9 power projects to get ‘green’ light

A clutch of large power projects, with a total generation capacity of 39,567 mw, is expected to receive final environmental clearance this month. The environmental appraisal committee for thermal power projects, attached to the ministry of environment & forests, will take up the nine proposals at its meeting this week.

Each of the projects will add at least 1,000 mw to the national grid. The list includes the 4,000-mw Mundra ultra mega power project, a 3,330-mw Adani group project in Gujarat, besides a 2,000-mw ISN International pithead project in Madhya Pradesh.

The committee's approval will enable the promoters to go for financial closure. Environmental approval is one of the major clearances that financial institutions require for the release of project finance.

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Satyam poised for management change, Rajus’ stake goes down

Satyam Computer Services is no won the block with promoters confirming to BSE that there has been a dilution of their 8.6% stake in the company and three more independent directors quitting its board. The company has appointed DSP Merrill Lynch to present an action plan for“ for increasing shareholders’ value” at the rescheduled board meeting on January 10.

The possible change in management was welcomed by the market, with the company’s shares on the Bombay Stock Exchange closing up 9.41% at Rs 148.25.

In its filing to BSE, Satyam said, “the company has received a communication from the promoters that all their shares in the company held by SRSR Holding Pvt Ltd were pledged with institutional lenders over a period of time since September 2006.

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Broking biz is Mohanlal's new company

Unabashed by setbacks in several business ventures, Malayalam cinema superstar Mohanlal has now launched a broking firm co-partnering Fedex Securities and four others.

Kozhikode-based Baby Marine Exports, Smart Financial, Thakker Group and SM Hegde of Videocon partner Mohanlal and Fedex in the new venture titled Hedge Equities. In the launch function held here on Monday, The promoters claimed that the company will enable customers reap rich profits regardless of market swings.

Hedge Equities plans to open 16 branches in Kerala.The promoters claimed that only 5% of the population in Kerala invests in stocks as compared to 40% in Mumbai and Gujarat. The focus of the firm is likely to be south India, where the actor could help in communicating with the target audience.

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