Reliance Petroleum Retail Limited, a wholly owned subsidiary ofReliance Industries has executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters Limited (SPL) and Shubhlaxmi Polytex Limited (SPTex) for cash consideration of ₹1,522 crore and ₹70 crore respectively, aggregating to ₹1,592 crore by way of slump sale on a going concern basis. The acquisitions are subject to approval of the Competition Commission of India and the respective lenders of SPL and SPTex. Meanwhile, Reliance Industries said it is planning to undertake shutdown of one Crude Distillation Unit (CDU) and Fluidized Catalytic Cracker (FCC) of its SEZ refinery at Jamnagar for routine maintenance and inspection activities. The duration of shutdown is expected to be about 3 to 4 weeks for CDU starting September 18 and 4-5 weeks for FCC starting September 10.
Oil and Natural Gas Corporation (ONGC)has signed 6 contracts for Discovered Small Fields (DSF) in the Offshore under DSF-III bid round, with 3 each for fields in the Arabian Sea and Bay of Bengal. These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation Limited (IOCL). The Energy Maharatna also signed 2 Contracts for Fields under Special CBM Bid round-2021 blocks in Jharkhand and Madhya Pradesh.
State Bank of Indiahas successfully raised funds through Basel III compliant AT 1 Bonds. Out of the bids received, the Bank accepted ₹6,872 crore at 7.75 per cent.
In relation to disputes with regard to breach of the terms of the share purchase agreement dated December 21, 2017, relating to transfer of Mumbai Power Business to Adani Transmission Limited, Reliance Infrastructure Ltdhas filed its statement of arbitration claims for a sum of approx. ₹13,400 crore before the Mumbai Centre for International Arbitration.
NTPC Ltd has entered into an agreement to supply Renewable Energy Power to the armed forces (Military Engineering Services). This is the first ever agreement by the Indian armed forces for sourcing power from Renewable Energy sources. This will go towards the gradual decarbonisation of the armed forces.
The financial implication cannot be ascertained and is contingent upon the final outcome of arbitration and subsequent legal challenges. The board of Gujarat Industries Power Company Ltd has approved the award of EPC Contract to KEC International Limited at the cost of Rs 244 crores for Pooling Sub-station 400/33 KV, 1200 MW (PSS-1, Phase-1 & Phase-II of 600 MW each) of Solar / Wind / Hybrid RE Park of 2375 MW capacity at Great Rann of Kutch area, Gujarat.
Sunteck Realty Limited has acquired a posh land parcel of about 7.25acres at Beverly Park, Mira Road under the JDA model. The project is estimated to have development potential of approx 2.5mn sq.ft built up area and a revenue potential of around ₹3,000 crore. The project is located in the prime location - Beverly Park at Mira Road. Sunteck plans to develop luxurious residences that will offer unparalleled lifestyle living with premium retail. The well-connected infrastructure adds to the holistic living.
There was a fire incident at Anupam Rasayan India Limited's plant in Sachin GIDC. The company's fire response team and the local fire brigade brought the fire under control in around one hour. The fire took place in one of the manufacturing block of the factory at Unit-6 of the Company. The cause of the incident is being investigated. There are 4 fatalities reported, and 20 people are injured and are receiving treatment at the local hospital. Out of the six manufacturing Units spread out at different locations in Sachin GIDC of Surat district and Jhagadia GIDC of Bharuch district, the plant at Unit 6, which is an independent Unit and has the lowest capacity. The company is trying to assess the damage and will take appropriate actions to operationalise the plant shortly. Also, the company is covered for loss of assets and loss of profits under Insurance.
In a major milestone transaction, the Government of Italy, through its investment arm, Invitalia. has taken a strategic stake in Titagarh Firema Spa (TFA), the subsidiary of Titagarh Wagons Limited. The Government of Italy will subsequently own 30.30 per centstake in Titagarh Firema, for an investment of Euro 10 million. Their investment has been accompanied by an investment from a private Equity Fund based out of UAE, Hawk Eye DMCC, who has invested Euro 4.5 million and acquired 13.64 per cent equity shIare capital of the company. The existing promoters of the company and shareholders (Titagarh Bridges & International Pvt Ltd) have also invested Euro 5.4 million as a part of the investment agreement and recapitalisation plan agreed by TFA with the Government agency and the Private Equity fund. The new equity has been issued at face value of Euro 1/- per share translating into an Enterprise Value of the company at Euro 118 million and an Equity valuation of Euro 33 million.
Anant Raj Cloud Private Limited, a wholly owned subsidiary of Anant Raj Limitedhas been empanelled as a Business Partner with RailTel Corporation of India Limited. The company said it is proud to be a business partner of RailTel, a Mini Ratna of Government of India, for Data Centers.
Shakti Pumps Indiahas invested ₹60 lakh in its wholly owned subsidiary i.e. Shakti Green Industries Private Limited by subscribing to 6 lakh shares of ₹Rs 10 each. The consolidated investment is ₹7.26 crore after subscribing aforesaid equity shares. Shakti Green Industries Private, incorporated in 2021, is engaged in manufacturing, trade, buy, sale of electric vehicle motors, charging stations for Home/ Commercial/ Highways, Battery management systems, Electric Control Panels, VFDs, IoT based Smart Electric Control Panel, Controllers, Universal Controllers, Battery Charging System, Customized / Integrated Electronic / Electrical Control Panel.
Venus Pipes & Tubes Ltd, one of the leading manufacturer of stainless pipes and tubes, has become the first Indian company to receive Bureau of Indian Standards (BIS) approval for stainless steel seamless and welded pipes and tubes.
The board of KCD Industries India has considered and approved the increase in the authorised share capital from ₹2.5 crore to ₹20 crore and consequent alteration of the Memorandum of Association of the company, subject to the approval of members. The board also approved proposal to raise up to Rs 49 crore.
HG Ateli Narnaul Highway Private Limited, a wholly owned subsidiary of HG Infra Engineering, has received the completion certificate for the project "Construction of proposed Narnaul Bypass (& Ateli Mandi to Narnaul section of NH-11 in Haryana on Hybrid Annuity Mode. The completion certificate has been issued by the Independent Engineer and the project has been declared fit for entry into commercial operation on March 11.
Colorchips New Media Ltd along with its Wholly Owned Subsidiary Vega Music Private Limited, which is a leading digital media player, has decided to venture into new areas. The company which has a rich bank of content in 7 Indian Languages is in advanced stage of negotiation with a leading media content aggregator in the US to acquire over 1,000 titles of content in English Languages as a first step towards catering to North American and other Western Markets. The content consists of biographies of several world celebrities such as Barrack Obama, Bill Clinton, Bill Gates, Princes Diana, Franklin Roosevelt, Angelina Jolie, Britney Spears etc., just to name a few. The list encompasses all notable names in various fields.
Vishvprabha Foods Private Limited (a wholly own subsidiary company) of Vishvprabha Ventures Limited has received a consent letter from Gujarat Pollution Control Board, Gandhinagar, Gujarat for setting the plant/activities and manufacturing of the items and products at Toranvera, Navsari.