Friday, October 31, 2014

BWI: SQS Q2 FY15 Total Revenue up by 10% QoQ to Rs 57 crore

 
Source : SQS India BFSI Limited
Friday, October 31, 2014 10:51AM IST (5:21AM GMT)
 
SQS Q2 FY15 Total Revenue up by 10% QoQ to Rs 57 crore
 
Chennai, Tamil Nadu, India

SQS India BFSI Ltd. formerly known as “Thinksoft Global Services Ltd” (BSE: 533121) (NSE: SQSBFSI), announced its second quarter results ended on 30th September’ 2014. SQS India BFSI is a specialist in financial and banking software testing services, and is the only independent testing service provider listed in India. The results are available on the company’s website, http://www.sqs-bfsi.com
 
PERFORMANCE HIGHLIGHTS
 
Consolidated QoQ Review
 

  • Q2 FY15 Operating revenue was Rs 56.4 crore compared to Rs 51.3 crore during the previous quarter.
  • Total income was Rs 56.8 crore compared to Rs 51.8 crore during the previous quarter - an increase of 10%.
  • The Company reported EBITDA of Rs 12.2 crore compared to Rs 10.1 crore during the previous quarter.
  • EBITDA Margin stood at 21.6% for Q2 FY15 compared to 19.7% in Q1 FY15, up 189 bps.
  • Net profit stood at Rs 7.1 crore during the quarter under review compared to Rs 6.3 crore during the previous quarter.
  • Basic EPS stood at Rs 6.90 compared to Rs 6.09 for Q1 FY15.
 
Consolidated H1 FY15 Review
 
  • Operating revenue was Rs 107.8 crore during the half year under review as compared to Rs 100.9 crore during the previous half year reflecting an increase of 7 % in rupee terms and in USD by 9 % to $ 17.87 Mn.
  • Total income was Rs 108.6 crore for the H1 FY15 as compared to Rs 103.2 crore in the previous half year.
  • EBITDA stood at Rs 22.3 crore for H1 FY15 as compared to Rs 17.0 crore during the previous half year.
  • EBITDA Margin at 20.7% during the period under review as against 16.8% in H2 FY14, up 386 bps.
  • Net profit stood at Rs 13.4 crore 6m ended September 30, 2014 as compared to Rs 9.2 crore in the  previous half year an increase of 45% over the previous half year.
  • Basic EPS stood at Rs 12.99. Increase of 44 % over the previous half year.
 
Commenting on the results, Dr. Martin Müller, Managing Director & CEO, SQS India BFSI, said “The growth during the quarter was driven by healthy demand in North America and Europe where we will continue to focus our sales efforts for the medium term. I am pleased to report that after two quarters with SQS and further investment in billable resources, the company is now well positioned for further growth.”
 
About SQS India BFSI

SQS India BFSI is a specialist in financial software testing with over 14-million person hour track records for Global 500 financial and insurance organisations in USA, UK, Europe, India and Asia-Pacific. Through its domain focus, structured testing methodologies, offshore delivery, and test automation expertise, SQS India BFSI helps clients realise 'business ready software', compress timelines, and reduce software product life cycle costs. In the last 16 years, SQS India BFSI has established a successful track record of handling large independent functional testing assignments. SQS India BFSI has established a global presence/ footprint in New York, London, Frankfurt, Singapore, Bangalore and Chennai. SQS India BFSI is the Winner of the Deloitte Tech Fast 50 India and Tech Fast 500 AsiaPac – 2006, 2007 and 2008.  SQS India BFSI is ISO 9001:2000 certified for 'Providing offshore testing and documentation services for the Banking, Financial Services, and Insurance verticals.  

