New-Delhi-based Surya Roshni Ltd, a major lighting solution provider, is planning to invest Rs 100 crore in setting up a lamp manufacturing plant at Malanpur, Gwalior with an aim to attain Rs 1,500-crore turnover in the next three years.

The new plant, which will manufacture mainly CFL lamps, high masts and street lights, is expected to be commissioned by the end of 2009.

The firm plans to make 3 million lamps per month. The company already has two manufacturing plants - one each at Kashipur (Nainital) and Malanpur (Gwalior).

The stake of chairman of Satyam Computer Services Ltd, B. Ramalinga Raju and his family declined to 5.13% from 8.27% following large scale selling of shares by the institutional investors. The company is facing trouble since allegations of corruption were made on Mr. Raju while executing some important deals. The World Bank has also banned the company for eight years on the basis of bribery charges.

Auto giants Hyundai and Honda reported positive growth in December due to selling vehicles at discounted prices and introducing new models. The recently announced excise duty cut on vehicles also helped to increase the vehicle sales of Hyundai, Honda Siel and SkodaAuto while other auto companies including Tata Motors and Mahindra & Mahindra (M&M) have continued to slide following the low demand. Mahindra & Mahindra posted 30 per cent decline in sales by selling 10,665 units in December as compared to 15,316 sold last year.

On Thursday, it was announced by Alok Industries that its board will hold a meeting on 3rd January with the aim to increase the size of the proposed rights issue of Rs 300 crore.  

“There was a need and that is why we decided to increase the rights’ issue size. The present market situation is not good and we did not want to raise funds (in such times). Moreover, we found good interests from our investors for our issue,” informed Dilip Jiwrajka, managing director, Alok Industries.

The biggest wind-turbine maker of the country, Suzlon Energy would sell 10% stake in its Belgium arm Hansen to a London-based investment firm. Hansen supplies industrial and wind gear boxes besides providing designs of business and manufacturing practices. It is planning to expand its network in India and China.

Suzlon said in a filing before the Bombay Stock Exchange that its Netherlands-based wholly-owned subsidiary AE-Rotor Holding has sold 6.70 crore shares to Ecofin. The amount of deal is not disclosed yet by any party.  

Neyveli Lignite Corporation, a government-owned lignite mining company, has decided to raise Rs 1,750 crore through issue of bonds in order to meet capital expenditure requirement for presently running projects.

The directors of the company at its meeting on December 26, 2008 permitted to raise Rs 500 crore by issuing secured non-convertible taxable bonds and Rs 1,250 crore through debt.