Recently I posted a link to an Indian news article that said UGL...

Recently I posted a link to an Indian news article that said UGL had reached a big rail agreement in India with Texmaco.
Last night, I found some more information on the deal. It sounds impressive, BUT does anyone know why this has not been announced to ASX or even been reported in local news???

Latest article here;

http://machinist.in/index.php?option=com_content&task=view&id=2096&Itemid=2

Has this not been announced because maybe waiting formalisation of deal?

Extract (Friday afternoon our time):
"Kolkata : KK Birla group company Texmaco Ltd and Australian firm United Group Ltd have formed a 50:50 joint venture to manufacture hi-tech wagon and locomotive bogie frames Indian Railways, private industry and export. The company has requested the state government for 100 acres of land to set up a modern manufacturing facility.

United Group is one of ASIA PACIFIC’s LEADING end to end rail technology solution providers. The Texmaco - United Group JV is expected to begin working out of Texmaco’s existing premises until the new plant is set up.
The JV will also explore opportunities thrown up by the Center’s plan to create dedicated freight corridors linking Delhi-Mumbai and Delhi-Kolkata"
(emphasis mine)

Buy on rumour, sell on fact?