For more information, see www.sqs-bfsi.com      
 
About SQS Software Quality Systems

SQS is the world's leading specialist in software quality. This position stems from over 30 years of successful consultancy operations. SQS consultants provide solutions for all aspects of quality throughout the whole software product lifecycle driven by a standardised methodology, offshore automation processes and deep domain knowledge in various industries. Headquartered in Cologne, Germany, the company now employs approximately 3,800 staff (incl. SQS India BFSI). SQS (incl. SQS India BFSI) has offices in Germany, the UK, Australia, Egypt, Finland, France, India, Ireland, Malaysia, the Netherlands, Norway, Austria, Singapore, Sweden, Switzerland, South Africa, UAE and the US. In addition, SQS maintains a minority stake in a company in Portugal. In 2013, SQS generated revenues of 225.8 million Euros. SQS is the first German company to have a primary listing on the AIM (Alternative Investment Market) in London. In addition, SQS shares are also traded on the German Stock Exchange in Frankfurt am Main.  With over 7,000 completed projects under its belt, SQS has a strong client base, including half of the DAX 30, nearly a third of the STOXX 50 and 20 per cent of the FTSE 100 companies. These include, among others, Allianz, Beazley, BP, Centrica, Commerzbank, Daimler, Deutsche Post, Generali, JP Morgan, Meteor, Reuters, UBS and Volkswagen as well as other companies from the six key industries of SQS.

For more information, see www.sqs.com.

 
Media Contact Details

Vaidyanathan N, SQS India BFSI Limited, ,+91 (44) 43923200 , vaidyanathan.n@sqs.com

Diwakar Pingle, Christensen Investor Relations, ,+91 (22) 42150210 , dpingle@christensenir.com

 

KEYWORDS: Business/ Finance:Advertising, PR & marketing, Banking & Financial services, Business Services, Financial Analyst & Investors, Stock Exchanges, Technology;General:Economy

 

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Thursday, October 30, 2014

BWI: Mumbai International Airport Bags the Prestigious Golden Peacock Award 2014 for Sustainability

 
Source : GVK Mumbai International Airport Pvt Ltd (MIAL)
Thursday, October 30, 2014 5:37PM IST (12:07PM GMT)
 
Mumbai International Airport Bags the Prestigious Golden Peacock Award 2014 for Sustainability
 
Mumbai, Maharashtra, India

GVK Mumbai International Airport Private Limited (MIAL) has bagged the prestigious ‘Golden Peacock Award for Sustainability’ for the Chhatrapati Shivaji International Airport (CSIA). The award was presented at a specially organized “Golden Peacock Awards Ceremony”, on Wednesday, October 29 2014 at House of Lords- UK Parliament, Westminster in London.
 
Considered the greatest recognition of corporate excellence in areas of innovation, quality, sustainability, training, governance, environment management and corporate social responsibility the Golden Peacock Awards assessed the applicants on the basis of an exhaustive set of parameters covering a wide range of issues  and programs concerned with the Triple Bottom Line of the Business, also called the ‘TBL’ or ‘3BL’. Key to Sustainability the concept of ‘TBL’ means that the business success is defined not only by monetary gains but also by its environmental and social performances. In the current scenario, transparency about sustainability of organizational activities is of prime interest to a diverse range of stakeholders that include business, labor, non-governmental organizations, investors, accountants, and others. The idea of “Award for Sustainability” encourages initiatives in promoting sustainable development amongst organizations and rapidly accelerates the pace of stakeholder oriented improvement process. Receiving the award establishes the inspiration and alignment in the entire work force and also creates the organization’s brand equity on “SUSTAINABILITY” that reflects the extent of:
 

  • Responsiveness of organizational strategy to the needs of different stakeholders
  • Integration of Sustainable Development issues with corporate functioning
  • Development of innovative partnership models to fulfill social responsibility
 
Continuing its foray in Sustainable Development and promoting Sustainability across the value chain, MIAL had launched its second Sustainability Report in August 2014, a first in Asian and fifth in Global Aviation sector to follow the Global Reporting Initiative (GRI) G4 guidelines communicating about the Sustainable practices adopted in the operations relating to economic, environmental, and social performances.
 
