Adani Transmission to acquire Warora-Kurnool Transmission for Rs 3,370 crore
Adani Transmission Ltd (ATL) has signed an agreement with Essel Infraprojects for the acquisition of Warora-Kurnool Transmission Limited (WKTL). ATL said the acquisition is valued at Rs 3,370 crore. With this acquisition, the cumulative network of ATL will reach 17,200 circuit kilometers (ckt km). Out of this, 12,350 ckt km is already operational, and 4,850 ckt km is in various stages of execution. WKTL will develop, operate, and maintain transmission lines aggregating to 1,750 ckt km, which links the western and southern regions of India.
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HCL Tech launches digital acceleration center in Canada
HCL Technologies announced the launch of an innovation center focused on digital acceleration in Mississauga, Ontario. HCL will deliver advanced technology solutions to its global client base to help accelerate their digital transformation journeys. The company will provide digital and analytics solutions, cloud consulting, cybersecurity, and IT infrastructure solutions from its new global delivery center. The IT major said it continues its expansion and growth in Canada with plans to hire 2,000 employees in the next three years.
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Mukund completes sale of land in Thane to NTT Global Data Centers Nav2
Mukund Limited has completed the transfer of surplus leasehold land at Thane to NTT Global Data Centers Nav2 Pvt Ltd for Rs 801 crore. The company will utilise the amount for repayment of debts. The specialty steelmaker said it has brought down its overall debt by Rs 975 crore during FY 2020-21. Mukund has also sold its 51% stake in the joint venture, Mukund Sumi Special Steel, to Jamnalal Sons Private Ltd and has received Rs 713.61 crore as the first installment.
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Lumax Industries to set up manufacturing unit at Sanand
The Board of Directors of Lumax Industries has approved capital expenditure (capex) amounting to Rs 80 crore for setting up a manufacturing unit in Sanand, Gujarat. The unit will cater to the orders received from MG Motors and other customers. The total capex will be funded by a mix of debt and internal accruals. The project is expected to be operational by the third quarter (Q3) of FY 2021-22.
The company’s board has approved the setting up of an office in the Czech Republic to strengthen its technological capabilities.
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BPCL sells entire 61.5% stake in Numaligarh Refinery to Oil India, Engineers India
Bharat Petroleum Corporation Ltd has sold its entire 61.5% stake in Numaligarh Refinery Ltd (NRL) to a consortium of Oil India Limited (OIL), Engineers India, and Government of Assam for Rs 9,876 crore. OIL acquired a 54.16% stake from BPCL, while Engineers India bought a 4.4% stake. The sale of NRL clears the way for the privatisation of India’s second-largest fuel retailer.
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Adani Green Energy completes acquisition of 20-MW solar project in UP
Adani Green Energy Ltd (AGEL) has completed the acquisition of Spinel Energy & Infrastructure Ltd (SEIL) from Hindustan Cleanergy and Peridot Power Ventures. SEIL has a 20 megawatt (MW) operating solar project in Mahoba, Uttar Pradesh. The project has a long-term Power Purchase Agreement (PPA) with UP state discom at Rs 7,54 per kilowatt-hour (kWh). AGEL acquired the entire share capital and securities of SEIL at an enterprise value of Rs 133 crore.
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Minda Industries to expand capacity at Bawal plant
The Board of Directors of Minda Industries has approved the expansion of a production plant of its material subsidiary, Minda Kosei Aluminium Wheel Pvt Ltd. The subsidiary manufactures aluminium alloy wheels for original equipment manufacturers (OEMs). A fresh investment of Rs 167 crore has been approved for the expansion of Minda Kosei’s Bawal plant in Haryana from 1,20,000 wheels per month to 1,80,000 wheels per month.
The company’s board has also approved an investment of Rs 90 crore to set up a plant in Gujarat for manufacturing four-wheeler automotive lighting products.
Vascon Engineers receives LoA for projects worth Rs 515 crore
Vascon Engineers Limited has received a Letter of Acceptance (LoA) from the Uttar Pradesh Public Works Department for two projects worth Rs 515.63 crore. The first project consists of establishing a new medical college (attached with the existing District Hospital) in Bijnor. The second project includes the establishment of a medical college in Kaushambi district. Both projects have to be completed within 18 months.
NBCC (India) secures redevelopment work for Rs 1,356 crore
NBCC (India) Limited has secured an order for the redevelopment of GPRA Colony at Netaji Nagar, New Delhi. This includes the construction of General Pool Office Accommodation (GPOA), SARTAC Office Hostel, and other infrastructure buildings and allied works. The estimated value of the engineering, procurement, and construction (EPC) order is Rs 1,356.15 crore.
