July 22, 2017 6:14 AM ET

Construction and Engineering

Company Overview of M. Pallonji & Co. Pvt. Ltd.

Company Overview

M. Pallonji & Co. Pvt. Ltd. operates as a contracting company in the field of industrial coatings and paintings. The company offers blasting, painting, anticorrosive lining, epoxy lining concrete repair, gunniting, and dredging services. It manufactures paints/coatings and water based epoxy emulsions, as well as provides finance to customers for acquiring vehicles on hire purchase basis. In addition, the company engages in bulk material handling and operates a fleet of barges for lighterage operations in Mumbai port. It serves hydroelectric and thermal power generating stations, chemical and fertilizer factories, petroleum refineries, and offshore oil and gas platforms, as well as government...

46/A, Cawasji Patel Street

Fort

Mumbai,  400001

India

Founded in 2005

Phone:

91 22 2042 432

Fax:

91 22 2855 325

Key Executives for M. Pallonji & Co. Pvt. Ltd.

Compensation as of Fiscal Year 2017.

M. Pallonji & Co. Pvt. Ltd. Key Developments

Tata Sons Board Considered Acquiring PNB MetLife

Tata Sons Limited is considered making a non-binding bid for PNB MetLife India Insurance Company Limited. On October 24, the Board of Tata Sons considered making a non-binding bid for PNB MetLife Life Insurance Ltd., according to the minutes of the board meeting. The proposal was brought up for consideration of the Tata Sons board members by Ishaat Hussain, Finance Director at Tata Sons and also chairman of Tata AIA Life Insurance Company Limited. Ishaat Hussain informed the board of an opportunity to acquire a majority stake in PNB MetLife India Insurance Company, for which a non-binding bid was being sought. Ishaat Hussain also proposed the following deal structure to the board of Tata Sons, as has been documented in the minutes of the board meeting on October 24, 2016. Tata Sons and Tata AIA Life Insurance Company would acquire 70%, by buying out all other shareholders including Elpro International Limited (BSE:504000), M. Pallonji & Co. Pvt. Ltd., The Jammu and Kashmir Bank Limited (BSE:532209) and MetLife, Inc. (NYSE:MET) except Punjab National Bank (BSE:532461), and this would be followed by a merger of the two life insurance companies. Punjab National Bank would have the option to sell its stake in the merged entity through a ‘put’ option in 3 years or Tata and Tata AIA Life Insurance Company can exercise a ‘call’ option in four to five years post-merger. The deal would initially cost Tata Sons between INR 15 billion to INR 27 billion, and its shareholding in Tata AIA Life Insurance would get diluted to 45% from 51% stake.

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