The report is based on highest assurance level “In Accordance – Comprehensive” as per the GRI G4 guidelines. The Global Reporting Initiative (GRI) is a global non-profit organization in the sustainability domain. GRI promotes the use of sustainability reporting as a method for organizations to become more sustainably efficient and contribute to sustainable development. A sustainability report is a report published by a company or organization about the economic, environmental and social impacts caused by its everyday activities. A sustainability report also presents the organization's values and governance model, and demonstrates the link between its strategy and its commitment to a sustainable global economy.
 
GRI's mission is to make sustainability reporting standard practice for all companies and organizations. Its Framework is a reporting system that provides metrics and methods for measuring and reporting sustainability-related impacts and performance. The Framework – which includes the Reporting Guidelines, Sector Guidance and other resources – enables greater organizational transparency and accountability. This will build stakeholders’ trust in organizations, and lead to numerous additional benefits. Thousands of organizations, of different sizes and sectors, use GRI’s Framework to understand and communicate their sustainability performance.
 
About GVK MIAL: GVK Mumbai International Airport Pvt Ltd (MIAL) is a Public Private Partnership joint venture between GVK-led consortium and Airports Authority of India (AAI). GVK MIAL was awarded the mandate for operating and modernizing Chhatrapati Shivaji International Airport, Mumbai (CSIA). Through this transformational initiative, GVK MIAL aims to make CSIA one of the world’s best airports that consistently delight customers besides being the pride of Mumbai. The new integrated Terminal 2 at CSIA enhances the airport’s capacity to service 40 million passengers per annum and one million tons of cargo annually. The new ‘Terminal 2’resonates cultural richness and legacy of India through a seamless amalgamation of architecture, design and the largest programme for art in public space spanning across the terminal. It also represents the new, contemporary andmodern India through its enabling business ecosystem as well as efficient functioning made possible by state-of-the-art facilities and advanced technological systems adopted.

‘Jaya He’, India’s largest art program for public display at T2 which has nearly 7,000 exclusively sourced exquisite ethnographic objects is conceived as two distinct sections - ‘Layered Narratives’ at the arrivals corridor that explores aspects of Mumbai’s changing landscapes and ‘Thresholds of India’, a scenography wall spanning a total of 3.3 km leading to the different boarding lounges captures the expanse and beauty of Indian art is the transformation of this vision of GVK. The installations at ‘Jaya He’ are made from various mediums ranging from canvas, fibre, terracotta, paper, stone and metal. The mediums have been innovatively used to portray India’s rich art heritage and cultural traditions.

Photo Caption: Mr Prasad Nair and Mr Narendra Hosabettu receiving the Golden Peacock Award on behalf of MIAL
 

 
Media Contact Details

Vaibhav Tiwari, General Manager - Corporate Communications Mumbai International Airport Pvt Ltd, ,+91-9820097475 ,+91 (22) 66850805 , vaibhav.tiwari@gvk.com

Vikram Shirur, IPAN Hill + Knowlton Strategies, Mumbai, ,+91-9987635255 ,+91 (22) 40661755 , Vikram.shirur@hkstrategies.com

Aditya Shukla, IPAN Hill + Knowlton Strategies, Mumbai, ,+91-9960537579 ,+91 (22) 40661755 , Aditya.shukla@hkstrategies.com

 

KEYWORDS: Business/ Finance:Advertising, PR & marketing, Aerospace & Aviation, Energy Companies, Hospitality;General:Consumer interest, Travel & Tourism

 

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BWI: Mumbai International Airport Bags the Prestigious Golden Peacock Award 2014 for Sustainability

 
Source : GVK Mumbai International Airport Pvt Ltd (MIAL)
Thursday, October 30, 2014 5:37PM IST (12:07PM GMT)
 
Mumbai International Airport Bags the Prestigious Golden Peacock Award 2014 for Sustainability
 
Mumbai, Maharashtra, India

GVK Mumbai International Airport Private Limited (MIAL) has bagged the prestigious ‘Golden Peacock Award for Sustainability’ for the Chhatrapati Shivaji International Airport (CSIA). The award was presented at a specially organized “Golden Peacock Awards Ceremony”, on Wednesday, October 29 2014 at House of Lords- UK Parliament, Westminster in London.
 
