Shareholders of debt-ridden Vodafone Idea have approved issuing shares worth ₹1,600 crore to ATC Telecom Infrastructure on a preferential basis, according to a regulatory filing. Vodafone Idea Ltd’s (VIL) board has given its nod to settle ₹1,600 crore dues to equipment vendor ATC Telecom by converting the due amount into equity, if it remained unpaid in 18 months.
Equities to open firm on global guesSoftening VIX points to further consolidation
Insurance major Life Insurance Corporation of India has increased its stake in Tech Mahindra to 6.874 per cent from 4.863 per cent. In a notice to the stock exchanges, LIC said the increase of 2.011 percentage points happened with an average cost of ₹1,042.24.
Reliance Retail, Adani Group’s JV April Moon Retail and 11 other companies have made it to the final list of prospective bidders for acquiring debt-ridden Future Retail Ltd. These companies have been included in the final list of prospective resolution applicants after receiving no objections from stakeholders concerned to the provisional list issued on November 10, said an update from Resolution Professional for Future Retail Limited (FRL).
DCW Limited, a leading speciality chemical company in India, plans to double its CPVC capacity by adding another 10KT capacity. The company also plan to augment the capacity utilisation of its SIOP plant to 100% with some line balancing Capex to generate an additional 10KT of production per annum. As per the estimates, the CPVC project is expected to be commissioned in the second half of FY24 & SIOP de-bottlenecking to be completed by Q1FY24. However, the company is making concerted efforts to try and fast track the projects. DCW is investing around ₹125 crore on both of these two projects.
Nxtra Data, a subsidiary of Bharti Airtel, has started the construction of its new hyper-scale data centre in Kolkata. The company will invest ₹600 crore in the development of the largest data centre in East India catering to the underserved markets of east and north-east regions along with the SAARC countries.
MBL Infrastructure has received arbitration award for its residential project in Delhi. The Learned Arbitral Tribunal passed an award in favour of the company against Public Works Department, Delhi, for ₹9.29 crore plus interest at the rate of 10% per year payable from November 22, 2022, if not paid within 90 days. The balance work of the project will be completed through the company on payment basis and further the expenditure of rehabilitation and repairs of existing works will be borne by the parties in the ratio of 2:1.
Hindustan Motors Limited has entered into a Memorandum of Understanding (MOU) to extend the EV domain across the border to enhance the production of eco-friendly electric vehicle. However, the company did not specify with whom, it has entered into an agreement.
JSW Energy has sought shareholders’ approval to appoint Parth Jindal as a director on the company’s board. Parth Jindal is the son of the company’s Chairman an Managing Director Sajjan Jindal. The remote e-voting process for the resolution to appoint Parth Jindal as a director will start on November 23 and end on December 22, according to a postal ballot notice.
Sunflag Iron and Steel Company Limited has received a Letter of Intent from the Mineral Resource Department, Government of Madhya Pradesh, for grant of mining lease for Bajna Iron Ore Block for Iron Ore and Manganese Ore for a period of 50 years.
Minda Corporation Limited, the flagship company of Spark Minda group, has announced Technology License Agreement (TLA) with LocoNav for white-labelling of Telematics Software for both Web & Android/iOS platforms. Spark Minda will integrate LocoNav developed software with its inhouse developed telematic devices to provide OEMs with a complete solution. This exclusive collaboration will enable Spark Minda to be ahead of technology curve with customised solutions to suit Indian OEM’s.