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A better reach in rural markets has helped both the soaps and hair colours businesses.
Indian company has first right of refusal to buy partner’s stake.
India is all set to have a modern arbitration centre on the models of world-acclaimed reconciliation units at Singapore and London for quick justice delivery in corporate litigations.
About 20 million mobile phones without International Mobile Equipment Identity (IMEI) will be non-functional from tomorrow as the government’s deadline to ban mobile handsets without the unique identification number came to an end today.
Finance Minister Pranab Mukherjee today said the government has not yet taken a decision on consolidation of public sector banks (PSBs).
Sri Adhikari Brothers Television Network Ltd has informed BSE that it has repurchased and canceled US $ 2.5 million outstanding 1.50 per cent Secured Foreign Currency Convertible Bonds (FCCBs) due in 2012 and listed on the Singapore Stock Exchange.
May lose high-revenue-yielding subscribers; but users to benefit.
Congress MPs from Telangana region today met senior party leader and Defence Minister A K Antony demanding disciplinary action against Y S Jaganmohan Reddy for joining a TDP protest in Lok Sabha against the decision to carve out a separate state from Andhra Pradesh.
Two-wheeler manufacturer Bajaj Auto has set sight on securing the top spot in the world and a blueprint was being drawn, a top company official said today.
Norwest Venture Partners (NVP), today said that it has invested over Rs 120-crore into Shriram City Union Finance Limited through a secondary-market block purchase of shares in the company.
Gammon Infrastructure Projects today said it has entered into an agreement with the Spain-based Dragados for acquiring the firm"s stake in Indira Container Terminal Pvt Ltd (ICTPL) in phases.
Real estate developers cannot be fined for late delivery of possession of a flat to an allottee if no specific date of its delivery is mentioned in the contract, the apex consumer body has held.
Bhupesh Bhandari / New Delhi December 03, 2009, 0:30 IST
The 10th Auto Expo will open here tomorrow with over 10 global launches and previews of small and green cars by the likes of Honda and Toyota during the week-long event -- billed as the world"s biggest in terms of footfall.
Kanika Datta / New Delhi January 7, 2010, 0:45 IST
Mihir Mishra / New Delhi November 11, 2009, 0:30 IST
Aditi Technologies, an outsourced product and application development firm, is increasing its focus on intellectual property (IP)-led domain services for which it plans to double its headcount to over 2,000 people over the next 18 months. The company hopes this move will help it cross the $120 million mark in revenues during the same period.
While there are visible signs of a recovery in the real estate market, price hikes by developers and any increase in interest rates could halt this momentum.
Gold prices rose sharply at the bullion market here today due to fresh buying from stockists and retailers following a firm trend in global markets.
Ajay Modi / New Delhi September 17, 2009, 0:39 IST
Bajaj Electricals today said it has raised Rs 160.79 crore by issuing shares to qualified institutional buyers.
Fashion and lifestyle brand retailer DLF Brands will launch the DKNY brand in the Indian market this month.
Alok Retail India, a 100 per cent subsidiary of Alok Industries, is planning a major expansion and is in talks with private equity firms to raise Rs 100-crore.
My broker has advised me to invest a lumpsum amount in a Monthly Income Plan (MIP). In the current scenario where interest rates are expected to rise, should I do so? Also, should I invest in more than one MIP for diversification?
The growth in domestic manufacturing sector slowed down in August though the domestic demand continued to drive recovery despite lower margins. The HSBC Market Manufacturing Purchasing Managers Index (PMI), a seasonally adjusted headline index designed to measure the overall health of the manufacturing sector, stood at 53.2 last month down from 55.4 in July.
A K Bhattacharya / New Delhi November 4, 2009, 0:10 IST
A four-member committee to shortlist the candidates.
State governments are increasingly moving in the direction to promote entrepreneurship and are adopting newer approaches for its development, a study by global consultancy KPMG says.
The Nifty futures moved in a narrow band and closed higher at 5,239 on poor volumes in both cash and derivates segments. The trading volume in Nifty January futures declined to 11.86 million shares from around 42 million shares on the first day of the December series. It is difficult to predict the market movement in the near future due to extremely poor volumes. However, the intra-day trading pattern in Nifty futures and options suggested that traders booked profits while bears built short positions at higher levels.
