December 18, 2006
The media had reports on December 16, 2006 that Nagarjuna Construction Co. Ltd is in talks with foreign players for partnership in its gas pipeline venture.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Nagarjuna Construction Co. Ltd has vide its letter inter-alia stated, "We confirm that we do have plans to start a Gas Pipeline Division and have also started recruiting people for this purpose. We are currently bidding for gas pipeline projects based on a Memorandum of Understanding (MOU) with SICIM of Italy but we do not have any plans to start a joint venture company for gas pipeline projects. We further confirm that our company is having a subsidiary for the purpose of real estate development but we deny the rumours regarding fund raising for development of real estate projects / placement of shares or listing of the same as of now."
Source: National Stock Exchange of India Limited
Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.
