Adani Ports gets approval to acquire 10.4% stake in Gangavaram Port
Adani Ports and Special Economic Zone Ltd (APSEZ) has received approval from the Andhra Pradesh government to acquire a 10.4% stake in Gangavaram Port. The consideration to be paid for the acquisition is Rs 644.78 crore. The transaction is expected to be completed within a month. Gangavaram Port is a multi-cargo facility that has a capacity of 64 million metric tonnes (MMT). It handled cargo volumes of 32.81 MMT in FY21.
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FM launches EASE 4.0; reviews performance of public sector banks
Finance Minister Nirmala Sitharaman undertook the annual performance review of public sector banks (PSBs) and launched EASE 4.0 or Enhanced Access and Service Excellence. EASE 4.0 is a common reform agenda for PSBs aimed at institutionalising clean and smart banking. PSBs have been requested to interact with export promotion agencies and chambers of commerce to understand and address the requirement of exporters in a timely manner. The Finance Ministry also urged banks to extend assistance to the fintech sector.
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Cipla forms JV with Kemwell Biopharma for developing, manufacturing biosimilars
Cipla Ltd and Kemwell Biopharma Pvt Ltd have announced the execution of a joint venture (JV) agreement to develop, manufacture, and commercialise biosimilars for global markets. A joint venture company will be incorporated with an aim to enter the respiratory biosimilars space. The JV will leverage Cipla and Kemwell’s complementary strengths for end-to-end product development, regulatory filings, manufacturing, and commercialisation of biopharmaceutical products.
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PGCIL commissions 765 kV Vindhyachal-Varanasi transmission line
Power Grid Corporation of India Ltd (PGCIL) has commissioned the 765 kilo-volts (kV) Double Circuit (D/C) Vindhyachal –Varanasi Transmission Line. The project was undertaken by its wholly-owned subsidiary POWERGRID Varanasi Transmission System Limited (PVTSL). This transmission line corridor will provide strong connectivity between Northern Region (NR) and Western Region (WR) and facilitate the reliable flow of power to industries and households.
JSPL plans to spend $2.4 billion to double output
Jindal Steel & Power Ltd (JSPL) has announced plans to spend $2.4 billion (~Rs 17,800 crore) over the next six years to ramp up production capacity. The company aims to raise total crude steel capacity from the existing 8.6 million tonnes (MT) to 15.9 MT by March 2025. JSPL also has plans to more than double pellet production capacity to 21 million tons by 2024.
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UPL’s nature.farm launches program to end stubble burning
UPL’s agri-services subsidiary nature.farm has announced a program to end stubble burning practices in Punjab and Haryana by replacing the matchstick with a spray service for the PUSA decomposer, a bio-enzyme developed by the Indian Agriculture Research Institute (IARI). It decomposes the stubble within 20-25 days after spraying and turns it into manure, which further improves the soil quality. nature.farm has signed up over 5 lakh acres in this program and onboarded more than 25,000 farmers who will be availing this sustainable agriculture practice free of cost.
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Kaveri Seed board approves Rs 120 crore share buyback plan
The Board of Directors of Kaveri Seed Company Ltd has approved the buyback of equity shares of the company for an aggregate amount of Rs 120 crore. The buyback price has been fixed at Rs 850 per share. The shares of Kaveri Seed closed at Rs 579.15 on the NSE today. Telangana-based Kaveri Seed is engaged in the production and marketing of hybrid seeds.
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Prestige Estates Projects acquires 70% stake in Shipco Infrastructure
Prestige Office Ventures, a wholly-owned subsidiary of Prestige Estates Projects, has acquired a 70% equity stake in Shipco Infrastructure Pvt Ltd for creating logistics and warehousing space. The transaction was valued at Rs 22.68 crore. Incorporated in 2006, Shipco Infrastructure is engaged in the business of real estate development.
Allied Digital Services secures 6-year contract worth $88 million from automotive company
Allied Digital Services Ltd has secured a six-year contract worth $88 million (~Rs 650 crore) from a global automotive giant. The order consists of transforming the IT operating model and infrastructure landscape across the automotive firm’s workplace management. The transformation will establish a fully scalable on-demand digital IT anytime-anywhere workplace and empower the end-customer to drive business growth.
Centre hikes sugar FRP to Rs 290 per quintal; rules out raising sugar selling price
The Central government has hiked the Fair and Remunerative Price (FRP) of sugarcane by Rs 5 per quintal to Rs 290/quintal for the 2021-22 marketing year. FRP is the minimum price that mills have to pay sugarcane growers. However, the Centre has ruled out any immediate increase in the selling price of sugar. The decision to hike FRP will benefit around 5 crore sugarcane farmers and their dependents. It will also support ~5 lakh workers employed in sugar mills and related ancillary activities.
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