Considered the greatest recognition of corporate excellence in areas of innovation, quality, sustainability, training, governance, environment management and corporate social responsibility the Golden Peacock Awards assessed the applicants on the basis of an exhaustive set of parameters covering a wide range of issues  and programs concerned with the Triple Bottom Line of the Business, also called the ‘TBL’ or ‘3BL’. Key to Sustainability the concept of ‘TBL’ means that the business success is defined not only by monetary gains but also by its environmental and social performances. In the current scenario, transparency about sustainability of organizational activities is of prime interest to a diverse range of stakeholders that include business, labor, non-governmental organizations, investors, accountants, and others. The idea of “Award for Sustainability” encourages initiatives in promoting sustainable development amongst organizations and rapidly accelerates the pace of stakeholder oriented improvement process. Receiving the award establishes the inspiration and alignment in the entire work force and also creates the organization’s brand equity on “SUSTAINABILITY” that reflects the extent of:
 

  • Responsiveness of organizational strategy to the needs of different stakeholders
  • Integration of Sustainable Development issues with corporate functioning
  • Development of innovative partnership models to fulfill social responsibility
 
Continuing its foray in Sustainable Development and promoting Sustainability across the value chain, MIAL had launched its second Sustainability Report in August 2014, a first in Asian and fifth in Global Aviation sector to follow the Global Reporting Initiative (GRI) G4 guidelines communicating about the Sustainable practices adopted in the operations relating to economic, environmental, and social performances.
 
The report is based on highest assurance level “In Accordance – Comprehensive” as per the GRI G4 guidelines. The Global Reporting Initiative (GRI) is a global non-profit organization in the sustainability domain. GRI promotes the use of sustainability reporting as a method for organizations to become more sustainably efficient and contribute to sustainable development. A sustainability report is a report published by a company or organization about the economic, environmental and social impacts caused by its everyday activities. A sustainability report also presents the organization's values and governance model, and demonstrates the link between its strategy and its commitment to a sustainable global economy.
 
GRI's mission is to make sustainability reporting standard practice for all companies and organizations. Its Framework is a reporting system that provides metrics and methods for measuring and reporting sustainability-related impacts and performance. The Framework – which includes the Reporting Guidelines, Sector Guidance and other resources – enables greater organizational transparency and accountability. This will build stakeholders’ trust in organizations, and lead to numerous additional benefits. Thousands of organizations, of different sizes and sectors, use GRI’s Framework to understand and communicate their sustainability performance.
 
About GVK MIAL: GVK Mumbai International Airport Pvt Ltd (MIAL) is a Public Private Partnership joint venture between GVK-led consortium and Airports Authority of India (AAI). GVK MIAL was awarded the mandate for operating and modernizing Chhatrapati Shivaji International Airport, Mumbai (CSIA). Through this transformational initiative, GVK MIAL aims to make CSIA one of the world’s best airports that consistently delight customers besides being the pride of Mumbai. The new integrated Terminal 2 at CSIA enhances the airport’s capacity to service 40 million passengers per annum and one million tons of cargo annually. The new ‘Terminal 2’resonates cultural richness and legacy of India through a seamless amalgamation of architecture, design and the largest programme for art in public space spanning across the terminal. It also represents the new, contemporary andmodern India through its enabling business ecosystem as well as efficient functioning made possible by state-of-the-art facilities and advanced technological systems adopted.


‘Jaya He’, India’s largest art program for public display at T2 which has nearly 7,000 exclusively sourced exquisite ethnographic objects is conceived as two distinct sections - ‘Layered Narratives’ at the arrivals corridor that explores aspects of Mumbai’s changing landscapes and ‘Thresholds of India’, a scenography wall spanning a total of 3.3 km leading to the different boarding lounges captures the expanse and beauty of Indian art is the transformation of this vision of GVK. The installations at ‘Jaya He’ are made from various mediums ranging from canvas, fibre, terracotta, paper, stone and metal. The mediums have been innovatively used to portray India’s rich art heritage and cultural traditions.

