Kutch Copper Limited , a subsidiary of Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for production of refined copper with one million tonnes per annum (mtpa) capacity in two phases. For the Phase-1 capacity of 0.5 mtpa, KCL has achieved financial closurethrough a syndicated club loan for the greenfield copper refinery project at Mundra, Gujarat, with the execution of financing documents with the consortium of banks led by State Bank of India (SBI). The other consortium members are Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank and Bank of Maharashtra. The consortium of banks has sanctioned and signed an agreement for the entire debt requirement of ₹6,071 crore for the for the first phase of the project.
Tata Power Solar Systems Limited (Tata Power Solar), a wholly owned subsidiary of Tata Power, has commissioned India’s largest floating solar power project in Kayamkulam, Kerala, on a 350-acre water body, a backwaters area, having an installed capacity of 101.6 megawatt peak. This installation was completed within the stipulated period, despite the arduous challenges of variable water depths, high sea tides, and severe water salinity concerns faced throughout the project’s construction duration.
Dr Reddy’s Laboratories (DRL) along with its subsidiaries has acquired a portfolio of branded and generic injectable products from Deer Park, Illinois, based Eton Pharmaceuticals, Inc. The portfolio includes the Biorphen (phenylephrine hydrocholoride) Injection and Rezipres (ephedrine hydrochloride) injection NDAs with nine separate combinations of strengths and presentations and one firstto-file approved ANDA for Cysteine Hydrochloride for the US. Besides, DRL has also entered into a settlement agreement with Indivior Inc and Indivior UK, and Aquestive Therapeutics, Inc. Pursuant to the agreement, the company will receive payments totalling $72 million by March 31, 2024. The agreement resolves all claims between the parties relating to the company’s generic buprenorphine and naloxone sublingual film.
The board of Hindustan Copper Ltd will be held on Thursday (June 30) to consider fund raise by issue of equity shares through qualified institutional placement by issuing 9,69,76,680 shares in one or more tranches and to offer, issue and allot secured or unsecured non-convertible debentures or bonds on private placement basis up to ₹500 crore.
Online food delivery platform Zomato has acquired quick-commerce platform Blinkit for ₹4,447 crore (about $568 million) in an all-stock deal. Zomato has already acquired more than 9 per cent stake in Blinkit (earlier Grofers).
Based on rating assessment undertaken by CARE Ratings Limited, Aptus Value Housing Finance India Limited’s credit rating has been upgraded to ‘AA-’ from ‘A+’ while reviewing the existing ratings. Long Term Bank Facilities: ₹1,000 crore - CARE AA-; Stable; and Non-Convertible, Debentures - ₹99.70 crore - CARE AA-; Stable.
The board of RattanIndia Power Limited has decided that subject to the approval from the shareholders of the company, to enter into a related party transaction with RattanIndia Enterprises Limited (REL) for commercial development of surplus land admeasuring 421 acres, situated at Amravati Thermal Power Plant of the company at Nandgaon Peth, Amravati.
Welspun Corp Ltd has secured various orders to be executed from India and the US across the oil & gas and water sector, of about 47,000 MT amounting to ₹600 crore. These include, receipt of an order for the supply of onshore coated pipes and bends for a pipeline project in Australia. This is a prestigious order for the manufacture and supply of about 19,700 MT of pipes and 180 bends for transportation of gas. This export order will be executed from WCL’s plant at Anjar.
Dwarikesh Sugar Industries Limited has announced the commissioning of its 175 KL per day distillery at its Dwarikesh-Dham (Faridpur) unit in Bareilly district. The plant will use cane juice syrup and ‘B’ heavy molasses as feedstock for producing ethanol. The setting up of the distillery is an important milestone in the annals of Dwarikesh Sugar as the company’s distillery capacity now stands enhanced at 337.5 KL per day.
GHCL, India’s one of leading chemical & textile companies, has inaugurated its new spinning unit at Manaparai in Madurai district of Tamil Nadu. GHCL’s unit, a latest addition to the yarn division, is equipped with 39,600 ring spindles to produce synthetic and synthetic blend compact yarn and has a production capacity of 23 tons per day.
Kiri Industries is acquiring 81 per cent equity stake of Indo Asia Copper Limited. Accordingly, Indo Asia Copper Limited will become a wholly owned subsidiary of the company. The prospective intent is for manufacturing of copper and allied products as well as fertilisers.
The board of directors of TCM Ltd (formerly Travancore Chemical & Mfg Ltd) has entrusted its Managing Director to identity a suitable joint venture partner to develop company’s Kalamassery land with a view to get maximum value addition to the company.
Addi Industries has executed a sale deed of the company’s land plot at Nodia for a consideration of ₹18 crore.
Hazoor Multi Projects Ltd has received work order from Gayatri Projects Ltd for execution of change of scope work from ch.502.698 to ch.521.600 of package-II for ₹220.41 crore.
HP Cotton Textile Mills has incorporated MMF Textiles Ltd as a wholly owned subsidiary. HP MMF will carry out business in the field of textile with the object to manufacture all kinds of textiles, yarns, fabrics, garments and other related products. HP MMF is yet to commence its business operations.
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