Amara Raja Batteries to invest in Europe-based InoBat Auto
Amara Raja Batteries Ltd (ARBL) plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for e-mobility. The initiative would entail a total investment of €10 million (~Rs 84.35 crore), which includes a subscription of 0.04% stake and convertible loan in InoBat Auto AS, Norway. The initial investment will give ARBL a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push.
Read more here.
NTPC receives Rs 135 crore interim dividend from JV firm
NTPC Limited has received around Rs 135 crore as interim dividend from a joint venture company. The power giant said this is the second interim dividend paid by NTPC Tamil Nadu Energy Company Ltd (NTECL) in the current financial year (FY22). The total interim dividend NTECL paid to its promoters for FY22 is Rs 488 crore. NTECL is a 50:50 JV of NTPC and Tamil Nadu Generation & Distribution Corporation Ltd.
Read more here.
Bajaj Auto to set up Rs 300 crore EV manufacturing facility in Pune
Bajaj Auto Ltd will set up an electric vehicle (EV) manufacturing facility at Akurdi in Pune with an investment of Rs 300 crore. The facility will have the capacity to produce 5 lakh EVs per annum and cater to both domestic and exports markets. The first vehicle from the new unit is expected to be rolled out by June 2022. It will employ around 800 personnel.
Read more here.
Ola installs hypercharges at BPCL pumps
Ride-hailing firm Ola has begun rolling out hyperchargers at Bharat Petroleum Corporation Limited (BPCL) pumps and residential complexes across India. The hyperchargers will be made operational in 6-8 weeks. It will be free for use for all customers till the end of June 2022. The development comes days after Ola started rolling out its e-scooters S1 and S1 Pro.
Read more here.
BASF India to divest its production site in Quincy, Florida to Clariant for $60 million
BASF India-led holding company, BASF SE-Germany, has reached an agreement to divest its manufacturing site in Quincy, Florida, for $60 million (~Rs 447 crore) to Clariant. The transaction is expected to close in 2022, subject to the approval of the relevant Competition Commission or Anti-trust Authorities. BASF will also enter into a long-term supply agreement for its attapulgite business with Clariant.
Govt begins inviting applications from investors under PLI scheme for speciality steel
The Ministry of Steel has started inviting applications from investors looking to invest under the production-linked incentive (PLI) scheme for speciality steel. March 29, 2022, has been fixed as the last date to submit the applications. On July 22, the Union Cabinet had approved a Rs 6,322 crore PLI scheme to boost the production of speciality steel in India. It will attract an additional investment of ~Rs 40,000 crore and generate fresh job opportunities for 5.25 lakh people.
Read more here.
Specialty chemical company Aether Industries files for IPO
Speciality chemicals manufacturer Aether Industries Ltd has filed its draft red herring prospectus (DRHP) with markets regulator SEBI to raise Rs 1,000 crore through an initial public offering (IPO). The public issue consists of a fresh issue of shares aggregating to Rs 757 crore and an offer for sale of up to 27.51 lakh shares. Aether is one of the fastest-growing specialty chemical companies in India, growing at a CAGR of ~60% between FY18 and FY21.
Read more here.
Apollo Hospitals signs pact with J&K Govt to set up multi-specialty hospital
Jammu and Kashmir administration has signed a Memorandum of Understanding (MoU) with Apollo Hospitals to set up a multi-specialty hospital in Jammu. Lt. Governor Manoj Sinha announced that more healthcare projects and MoUs are in the pipeline to ensure that the best healthcare is within the reach of every citizen of the Union Territory (UT). In the first phase, Apollo Hospitals will set up a 250-bed hospital in the region.
Read more here.
REC’s arm hands over Kallam Transmission SPV to IndiGrid firm’s consortium
REC Power Development & Consultancy Ltd (RECPDCL) has handed over special purpose vehicle (SPV) Kallam Transmission Ltd to a consortium of infrastructure investment trust IndiGrid firms. The SPV has been set up for the construction of a transmission system for evacuating power from renewable energy projects in Osmanabad area in Maharashtra. RECPDCL is a wholly-owned subsidiary of REC Ltd.
Read more here.
