RIL raises $4 billion in India’s largest forex bond deal
Reliance Industries Ltd (RIL) has raised $4 billion (~Rs 29,780 crore) in US dollar bonds, marking India’s largest-ever foreign currency bond deal. RIL raised $1.5 billion in a 10-year tranche, $1.75 billion in a 30-year, and $750 million in a 40-year deal. The company plans to use the proceeds from the issue to refinance its existing borrowings. The issue was oversubscribed nearly three times, with a peak order book aggregating $11.5 billion.
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L&T Construction secures large contracts under water and effluent treatment segment
The Water & Effluent Treatment Business of Larsen & Toubro (L&T) Construction has secured large orders (in the range of Rs 2,500-5,000 crore). The Department of Water Supply and Sanitation, Punjab, has awarded two EPC orders for the bulk supply of treated water to 10 lakh people across 412 villages in Fazilka and Ferozepur districts. The Odisha government has given a repeat EPC order to execute the Under Ground Pipeline Irrigation System for the Rengali Right Irrigation Project (Phase-I).
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Reliance Retail acquires 25.8% stake in Dunzo for $200 million
Reliance Retail Ventures Ltd (RRVL) has invested $200 million (~Rs 1,488 crore) in Bengaluru-based Dunzo as it looks to get a foothold in the country’s rapidly growing market of quick delivery. RRVL will hold a 25.8% stake in Dunzo on a fully diluted basis. Dunzo will enable hyperlocal logistics for the retail stores operated by RRVL to boost its omnichannel capabilities.
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ADF Foods gets approval under PLI scheme for food processing industries
ADF Foods Industries Ltd has received approval from the Central Government under Production Linked Incentive (PLI) scheme for food processing industries– incentive for branding and marketing expenditure abroad. The company would be an extended financial incentive at 50% of budgeted outlay on international branding and marketing expenditure or 3% of sales of food products (whichever is lower), subject to a maximum incentive of Rs 61.35 crore from FY22 to FY26.
Wockhardt board approves plan to raise Rs 1,000 crore via rights issue
The Board of Directors of Wockhardt Ltd has approved a proposal to raise up to Rs 1,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for repayment of subordinated debt due, financing research & development initiatives, and general corporate purposes.
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IRB Infra’s subsidiary executes concession pact for Rs 6,555 crore project in UP
Meerut Budaun Expressway Pvt Ltd (MBEPL) has executed a concession pact with Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for the Rs 6,555 crore Ganga Expressway project. The total length of the project is 129.7 km. MBEPL is a wholly-owned subsidiary of IRB Infrastructure Developers Ltd.
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Alembic Pharma gets USFDA approval for generic drug to treat Parkinson’s disease
Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Entacapone tablets. The drug is indicated to treat end-of-dose “wearing-off” in patients with Parkinson’s disease. According to IQVIA data, the tablets had a market size of $10.5 million (~Rs 78.2 crore) for the twelve months ended September 2021.
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HDFC Life completes acquisition of Exide Life; to start merger soon
HDFC Life Insurance Company Ltd announced the closure of the acquisition of Exide Life. The company acquired a 100% stake in Exide Life from Exide Industries Ltd after issuing over 8.7 crore shares at Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore. HDFC Life will soon initiate the merger of Exide Life with itself. Exide Industries now holds a 4.1% stake in HDFC Life.
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SJVN power stations register 1,480 MU of electricity generation in October-December
SJVN Ltd’s power stations have clocked the highest ever 1,480 million units (MU) of electricity generation in the October-December quarter of 2021-22 (Q3 FY22). The state-run company has surpassed the previous record of 1,343 MU in the corresponding period of FY20, from all its power stations. SJVN is aiming to achieve an installed capacity of 5,000 megawatts (MW) by 2023.
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