But, sugar firms want Rs 28 a litre.
Pharma firm Lupin today said it will borrow up to Rs 500 crore from corporate bodies and various financial institutions.
Support at 5,150, resistance at 5,300.
Reliance Industries (RIL) today said its exploration arm has entered into an agreement with Columbian state-controlled oil company Ecopetrol SA for two deep water blocks.
Private snooping agents may be used to carry out special checks on violation of Intellectual Property Rights (IPRs) on official trademarks and brand merchandise of the Commonwealth Games (CWG) next year to avoid monetary loss to the tune of crores of rupees.
The ambitious Solar Mission of India, which envisages to generate 20,000 Mw of solar power by 2020, would come as a boost for the solar plates and accessories manufacturing industry of the country.
The country"s most valued firm Reliance Industries (RIL) helped eight of the top-10 Sensex firms add over Rs 1 lakh crore in their market valuation during the last week, while the state-run MMTC and private telecom services provider Bharti Airtel saw value erosion.
Industrialisation, technology, urban need make commercial water supply a growing opportunity.
South Korea will host a world financial meeting ahead of a G-20 summit later this year as part of its efforts to help promote global financial stability, the country"s financial regulator has said.
The Sensex started the day on a very strong note mirroring international cues and on expectation of a good earning season. The Sensex is now at 17,660, up 120 points. The NSE Nifty is 33 points higher at 5,278.
Closes in on Japan as second-largest economy.
Industry shows revival signs as firms start raising money again.
The Sensex has dipped further to a low of 17,586. It is now up 61 points at 17,601.
Even after tendering his resignation for his alleged involvement in a sex scandal, troubles for former Andhra Pradesh Governor N D Tiwari may not be over.
The Rs 130-crore Ganga Heritage River Cruise project in West Bengal may become a reality soon as the government has agreed to the demands of private investors and will issue new bids for it by mid-January.
The Centre would sign an agreement with the World Bank for about $3 billion for projects to cleanse the Ganga river as envisaged under the recently constituted National Ganga River Basin Authority.
The Supreme Court has issued notice to 11 parties, including Trai, Reliance Communications, Tata Teleservices, Vodafone Essar, on a petition by state-run BSNL challenging removal of Access Deficit Charge (ADC), a levy paid by private telecom operators for funding the PSU"s operations in rural and remote areas.
Asian markets surged to 17-month highs today. The Hang Seng jumped 456 points (2%) to 22,280. The Nikkei added 27 points to 10,682.
Stumbling blocks for resolving the gas row between the Ambani brothers can be removed by putting together the family MoU and the demerger scheme, Anil Ambani-led Reliance Natural Resources (RNRL) told the Supreme Court today.
Beginning today, all letters posted by the Institute of Cost and Works Accountants of India (ICWAI) this week will carry a special sticker that ‘celebrates corporate week’ on its envelopes. Similarly, all hoardings that will come up on the premises of ICWAI’s 95 regional councils and chapters across the country will call for the celebration of the country’s first ‘corporate week’.
The largest mobile services provider Bharti Airtel today warned mobile users to avoid responding to suspicious/fraudulent calls which ask for personnel information.
Realising that their two-way trade did not match the potential, India and Japan today decided to give push the negotiations on the proposed Comprehensive Economic Partnership Agreement, with an aim to conclude it by next year.
Trent is trying hard to make up for lost time. Consider this: In the last 10 years, the retail arm of the Tata Group set up only 68 stores with around one million sq ft of space.
Tatas is planning to introduce its small car Nano in Latin America in partnership with Italian auto maker Fiat.
The Sensex has dipped further to a low of 17,586. It is now up 61 points at 17,601.
Telecom giant Bharti Airtel is close to clinching a deal to acquire 70 per cent stake in Warid Telecom, a local mobile company in Bangladesh owned by Abu Dhabi Group, with top officials from both companies meeting here to "brainstorm a consensus", a media report said today.
There is a lot of misinformation floating around when it comes to Worldwide Interoperability for Microwave Access (WiMAX) technology, opines Siavash M Alamouti, Intel Fellow and Chief Technology Officer of the Mobility Wireless Group, Intel Corporation. "Those who swear by competing technologies like 3G and LTE, say WiMAX (also known as a 4G technology) brings no value but this is not true. It"s a proven technology," he says.
