Flextronics to   buy Solectron 
Flextronics International Ltd and Solectron Corporation announced, on Monday, that the two have entered into an agreement for Flextronics to acquire Solectron, creating the most diversified and premier global provider of advanced design and vertically integrated electronics manufacturing services (EMS).

By combining Solectron's resources and unique skill sets, Flextronics will provide more value and innovation to customers in manufacturing, logistics, procurement, design, engineering and ODM services.  Operating in 35 countries, with combined workforce of 200,000 employees, including approximately 4,000 design engineers, the combined company's annual revenues will exceed $30 billion across seven well- diversified customer market segments and several vertical component divisions.

Shareholders of Solectron will receive total consideration currently valued at approximately $3.6 billion, based on closing price of Flextronics shares on June 1, 2007.

Tata Tea’s open offer for MEMW  
Tata Tea on Monday in Mumbai announced its open offer to purchase an additional 20 per cent equity stake in Mount Everest Mineral Water (MEMW) for Rs 95.19 crore. The Tata group firm said in a newspaper ad that it will acquire up to 67.99 lakh equity shares to be funded through internal accruals. On June 1, Tata Tea agreed to buy 25.74 per cent stake in Mount Everest for around Rs 115 crore.  

Jupiter Capital CEO honoured 
 Chairman and CEO of Bangalore based Jupiter Capital and VP of FICCI; Rajeev Chandrashekhar was bestowed the Alumnus Award from the prestigious Illinois Institute of Technology, Chicago. He was honoured with the Global Alumni Award, during a ceremony at the Hermann Hall of the Chicago Campus. The award recognises a graduate whose extraordinary achievements have helped strengthen the institute’s reputation on an international scale. Chairman of Board of Trustees John Rowe conferred the award to Mr Rajeev Chandrashekhar.

Gremach to  invest Rs 425 cr
Gremach Infrastructure Equipment and Projects on Monday in Mumbai said it will invest Rs 425 crore in the Gandhinglaj Special Economic Zone (SEZ) in Maharashtra. The company would invest Rs 200 crore in development of the SEZ and about Rs 225 crore in its own SAW pipe industry in the proposed SEZ, which is expected to generate large scale employment. Gremach Infrastructure has also received in-principle approval for setting up the Metal SEZ in Gandhinglaj, the company informed.

Maruti reduces energy use
Maruti Udyog (MUL) on Monday said in New delhi that it has brought down overall energy consumption at its Gurgaon facility by 26 per cent per vehicle over the last six years. The company has adopted various innovative measures to build a clean operational base and has also reduced consumption of water and waste generated in car manufacturing, MUL said in a statement on the eve of World Environment Day. MUL has achieved a 31 pc reduction in power consumption and 63 pc drop in water consumption.

Rain Calcining to buy CII Carbon 
Rain Calcining will acquire US-based CII Carbon LLC (CII) for $595 million in cash to create the world’s largest producer of Calcined Petroleum Coke (CPC), reports PTI from Mumbai. CII is the world’s second largest producer of CPC, a raw material used in production of aluminium, with around 1.84 million tons annual capacity. The combined entity would become world’s largest producer of CPC, with over 2.4 mnMT per annum of CPC production and annual sales of $ 550 million. 

Hind Infra’s new  container biz
Hindustan Infrastructure, a Jupiter Capital venture announced in B’lore on Monday the launch of a container rail freight service connecting commercial centres, Mumbai & New Delhi. The service, which will trade under the APL IndiaLinx brand is a JV between Hind Infras and Singapore-based transportation and logistics grp, NOL.

Nelcast plans to raise Rs 92.6 cr
Casting and component manufacturing company Nelcast Ltd on Monday announced in Chennai that it plans to raise Rs 92.57 crore through fresh issue of equity shares.
Proceeds from the issue will be deployed to finance the expansion and modernisation of production facilities at Gudur and Ponneri, meeting working capital requirements and expenses of the issue.

IOC raises 300 mn dollars debt
Indian Oil Corp has raised 300 million dollars (about Rs 1,200 crore) through a bonds issue in the US, the state-run company’s first private placement in overseas capital markets. The Note Purchase Agreement for the issue was signed by IOC director (finance) S V Narasimhan in New York on May 31, a company press release said in New Delhi. The proceeds would be used to fund capital expenditure requirements for 2007-08.