Adani Green Energy’s unit wins 300 MW wind power project
Adani Green Energy Ltd (AGEL) said its subsidiary, Adani Renewable Energy Holding Fifteen Ltd (AREHFL), has received the Letter of Award (LoA) to set up a 300 megawatt (MW) wind power project. The fixed tariff for this project capacity is Rs 2.77 per kilowatt-hour (kWh) for a period of 25 years. The project comes under a tender issued by the Solar Energy Corporation of India for setting up 1,200 MW interstate transmission system (ISTS)-connected wind projects. This takes AGEL’s total renewable energy capacity to 15,165 MW.
Read more here.
Delhi HC stays order restraining Future Retail to go ahead with Reliance deal
The Delhi High Court, on Monday, stayed a single judge’s order restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail. The deal was objected to by US-based e-commerce giant Amazon.com, Inc. A division bench of Chief Justice D.N Patel and Justice Jasmeet Singh issued a notice to Amazon on Future Group’s appeal challenging the single judge’s judgment (made on March 18) on the deal. The bench has listed the matter for further hearing on April 30.
Read more here.
Lok Sabha passes Insurance (Amendment) Bill to raise FDI cap to 74%
The Lok Sabha has passed the Insurance (Amendment) Bill, 2021, which seeks to raise the limit for Foreign Direct Investment (FDI) in insurance companies from 49% to 74%. The Bill was passed by the Rajya Sabha last week and now requires Presidential approval to become law. The increase in FDI limit will help improve life insurance penetration and create more value-based affordable healthcare for all Indians.
Read more here.
RailTel Corp secures order worth Rs 153 crore from Central Coalfields
RailTel Corporation of India has secured a work order amounting to Rs 153.15 crore from Central Coalfields Limited. The order consists of establishing MPLS-VPN Network or higher Bandwidth on a rental basis for 5 years. State-owned RailTel Corp is one of the largest neutral telecom infrastructure providers in India.
Read more here.
Bharti Airtel to allot 3.64 crore shares to Lion Meadow Investment
Bharti Airtel said its Special Committee of Directors for Fund Raising has approved allotment of 3.64 crore equity shares on a preferential basis to Warburg Pincus’ affiliate Lion Meadow Investment Limited (LMIL) at an issue price of Rs 600 per share. As per the deal, Bharti Airtel will acquire a 20% stake in its DTH arm, Bharti Telemedia, from LMIL for Rs 3,126 crore. After this transaction, LMIL will hold a 0.664% stake in Bharti Airtel.
Read more here.
Mindtree partners with Knauf to drive its digital transformation initiatives
Mindtree Ltd has signed a multi-year agreement with Germany-based Knauf to help accelerate its IT transformation initiatives. Knauf is a global manufacturer of building materials and construction systems. The IT services firm will build a future-ready technology core, drive innovation, and improve Knauf’s operating efficiency. Mindtree will also provide application development services and help in digitising Knauf’s infrastructure.
Read more here.
KNR Constructions receives LoA for road project in Karnataka
KNR Constructions Ltd has received the Letter of Acceptance (LoA) for a road construction project worth Rs 1,100.88 crore in Karnataka. The project involves four-laning of the Bangalore-Mangalore section of NH-75 on an engineering, procurement, and construction (EPC) basis. The project is to be completed within 24 months.
Read more here.
Thermax’s arm partners with Steinmüller Babcock Environment for waste-to-energy tech
Thermax Ltd said its wholly-owned subsidiary, Thermax Babcock & Wilcox Energy Solutions (TBWES), has signed a Know-How Transfer and License agreement with Steinmüller Babcock Environment GmbH (SBE), Germany for Waste-to-Energy technology. TBWES will design, engineer, manufacture, and sell Municipal Solid Waste (MSW) fired waste to energy solutions using SBE’s well-established grate and boiler technology.
Read more here.
Piramal Capital & Housing Finance raises Rs 4,050 crore via issuance of NCDs
Piramal Enterprises Ltd (PEL) said its subsidiary, Piramal Capital & Housing Finance Ltd, has raised Rs 4,050 crore through the issuance of long-term non-convertible debentures (NCDs). The five-year NCDs were issued in two tranches (rounds) in March 2021. With this, the total amount raised by PEL (including debt, equity, and asset sales) since April 2019 has touched Rs 50,000 crore.
Read more here.
Man Industries wins orders worth Rs 500 crore from domestic, overseas markets
Man Industries (India) Ltd said it has won orders worth Rs 500 crore from domestic and export markets in the oil & gas and water segments. With this, the company’s total order book stands at Rs 1,250 crore. Mumbai-based Man Industries is one of India’s leading large diameter pipe manufacturing companies.
Read more here.
Maruti Suzuki to hike car prices in April due to rise in input costs
Maruti Suzuki India Ltd said it will raise prices for different car models to mitigate the impact of rising input costs. The car manufacturer did not specify by how much it planned to raise prices. The price hike comes at a time when Maruti Suzuki’s sales have stabilised after a year of troubled business due to the Covid-19 pandemic. In January 2021, the automaker had increased prices for certain models by around Rs 34,000.
Read more here.