Ranbir Kapoor is raking in Rs 5 cr for each film.
Expressing concern over series of arrests of US nationals as terror suspects, Secretary of State Hillary Clinton has said much of the training and direction for terrorists comes from Pakistan and the border area with Afghanistan.
Airtel, Vodafone-Essar favour delinking; Reliance, Tata oppose.
The Men in Blue haven’t quite got a thumbs up from advertisers for the team’s sponsorship, with virtually no takers for forms that are up for sale to bid for the sponsorship of the Indian cricket team till this evening. Sale of forms closed today and tomorrow is the last date for bids.
Tata Docomo, the GSM mobile service of Tata Teleservices, has extended its per-second billing plan to roaming services. Its subscribers would be charged one paisa per second for outgoing and incoming calls while roaming, effective tomorrow.
Global cervical cancer drugs majors Merck and GlaxoSmithKline (GSK) are battling it out in India, which is potentially the world’s largest market for such drugs.
Insurance major Aviva Plc returned to the black with profits of 747 million pounds for the first six months of this year on the back of strong contribution from its general insurance business, among others.
As part of its expansion plan, IDBI Fortis Life Insurance Company Ltd, the joint venture between the IDBI Bank, Federal Bank and Fortis Insurance International, intends to increase the number of its agency branches in the country to 100 by March 2010.
A record addition of 15 million wireless telephone user in August has catapulted the total subscriber base in the country to 494.07 million, closer to the government"s 2012 target.
The Union government has directed state-run telecom majors, BSNL and MTNL, to continue placing 30 per cent of their product orders with ITI, the loss-making government undertaking.
The much-awaited 3G spectrum auction will be delayed beyond the scheduled date of January 14 due to uncertainty over the available spectrum and the number of slots to be put up for bidding.
Says allocation will be at market-determined prices.
The Customised Connectivity Tracking tool can be installed in the catchment area of a cable network and track frequencies.
Vanita Kohli-Khandekar / New Delhi November 10, 2009, 0:55 IST
Despite the fall in deal volumes on both the merger and acquisition (M&A) and private equity (PE) fronts during the fourth quarter ending December, investment managers expect the improving global and domestic macro-economic indices to revive consumption and services-led growth, in turn leading to higher fund inflows into key sectors. Telecom, pharma, FMCG, healthcare, IT/ITES and educational services are expected to attract strong capital fund raises in 2010.
Telecom giant Bharti Airtel is set to buy the majority stake in Bangladesh"s fourth-largest mobile phone operator Warid from its Abu Dhabi-based owners.
IT and ITeS being a knowledge industry does not discriminate in recruiting employees and the hiring is done on the basis of merit and competency, the Government today said in the Rajya Sabha.
Accepting slippages in capacity augmentation targets in the power sector during the first two years of the 11th Plan, the government today said bottlenecks in road transportation and movement of utilities had led to delays.
Three contract workers died in a mishap at a unit of the Haldia Petrochemicals (HPL) in East Midnapore district of West Bengal.
Indicating an improvement in credit pick-up, State-owned Oriental Bank of Commerce (OBC), on Thursday said it expected the loan book to grow at 20-22 per cent this financial year.
Mukesh Ambani-led Reliance Industries (RIL) today raised Rs 2,675 crore by selling a part of its treasury stock to Life Insurance Corporation of India (LIC), to create a war chest to acquire the bankrupt chemicals giant LyondellBasell.
Union minister of state for Railways K H Muniyappa has asked the state to submit a list of its demands for development of railway network in the state to the Centre before January 15, 2010.
The Nifty traded in the positive territory for most part of the day. The index made an intra-day high of 5,167 but closed at 5,103, indicating caution at higher levels. This means the 5,182 level has acted as a strong resistance for the last four days with crucial support remaining at 5,080. It is difficult to predict when the market will move out of the current trading band as indecisiveness has now spread to stocks futures — most traded Nifty components, such as Tata Steel, Reliance Industries, Unitech, DLF, Tata Motors and Suzlon Energy, closed in a Doji pattern today.
Wind power turbine maker Suzlon Energy today said it has bagged an order from Rajasthan State Mines and Minerals for suppling 15 units of wind turbines to be installed at the Tejuva site in Jaisalmer, for an undisclosed amount.