Photo Caption: Mr Prasad Nair and Mr Narendra Hosabettu receiving the Golden Peacock Award on behalf of MIAL
 

 
Media Contact Details

Vaibhav Tiwari, General Manager - Corporate Communications Mumbai International Airport Pvt Ltd, ,+91-9820097475 ,+91 (22) 66850805 , vaibhav.tiwari@gvk.com

Vikram Shirur, IPAN Hill + Knowlton Strategies, Mumbai, ,+91-9987635255 ,+91 (22) 40661755 , Vikram.shirur@hkstrategies.com

Aditya Shukla, IPAN Hill + Knowlton Strategies, Mumbai, ,+91-9960537579 ,+91 (22) 40661755 , Aditya.shukla@hkstrategies.com

 

KEYWORDS: Business/ Finance:Advertising, PR & marketing, Aerospace & Aviation, Energy Companies, Hospitality;General:Consumer interest, Travel & Tourism

 

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BWI: WIT Votes Kathleen Tan One of Top 10 Influencers in Online Travel in APAC

 
Source : AAE Travel
Thursday, October 30, 2014 5:21PM IST (11:51AM GMT)
 
WIT Votes Kathleen Tan One of Top 10 Influencers in Online Travel in APAC
 
New Delhi, Delhi, India

AirAsiaExpedia Travel’s Chief Executive Officer, Kathleen Tan was today recognised as one of the Top 10 Influencers in online travel in the Asia Pacific region. The “WIT Warriors: Top Influencer in Online Travel in APAC” Award, recognized for shaping the aviation, travel and hospitality sectors, was presented to Ms Tan at the 10th Web in Travel Conference, held in Singapore.

Ms. Tan was conferred the honor at a ceremony witnessed by 500 industry experts and representatives from global organizations. The conference focused on emerging trends, developments and changes taking place in the online travel world.

Receiving the award, Ms. Tan said: “I am truly humbled and honored by this award, which would not be possible without inspiration & support from my ex AirAsia AllStars through my nine years of journey with them and my Expedia team and global colleagues. And special thanks to Tony Fernandes, a friend and mentor for believing in me and constantly giving me new challenges.

“Coming from non – travel background, my experience with AirAsia has helped me develop a strong understanding of travel and aviation and gained strong insights to Asia. My journey has taught me many things and allowed me to explore further new dimensions of the online travel industry, with Expedia. My focus has always been to drive the industry to new heights and make Expedia the top online travel agency and a strong brand in Asia.”

Ms. Tan is among the few Asian women to achieve a strong leadership stand at the global travel market and has brought Expedia to the forefront in the travel industry.  Known for her straight talking, drive and go-getter attitude, she has been a consistent/regular eminent speaker/participant at various Government symposiums, trade conventions and marketing conferences, and has been a key factor in propelling the Asian Travel market. While at Air Asia, she was responsible for building the China market and making AirAsia the biggest foreign airline in the country. She conceptualized the signature AirAsia Free Seat campaigns that are now being adopted by all airlines, including Indian LCCs.

Ms. Tan has been credited with bringing the Red to AirAsia, associated with sports events, crafting exciting plane livery and bringing the AA planes to life. During her decade-long tenure at AirAsia, she was credited with driving the low cost carrier to its current success in the global market.

Ms Tan was appointed CEO of AAE Travel, a joint-venture between AirAsia and Expedia, one of the world’s leading online travel company, in 2013. She oversees the Expedia and AirAsiaGo businesses in Southeast Asia, India, China, Japan, Korea, Taiwan and Hong Kong. Her forte has been brand building, marketing and social media. Her active interest has also been in empowering and mentoring women through talks across the region at travel and non-travel forums.

During her participation at the WIT conference, she also shared new and changing trends of the online travel world at the panel on ‘OTAs: The Coming Wave’.
 

