Triggers for Triveni Glass....

What is GANGA EXPRESS and which cos it will benefit….? The newspaper clipping giving the trace of GANGA EXPRESS is given herein below….. “The Uttar Pradesh government is contemplating an ambitious 747-kilometer Ganga express highway project connecting the NCR region with the eastern parts of the state. Starting from freight container depot at Sikandarabad in Gautam Buddha Nagar, the 747-km-long express highway will touch Narora in Bulandshahr district and move along with the left bank of River Ganga up to Varanasi. The proposed eight-lane highway would pass through Bulandshahr, Badaun, Shahjhanpur, Fatehgarh, Hardoi, Unnao, Rae bareli, Pratapgarh, Allahabad, Sant Ravidas Nagar, Mirzapur and Varanasi districts.State Government had hired Engineering and Technological Services, a New Delhi based company to prepare the feasibility report for the project which it had already submitted, sources said. The Mayawati government plans to spend Rs 137080 million on the construction of the road. PWD official said National Highway -2 connects Varanasi with the National Capital Region (NCR). Other highways including NH 56 and NH 24 passing through Lucknow were considered life lines of Uttar Pradesh. The movement of freight transport as well as passenger transport would double after ten years and new road network was required for faster movement of the traffic. Irrigation Department had been directed to construct an eight- foot-high and 40-meter-wide bund along the left bank of river from Narora to Varanasi. Irrigation Department officials said Rs 9160 crore would be spent on the construction of 627-km embankment along Ganga Express highway. Along with assuring faster movement of traffic (120 km/per hour), the embankment would protect the nearby low-lying areas from recurrent flood. Along with the road, PWD would construct three major river bridges, three major canal bridges, and eight railways over bridges, 236 minor bridges, four flyovers on the national highway crossings, 10 flyovers on the state highway, 36 flyovers on the major district road and 210 underpasses. A Service road would be constructed along the highway for the movement of local traffic. The new highway would attract investment and promote tourism in the region. It would also help in the reclamation of the three lakh hectare land that would be used for agriculture, development of township, industrialization and afforestration, sources said. Reportedly as seen from the aforesaid details TRIVENI GLASS plant is located at ALLAHABAD between GANGA bank and the proposed express way. The land value which was assessed at Rs 150 crs a few years back has seen shot in the arm overnight. It is also reported from sources close to U P Govt that a SEZ would be earmarked close to the factory of T G and some politician are eyeing this blue chip plot at Allahabad. It is also reported that since there is no natural gas the promoters too are keen to shift their plant at RAJAMUNDRY A P which is in gas belt. At least 3 leading industrialists from Kolkata had approached co for sell of the plant which management heard denied so far. However, the largest shareholder in the co IDBI is sitting on 31 % stake which it had acquired for OTS of Rs 93 crs and co now owes only Rs 62 crs to FI. This report is released only for the benefit of those members who feel that they are stuck in Triveni Glass at higher prices. We have vested interest in the co as passive long term investor which would continue on long term basis. Investors are advised to take their call on the co for 2 reasons that one Ganga Express development may take time since is it politically sensitive issue and 2 promoters may not sell this prime land so easily. On merits co enjoys the highest operating margins in mirror glass and the dismal performance on financial front could become history very soon as co has re started its float plant after a gap of 9 months. Our long term targt of Rs 250 remains valid on Triveni Glass though it has missed the targets for 08.