German firm REpower, in which Suzlon Energy holds 91 per cent stake, has signed an agreement with US-based enXco to supply 70 turbines for a wind farm project by 2011.
While Goldman Sachs Group Inc scrapped its holiday party for a second straight year and some JPMorgan Chase & Co bankers had their yuletide gathering in a cafeteria, staffers of Bear Stearns Cos reunited at a velvet- roped bar that sells bottles of Cristal champagne for $450.
The Indian mutual fund industry had negligible exposure in the Dubai financial market to cause any ripples back home, LIC Mutual Fund Chief Executive Officer Sushobhan Sarkar said.
Worldwide industry vertical market IT spending is projected to total $2.28 trillion in 2009, a 6.8 percent decline from 2008, according to Gartner, an information technology research and advisory company . Analysts predict the market will return to growth in 2010, when it will grow at 2.3 percent to reach $2.34 trillion.
Business Standard / New Delhi December 30, 2009, 0:33 IST
Oil prices were back above $83 in Asian trade today as a cold snap across the northern hemisphere powered higher demand for heating fuel, analysts said.
Business Standard / New Delhi January 1, 2010, 0:17 IST
The next date for arbitration hearings on the terms of sale of the government’s residual 49 per cent stake in Bharat Aluminium Company (Balco) to Sterlite Industries is January 31. A three-day hearing by a panel of three retired judges of the Supreme Court concluded today.
Mysoreans will have the opportunity of witnessing for the first time thrilling aerobatic demonstration by the renowned Suryakiran team of the Indian Air Force (IAF) during this Dasara.
Regional differences in Andhra Pradesh Congress burst out in the open today when late YSR"s son Jaganmohan Reddy joined TDP protesters in Lok Sabha only to face demands for disciplinary action from party MPs from Telangana.
Pyramid Saimira today said N Narayanan has been appointed as Chairman on board of the firm.
The year 2009 was one of the most challenging years for the Indian information technology (IT) services sector. Even as IT spends went down by almost 6-8 per cent globally, Indian IT companies had to grapple with the confession by Ramalinga Raju regarding a nearly Rs 8,000-crore fraud at Satyam Computer Services.
Infosys BPO, the outsourcing arm of Infosys Technologies, today said it has partnered with the American Institute for Chartered Property Casualty Underwriter and the Insurance Institute of America (the Institutes) to enrich its insurance vertical.
The Nifty futures moved in a narrow band and closed higher at 5,239 on poor volumes in both cash and derivates segments. The trading volume in Nifty January futures declined to 11.86 million shares from around 42 million shares on the first day of the December series. It is difficult to predict the market movement in the near future due to extremely poor volumes. However, the intra-day trading pattern in Nifty futures and options suggested that traders booked profits while bears built short positions at higher levels.
Kolkata-based Vibgyor Vehicles, which unveiled two bikes today, said its second manufacturing plant with a capacity of 1.4 lakh units will be operational by May this year.
Prime Minister Manmohan Singh today met the members of the Planning Commission to take stock of the economy and directed them to complete the mid-term appraisal (MTA) of the 11th Plan (2007-12) by March.
LNG importer Petronet LNG is eyeing 53 per cent growth in the top line at Rs 13,000 crore during the current fiscal, Petronet LNG Managing Director P Dasgupta said today.
The condition of 95-year-old Marxist leader Jyoti Basu, hospitalised with pneumonia, turned "very critical" today and he was put on a ventilator after developing acute breathing problems.
Alpari Forex (India) Private Limited, a Mumbai-headquartered online foreign exchange trading services provider, is targeting to achieve Rs 200 crore daily trading volume by the end of calendar 2009, of which about 40 per cent is expected to flow in from Andhra Pradesh, according to its chief executive Pramit Brahmbhatt.
Newbie restauranteur Rajyasree Sen of Brown Sahib gives the humble mishti doi a new twist.
The Telangana agitation over the Centre’s decision to create a new state in the region has forced several companies, including Bharat Forge, the Lakshmi Mittal Group and the NTPC-BHEL joint venture, to either put their expansion plans on hold or explore other states.
Acquisition of Rs 5,440-cr German major will make Ahmedabad firm a global textile-chemical giant
The Finance Ministry today said the financial crisis in Dubai, triggered by a slump in real estate, may not impact remittances sent by Indian expatriates in the Gulf.
