Railway Reservations:
Reservations for travel on the toy train to Ooty can be made at Indian Railways computerized reservation counters, or on the Indian Railways website. It's advisable to book as early as possible, particularly during peak season, as the train fills up weeks in advance.
Here's how to make a reservation on the Indian Railways website. The station code for Metupalaiyam is MTP, and Udagamandalam (Ooty)
Grand Luxe Hotels project in Coimbatore
Chennai-based ETL Infrastructure Services plans to invest Rs 800 crore in its hospitality business over the next three years. The firm that entered the hospitality business in 2007, has rechristened its ET Hospitality Services as Grand Luxe Hotels.
Grand Luxe Hotels will construct eight hotels in three years in Tamil Nadu, Karnataka and Kerala. Two of these, a luxury hotel in Pudukottai and a business class hotel in Coimbatore, will be opened in September.
The company is renovating a 160-year-old palace in Pudukottai into a 34-room hotel at an investment of Rs 40 crore. The 120-room Coimbatore hotel is a seven lakh sq ft property which will also house a multiplex and a mall. The investment on this hotel is Rs 90 crore, S Thiagarajan, CEO of Grand Luxe Hotels, said. The Coimbatore hotel is also the company’s first ‘Signature’ business class property.
ETL has been in the industrial infrastructure space since 2004 and the company has an equity component of around Rs 600 crore. It has four million sq ft built-up area under operations as IT and textile special economic zones.
“We have bought a total of 100 acres in six sites in Tamil Nadu, Kerala and Karnataka for the new hotels which we will complete in three years. Of the six properties, two will be 'Signature' business class ones and rest, palace hotels,” Thiagarajan said.
“ETL will fund the investment on the hotels from internal accruals as well as debt in a 1:1 ratio,” he said. Talking about the rebranding of the hospitality division, he said, “It is part of our effort to reposition the brand in terms of the grandeur and spacious luxury that palace hotels stand for.”
Grand Luxe Hotels will construct eight hotels in three years in Tamil Nadu, Karnataka and Kerala. Two of these, a luxury hotel in Pudukottai and a business class hotel in Coimbatore, will be opened in September.
The company is renovating a 160-year-old palace in Pudukottai into a 34-room hotel at an investment of Rs 40 crore. The 120-room Coimbatore hotel is a seven lakh sq ft property which will also house a multiplex and a mall. The investment on this hotel is Rs 90 crore, S Thiagarajan, CEO of Grand Luxe Hotels, said. The Coimbatore hotel is also the company’s first ‘Signature’ business class property.
ETL has been in the industrial infrastructure space since 2004 and the company has an equity component of around Rs 600 crore. It has four million sq ft built-up area under operations as IT and textile special economic zones.
“We have bought a total of 100 acres in six sites in Tamil Nadu, Kerala and Karnataka for the new hotels which we will complete in three years. Of the six properties, two will be 'Signature' business class ones and rest, palace hotels,” Thiagarajan said.
“ETL will fund the investment on the hotels from internal accruals as well as debt in a 1:1 ratio,” he said. Talking about the rebranding of the hospitality division, he said, “It is part of our effort to reposition the brand in terms of the grandeur and spacious luxury that palace hotels stand for.”
Monday, May 03, 2010
Software exports from Tamil Nadu are expected to cross Rs 40,000 crore
Software exports from Tamil Nadu are expected to cross Rs 40,000 crore (Rs 400 billion) in 2009-10, Tamil Nadu Information Technology Minister Poongodhai informed the assembly.
The software exports in 2008-09 stood at Rs 36,680 crore (Rs 366.80 billion), she said. She said 69 new software companies had commenced their operations last year. According to a study, the growth of IT sector would be around 14 per cent and around $67 billion is expected to be invested in the country.
Taking into consideration this growth, the Tamil Nadu government would invest close to Rs 675 crore (Rs 6.75 billion) for setting up Information Technology Parks in Madurai, Tirunelveli, Tiruchirapalli, Coimbatore, Salem and Hosur, she said.
The state government has modified the rules of providing space for IT companies, which hitherto was applicable only for those companies having a turnover of Rs 3 crore (Rs 30 million).
Now even companies having Rs 1 crore (Rs 10 million) of turnover can invest in IT parks. A 'Information Security Policy' would soon be introduced to safeguard government websites, she said.
The software exports in 2008-09 stood at Rs 36,680 crore (Rs 366.80 billion), she said. She said 69 new software companies had commenced their operations last year. According to a study, the growth of IT sector would be around 14 per cent and around $67 billion is expected to be invested in the country.
Taking into consideration this growth, the Tamil Nadu government would invest close to Rs 675 crore (Rs 6.75 billion) for setting up Information Technology Parks in Madurai, Tirunelveli, Tiruchirapalli, Coimbatore, Salem and Hosur, she said.
The state government has modified the rules of providing space for IT companies, which hitherto was applicable only for those companies having a turnover of Rs 3 crore (Rs 30 million).
Now even companies having Rs 1 crore (Rs 10 million) of turnover can invest in IT parks. A 'Information Security Policy' would soon be introduced to safeguard government websites, she said.
Software engineer from Coimbatore found infected by H1N1
A new case of H1N1 influenza occurred in Coimbatore where an eight month old pregnant woman was tested positive for H1N1 virus.
Health department sources discovered that, the 29-year old woman, working in a Multi-national Company in Bangalore was being treated at a private clinic.
Sources said that this woman had gone to a place nearby Pollachi to meet her parents, where she caught swine flu and has now been admitted to a hospital few days ago. She visited her parent's house on April 24 and confirmed swine flu on April 30, tests have been conducted to find whether her husband had some similar symptoms or not. It has been proved that her parents are not affected by swine flu.
Sources said that Tami Flu tablets are given to this woman to improve her condition.
After 3 months, Coimbatore witnessed swine flu and now authorities have become more cautious to prevent the spread of any disease in view of the World Tamil Classical conference, scheduled from June 23.
Health department sources discovered that, the 29-year old woman, working in a Multi-national Company in Bangalore was being treated at a private clinic.
Sources said that this woman had gone to a place nearby Pollachi to meet her parents, where she caught swine flu and has now been admitted to a hospital few days ago. She visited her parent's house on April 24 and confirmed swine flu on April 30, tests have been conducted to find whether her husband had some similar symptoms or not. It has been proved that her parents are not affected by swine flu.
Sources said that Tami Flu tablets are given to this woman to improve her condition.
After 3 months, Coimbatore witnessed swine flu and now authorities have become more cautious to prevent the spread of any disease in view of the World Tamil Classical conference, scheduled from June 23.
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