Reliance Energy (REL) is close to inking an agreement with Indiabulls Real Estate (IBREL) to jointly develop a 6,000-acre multi-product special economic zone (SEZ) in Maharashtra’s Raigad district, as per sources.
This move is part of REL’s aspirations to enter the real estate and infrastructure development. The 22-km Mumbai Trans Harbour Link (MTHL) project from Sewree to Nhava-Sheva, bagged by REL, would service this SEZ. The proposed SEZ will consist of an industrial processing area of 2,100 acres, a commercial area of 900 acres, a residential area of 1,500 acres, and open space of 1,500 acres. It will comprise of a central core with various industry hubs.
Facilities in the central core will include convention centres, business incubation facilities with ready-to-move-in office space and laboratories, R&D facilities and contract research, data centres and quality analysis and data retrieval facilities. Industry hubs will include institutions of learning and innovation, design and transportation facilities. The proposed residential space will comprise of residential developments and landscaped parks with central recreational facilities such as club houses, a tennis academy and green zones. The commercial space will include provisions for hotels, shopping facilities, office space, entertainment facilities and healthcare.
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JSW Group has signed a $2 billion (Rs 8,160 crore), 10-year deal with Japan’s third biggest shipping firm by sales, Kawasaki Kisen Kaisha Ltd (or K Line), for transporting coal that will be used to fire the company’s steel and power plants, an arrangement that will ensure that the company is not affected by an increase in freight rates. As per the deal, K Line will deploy 10 dry bulk carriers to ship coking and thermal coal from mines owned by the OP Jindal group in Indonesia and Mozambique, as well as coal from mines in Australia and China.
The contract with K Line will start later in 2008 with two panamax ships. Five capesize ships and three more post-panamax ships will be deployed from 2011-12. By 2015, when all the ships enter service, JSW will be importing about 12 million tonnes of coal. JSW had earlier concluded ship charter contracts with K Line for three vesselsa panamax starting 2008 and two post-panamaxes starting 2009. Thus, the total volume of coal K Line will transport for JSW by 2015 is expected to be around 15 million tonnes per annum, which will be more than 40% of the total volume of coal to be imported by the two companies JSW Steel and JSW Energy. JSW Energy is the power generation outfit which plans to expand to 15,000MW by 2015 (including coal thermal and hydropower plants).
For JSW, the deal is beneficial as it will insulate the company from any escalation in freight rates. Dry bulk shipping rates have been rising mainly due to demands for shipping raw materials into China and India.
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JP Morgan said on Sunday that they've bought Bear Stearns for $240 million. This is a tenth of its value. 85 years of independence was finished for Bear. It had grown to the fifth largest securities firm at Wall Street. Shareholders of Bear will get cash worth $2. This was valued at $30 just three days ago on March 14th. The highest this share had ever seen was $159. The embarassment was total after Bear's clients pulled $17 billion from it last week and that could've forced Bear into winding up. Bear Strearns had 14,000 employees. Their profits in 2006 were $1.2 billion, yet JP Morgan are paying less than one fourth the value of Bear Stearns' 1.2 million square feet 45 storied office building in Manhatten, New York valued at $1000 a sq.ft which makes it worth about $1.2 billion !At the peak last year, their share was at $159, one month ago at $80, at $60 on Thursday and $30 at close on Friday.
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