Oil prices fell in Asian trade today, pulled by equities markets that were spooked by a shock call from the Dubai government to suspend the debt of a key state company.
Foreign universities may be going the extra mile to lure Indian students abroad, but a new report reveals that Indian students who aspire for a Master in Business Administration (MBA) degree continue to find the country an attractive destination for higher studies.
The third book in Stieg Larsson’s Millennium trilogy brings an epic series to a very gratifying close. Unfortunately, writes Jai Arjun Singh, it all really does end here.
Two electronic media personnel had their accreditations snatched away by the Mumbai Cricket Association authorities for violating coverage norms prior to the third day"s pre-lunch session in the India-Sri Lanka third cricket Test at the Brabourne Stadium here today.
Business Standard / New Delhi September 28, 2009, 0:36 IST
Decision likely before March 2010, price will determine winner.
Call it the Bollywood effect. At his press conference in Mumbai during the election campaign, Corporate Affairs Minister Salman Khurshid repeatedly gave film references. When someone alleged the Congress party had given very few seats to Muslim candidates and could be accused of neglecting the community, Khurshid recited lines from the famous Anand Bakshi song from the movie Amar Prem, “Kuchh to log kahenge, logon ka kaam hai kehna” (people will say something, that’s their job). After a few minutes, a chit was passed on to him saying that Minister of State in the Prime Minister’s Office Prithviraj Chavan had arrived for the next press conference. Khurshid wrapped up his press meet while saying, “This was just the matinee show. Now the evening show will start.”
India has a huge infrastructure problem and the solution so far appears to be to throw more money at the problem, without much effort to fix the core issues. A McKinsey analysis suggests India could lose up to around 10 per cent of GDP in the year 2017-18 due to shortage of infrastructure. While this is not a startling result, what is worrying is that the quality of expenditure has gone down with more money being spent. So, in the power sector, actual expenditures have fallen from 75 per cent of those planned in the 9th Plan period to a mere 58 per cent in the 10th one — roughly speaking, the 9th Plan was the NDA period and the 10th Plan the UPA’s first term.
To make London its European hub.
With valuations of companies becomign more realistic due to the slowdown, investors are delaying their exit. What used to be a three-to-five year period now is five to seven years. The longer duration is to compensate for the low returns due to the slowdown, according to Sateesh Andhra, venture partner of Draper Fisher Jurvetson and convenor of The Indus Entrepreneurs (TiE)-Indian School of Business (ISB) Connect.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 775.26 crore in futures and options segments on Friday.
Haryana Cooperation Minister Paramvir Singh said that the central cooperative banks in the state would provide a loan of Rs 8,600 crore during the current financial year to the farmers. These banks had provided loans worth Rs 4,306.60 crore during the last financial year to the farmers under various schemes.
Software major Microsoft Corporation has held talks with News Corp for a possible deal which would involve paying the Rupert Murdoch-led firm for removing its news content from the website of Internet search giant Google, says a media report.
Sees itself as spearhead for G-77, to press for twin-track talks in run-up to Mexico.
A joint venture led by NHPC, the country’s largest hydel power producer, will develop the 1,500-Mw Tipaimukh hydropower project in the north-eastern state of Manipur.
The fate of candidates aspiring to grab a seat on the board of Kheda District Co-operative Milk Producers Union Ltd (KDCMPUL), popularly known as Amul Dairy, was today sealed. The polls saw more than 99 per cent of voting while the results would be declared on Friday.
The water drawal by the industries from the Hirakud reservoir is much below the approved level, according to the state minister for industry and steel and mines, Raghunath Mohanty.
It’s no longer just a war over prices. ‘Health’ appears to be the new proposition from snack makers. PepsiCo recently added a ‘health’ proposition to its bevy, with Aliva. Now Parle Products is performing a similar act with ‘Smart Chips’.
Sees itself as spearhead for G-77, to press for twin-track talks in run-up to Mexico.
The utilisation of funds under the National Rural Employment Guarantee Scheme (NREGS), the flagship programme of the United Progressive Allinace (UPA) government, declined to 75 percent in 2008-09 from 82 percent in 2007-08.
Outlining its stand on the negotiations for finalising the Doha Round of the World Trade Organization (WTO) talks, the government today said any new approach proposed for discussions would not be acceptable to India.