About AirAsiaExpedia

AirAsiaExpedia is the joint venture company between one of the world's leading online travel company, Expedia Inc. and the world's best low cost airline, AirAsia. Headquartered in Singapore, AirAsiaExpedia operates Expedia’s businesses in Japan, Korea, Hong Kong, Taiwan, India, and Southeast Asia markets and the AirAsiaGo.com business across Asia. Its comprehensive inventory features more than 325,000 hotels, 400 airlines and over 7000 holiday activities and attractions from across the world.

About WIT

WIT is a community for anyone passionate about travel technology, distribution and marketing. This basically means if you love travel, and if you are a bit of a technology freak in terms of wanting to understand how technology is changing travel, you are one of us. We provide news through our website and social feeds, and run events that are strong in content and different in style and delivery. We launched our first event in 2005 and have been spreading learning through events in Singapore, Thailand, Indonesia, Japan, Australia, Vietnam, Cambodia, Malaysia and the Philippines.

Our events include the flagship WIT Conference, WIT Japan, WIT Indonesia, WIT Middle East, WITX – Women Redefining Travel, WIT Bootcamp for start-ups and investors and WIT Summercamp, our coaching event for young professionals and entrepreneurs.

Photo caption: AirAsiaExpedia Chief Executive Officer, Kathleen Tan receiving WIT award for being one of the Top 10 Influencers in online travel in the Asia Pacific region

 
Media Contact Details

Swati Guwalani , Text 100 , ,+91-9873220117

Aekta Vijay , Text 100 , ,+91-8130241977

 

KEYWORDS: Business/ Finance:Advertising, PR & marketing, Media & Entertainment, Travel & Tourism;General:Consumer interest, Internet, Lifestyle, Travel & Tourism

 

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BWI: JSPL’s Subsidiary Shadeed Iron & Steel LLC (Jindal Shadeed) Signs USD 725 million (around INR 4440crore) Syndicated Term Loan Facility with Bank Muscat

 
Source : Jindal Steel & Power Ltd.
Thursday, October 30, 2014 5:05PM IST (11:35AM GMT)
 
JSPL's Subsidiary Shadeed Iron & Steel LLC (Jindal Shadeed) Signs USD 725 million (around INR 4440crore) Syndicated Term Loan Facility with Bank Muscat
 
New Delhi, Delhi, India

Shadeed Iron & Steel LLC (Jindal Shadeed), a wholly owned subsidiary of Jindal Steel & Power Ltd. (JSPL) and Bank Muscat today signed the successful financial closure of USD 725 million (around Rs. 4440 crore) syndicated term loan facility. The facility was oversubscribed with commitments in excess of USD 855 million received as against the required commitments of USD 725 million.
 
The commemorative ceremony was part of a high-level business delegation led by His Excellency Dr. Ali bin Masoud Al Sunaidy, Minister for of Commerce and Industry, Oman, along with representatives from various Public and Private Companies of Oman, which is currently in India as part of the B2B Oman-India Roadshow.


 
Shadeed Iron & Steel LLC (Jindal Shadeed) is the first Integrated Steel Plant in the Sohar Port Area, Sultanate of Oman. Jindal Shadeed.Originally founded in 2005 by Al Ghaith Holdings PJSC of Abu Dhabi, Jindal Shadeed was acquired by Jindal Steel & Power Limited, India (JSPL) through its 100% subsidiary Jindal Steel & Power (Mauritius) Limited (JSPML) in July 2010.
 
Speaking at the event Mr. Naveen Jindal, Chairman of Jindal Steel & Power Ltd., said, “We are committed to build a comprehensive steel manufacturing facility in the Sultanate of Oman. Huge infrastructure spending in the Middle East is driving a strong demand for steel and fuelling investment in steel projects. We see great synergy in this tie-up with Bank Muscat which will help us drive our expansion projects in Oman to build one of the largest steel plants in the Middle East region.”
 
Bank Muscat with a consortium of 11 banks has arranged the facility of USD 725 million for Shadeed Iron & Steel. The consortium comprised of leading banks from the Arabian region and India.  The consortium includes: Bank Muscat; Qatar National Bank S.A.Q; Qatar National Bank, Oman; National Bank of Oman; Al Khalij Commercial Bank; Bank Dhofar; Bank Sohar; Ahli United Bank Bahrain; Ahli Bank Oman; State Bank of India-Dubai; State Bank of India -Oman.
 
