Venus Pipes & Tubes Ltd has approved a capacity expansion of ₹50 crore for bigger diameter tube mill to manufacture stainless steel welded pipes, which will increase the existing welded pipes range to maximum 20" inch (508mm) diameter and thickness up to SCH80s with a capacity by 700 mt per month. The project will be funded through a mix of debt and internal accruals, and commercial production is expected to start by Q1 FY24. The proposed expansion will include tube mill along with the entire finishing infrastructure, i.e. annealing furnace, pickling and passivation setup, high end testing etc., to support the higher dia. welded pipe process.
Triveni Engineering & Industrieshas announced the divestment of its entire 21.85 per cent stake in Triveni Turbine Limited (TTL) worth ₹1,609 crore, unlocking significant value for shareholders. Driven by strong investor demand, the sale of shares was to marquee investors, including sovereign wealth funds, such as GIC and Abu Dhabi Investment Authority (ADIA), foreign institutions, such as Nomura and Plutus, and leading mutual funds, such as SBI MF, Aditya Birla MF, Sundaram MF, and Invesco MF.
KPI Green Energy Ltd has received a new order for executing wind-solar hybrid power project of 5.40 MW capacity from Greenlab Diamonds LLP, Surat, under 'Captive Power Producer (CPP)' business segment of the company.
Kirloskar Oil Engines Limited has announced that it will acquire balance stake in La-Gajjar Machineries Private Limited (LGM), Ahmedabad. KOEL had acquired 76 per cent stake in LGM in 2017 with an agreement that the balance holding will be acquired by KOEL over a 5 year period.
IDBI Bankhas completed the sale transaction of its entire stake of 20 crore equity shares in Ageas Federal Life Insurance Company Limited (AFLI) pursuant to receipt of the requisite regulatory approvals. Pursuant to this sale, IDBI Bank's shareholding in AFLI now stands at nil.
Gujarat Alkalies and Chemicals Ltd has successfully commissioned expansion of caustic soda plant at Dahej Complex and started production on September 20 from the newly installed facility. The board of the company had earlier approved the expansion of Caustic Soda Plant of Dahej Complex from 785 TPD to 1310 TPD and installation of 65 MW coal-based power plant at Dahej Complex.
Ashoka Buildcon Limited, which had submitted its bid to the South Western Railway, has received a letter of acceptance for construction of New BG Line, including electrical and telecommunication works between Tolahunse and Bharmasagar stations on EPC mode. The accepted cost for the Project is ₹258.12 crore. The completion period is 24 months from the appointed date.
Gujarat Industries Power Company Ltd has issued letter of intent, for design, engineering, manufacturing, assembly, procurement, commissioning etc., to KEC International Limited for 1200 MW of 2375 MW solar/wind/ hybrid Renewable Energy Park of 2375 MW capacity at Great Rann of Kutch area, Gujarat under single EPC basis.
PB Fintech will invest ₹650 crore in Policybazaar Insurance Brokers, and also invest ₹250 crore in Paisabazaar Marketing and Consulting.