To widen the probe against former Jharkhand Chief Minister Madhu Koda and his associates for alleged illegal investments worth Rs 2,000 crore, the Income Tax (I-T) department and Enforcement Directorate (ED) will share information with various central economic intelligence agencies.
The stock erased most of its gains and ended flat at Rs 452. The counter clocked volumes of 1.47 million shares as compared to the two-week daily average traded volumes of 756,608 shares on the BSE.
The All India Organisation of Chemists and Druggists (AIOCD) plans to have 20,000 pharma retail outlets in the organised sector under a common brand by February 2010, a top official said.
The Sensex started the day on a very strong note mirroring international cues and on expectation of a good earning season. The Sensex is now at 17,660, up 120 points. The NSE Nifty is 33 points higher at 5,278.
Sun Pharmaceutical Industries today said it has got the approval for its Abbreviated New Drug Application (ANDA) for the generic version of Quinapril Hydrochloride tablets used in the treatment of hypertension and congested heart failure.
The central government’s invitation to global pharmaceutical companies to conduct clinical trials here of their H1N1 (swine flu) vaccine candidates has evoked only a limited response. Only two companies, Novartis and GlaxoSmithKline, have come forward to seek regulatory approval for such trials in India, it is learnt.
While H1N1 scare is keeping tourists away, the Rs 6 crore state-sponsored Dasara celebrations are taking off here today. Works are hurriedly being completed at several places to dress up the old royal city for the 10-day celebrations. Unprecedented number of programmes is chalked out and programme rehearsals and publicity campaign are in full swing.
Swiss drug maker Novartis today said its newly developed vaccine "Celtura" against Influenza A HINI (Swine Flu) has shown effective result during a pilot test conducted by it.
The domestic pharmaceutical industry has demanded exemption in income-tax and fiscal incentives in the forthcoming Budget for promoting research and development (R&D) in the field of drug discovery in India.
The mad rush to set up special economic zones that house export-oriented manufacturing units three years ago turned cold in 2009, as demand for commercial space waned due to the global meltdown.
The government has granted one year extension to Satyam Computer Services for completion of three special economic zones (SEZ) in Andhra Pradesh, giving elbow room to the new management of the IT firm.
French pharma major Sanofi-aventis today said its vaccine division Sanofi Pasteur has acquired majority stake in Hyderabad-based Shantha Biotechnics, which has been valued at euro 550 million (over Rs 3,770 crore).
Sayantani Kar / Mumbai October 20, 2009, 0:53 IST
Reiterating her opposition to the ongoing joint operation against the Naxalites (CPI Maoist) at Lalgarh, in Paschim Medinipur, Mamata Banerjee said today that her party would continue to oppose it. She has pointed out that the joint operation had not yielded the desired results, as killing of poor people in the junglemahal was continuing.
Tata Steel today said its sales for the October-December quarter surged 49 per cent to 1.5 million tonnes, driven by robust demand from sectors like automobiles and consumer durables.
The country"s largest steel maker, Steel Authority of India (SAIL), today reported a 32 per cent growth in sales at 1.3 million tonnes in December 2009.
Vedanta Group company Sterlite Energy is believed to have bagged the country"s first Ultra Mega Power Transmission (UMTP) project, breaking the decades-old monopoly of state-run PowerGrid Corporation.
Business Standard / New Delhi December 11, 2009, 0:05 IST
FIIs back in the game, buy shares worth Rs 769 crore.
Major growth driver will be transmission and road projects.
The governments of Maharashtra, Gujarat and Andhra Pradesh have started talks with the Anil Dhirubhai Ambani Group (ADAG) for a possible relocation of the 8,000-Mw Dadri gas-based power plant from Uttar Pradesh.
HC quashes use of emergency power for land buys; ADAG firm says it’s a procedural issue.
The country"s largest power producer NTPC today said it plans to recruit about 1,300 people in the next fiscal to support the company"s ambitious target of becoming a 50,000-MW company by 2012.
Carbon dioxide emissions, the main driver of global warming, could fall three per cent worldwide in 2009 due to the global economic crisis, the International Energy Agency said today.
German firm REpower, in which Suzlon Energy holds 91 per cent stake, has signed an agreement with US-based enXco to supply 70 turbines for a wind farm project by 2011.