According to Mr. Ravi Uppal, Managing Director and Group CEO, JSPL, “We foresee a tremendous surge in demand for Iron and Steel in the gulf market.  This strategic tie-up is a step forward in our expansion plans for the Arabian Peninsula. Currently, we are producing billets and rounds at the Oman facility and we are on course to set up 1.6 MTPA Rebar Mill, which will be commissioned in the year 2015.”
 
* Conversion Rate: 1 US Dollar @ INR 61.24
 
The entire facility was structured and arranged by Bank Muscat SAOG; Bank Muscat is also the Facility Agent, Account Bank and the Security Agent for the facility.
 
Mr. AbdulRazak Ali Issa, Chief Executive, Bank Muscat, whilst thanking the consortium Banks for the successful financial closure of the USD 725 million syndicated facility; said –“Oman has always facilitated a conducive environment for several overseas investors, including Indian investors, to set up projects in the country and this has played a pivotal role in helping Oman to achieve its Vision 2020 of diversifying from Oil as a major source of income to other allied activities such as metals, downstream oil and gas etc.” 
 
Mr. AbdulRazak Ali Issa added: “Bank Muscat has supported various projects with participation from Indian companies. Going forward, we anticipate there would be many such projects being set up by Indian corporates in Oman and that the B2B Oman-India Roadshow will be an excellent opportunity to further explore mutually beneficial relationships.”
 
 
About Shadeed Iron & Steel
 
Jindal Shadeed commissioned its 1.5 MTPA Direct Reduced Iron (DRI) Furnace in December 2010, within a short period of its acquisition by JSPL. The company has successfully commissioned the 2 MTPA Integrated Steel Plant (ISP) in Sohar, Oman. The state-of-art facility is Oman’s first & largest Steel Melting Shop (SMS), and also the third largest unit in the Middle East & Gulf Region. The company has a sustainable competitive advantage owing to competitive gas and power pricing; logistic advantage by way of captive jetty, Vale pelletisation plant and backward integration into DRI manufacturing. Jindal Shadeed has invested over US$ 800 million in this integrated facility.
 
About Bank Muscat
 
With assets worth over USD 20 Billion, Bank Muscat is the leading financial services provider in Oman with a strong presence in Project Finance, Corporate Banking, Retail Banking, Investment Banking, Islamic Banking, Treasury, Private Banking and Asset Management. The Bank has the largest network of branches and a dominating market share amongst all the banks in the Sultanate of Oman.
 
About Jindal Steel & Power Limited (JSPL)
 
Jindal Steel and Power is a $3.8 billion industrial powerhouse with a dominant global presence in steel, power, mining, infrastructure construction sectors. Part of the over US$ 18 billion diversified O. P. Jindal Group, JSPL’s business operations spans across Asia, Africa and Australia. The company has committed investments exceeding US$ 30 billion in the future and has several business initiatives running simultaneously across continents. The organization is wedded to ideals like innovation and technological leadership and is backed by a highly driven and dedicated workforce of over 20,000 people.

Photo Caption: Mr. Rajesh Bhatia. CEO - Global Ventures, JSPL; Mr. Ravi Uppal, MD & Group CEO JSPL, Mr. Abdul Razak Ali, Chief Executive, Bank Muscat; Mr. Naveen Jindal, Chairman JSPL; Mr. N. A. Ansari, Director & Head of the Plant, Jindal Shadeed Iron and Steel ; Mr. K Rajagopal Group Chief Financial Officer and Director, JSPL at the financial closure ceremony 
 

 
Media Contact Details

Gaurav Wahi, Jindal Steel & Power Limited (JSPL), , gaurav.wahi@jindalsteel.com

 

KEYWORDS: Business/ Finance:Banking & Financial services, Business Services, Energy Companies, Media & Entertainment, Steel

 

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