Bharti Airtel has received payment from Reliance Jio for the point of interconnections (PoIs) after both the companies signed the agreement recently. Both the companies will now have to jointly undertake the physical connection and testing of the PoIs as per the bilateral agreement. Besides, Airtel has successfully rolled out over 20,000 units of Aadhaar based e-KYC solutions across India. Airtel has led the roll out of Aadhaar based e-KYC solution following the notification by the Department of Telecom last month. The digital verification, which is fully secure, also eliminates paperwork and benefits the environment.
The Defence Acquisition Council has cleared the capacity assessment of Reliance Defence and Engineering (RDEL). In effect, it has cleared the road for the company to bid for new orders worth Rs 25,000 crore. RDEL is a wholly-owned subsidiary of Reliance Infrastructure of the Anil Ambani Group. RDEL aims to fully participate in the Navy's 10-year acquisition plans, worth over Rs 3 lakh crore, with its dry dock of 662 m length and 65 m width. RDEL is also in the process of building five Naval Offshore Patrol Vessels (NOPV) for the Indian Navy worth Rs 2,500 crore.
Brigade Enterprises - wholly owned subsidiary-Mysore Projects has entered in to a Joint Development Agreement (JDA) with Cornerstone Bay East Developers (land owner). The agreement is to develop 47 acres at Varthur and Gunjur, Off Whitefield region, Bangalore which will have a developable area of around 5 million square feet. Brigade Group is one of the India's leading Real Estate player headquartered in Bangalore has over the past 29 years created many landmarks and innovative projects across South India.
Power Grid Corporation of India (Power Grid) has received its board approval for investment proposals worth Rs 562.25 crore for power transmission related projects. The board of directors at its meeting held on September 16, 2016 approved for the same. The approval is for system strengthening in Southern Region - XXI, with commissioning schedule of 30 months progressively from the date of investment approval.
Axis Bank, India's third largest private sector bank has signed a Share Purchase Agreement (SPA) with IFCI for acquisition of 73,28,334 equity shares (13.67% of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise (ACRE) from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore. The above transaction is subject to requisite regulatory approvals, including from Reserve Bank of India. The bank expects to complete the transaction by January 2017. For FY16, ACRE's total asset stood at Rs 336 crore while its total income stood at Rs 35.90 crore.
Petron Engineering Construction has received Letter of Intents (LOIs) from Shree Cement for Civil Work at their Cement Plants at Aurangabad, Bihar and at Gulbarga, Karnataka for a total contract value of Rs 50 crore. The scope of work is civil work, Reinforcement & MS steel work for Plant Building & Silo and Miscellaneous work at Aurangabad, Bihar and Plant Building & Silos i.e. Stacker and Re-claimer, Crusher, VRM - II and Miscellaneous work at Gulbarga, Karnataka.
Vipul has received Environmental Clearance from State Environment Impact Assessment Authority, Haryana for its project 'Aarohan' on Golf Course Road in Gurgaon. By June 2016, the company had already sold more than 26% of flats in Phase 1 of the project. Further, the company had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore. The money raised was utilized towards pre-operative expenses of Project Aarohan. With permissions now in place and construction likely to commence soon, the company has received sanction for a loan of Rs 275 crore from PNB Housing Finance at an average rate of 13.35% per annum. Part of the amount raised from PNB Housing Finance will be utilized towards pre-payment of the debt from DMI, resulting in interest and cash flow savings.
Tata Metaliks has been buzzing for quite some time after it increased capacity for value-added product ductile pipes to grab 11-12 percent market share. The move to raise capacity for ductile pipes comes in the wake of growing urbanization and the need for basic infrastructure of water and waste water. The company has recently added around 60-65 tonnes of capacity. This will take the company's capacity from 100,000 tonne of ductile iron pipe two years ago to 200,000 tonne. In the last 3-4 years, the company has significantly reduced debt and continued to grow as well.
Southern Petrochemicals Industries Corporation (SPIC) is planning to invest in power generation companies in a move that would help the company save substantially on its power bill. The company's annual power requirement of 110 million units is met through 80 million units from TANGEDCO and 30 million units from captive sources. The cost of TANGEDCO power is Rs 6.90 per unit. The cost incurred works out to Rs 55.20 crore, excluding maximum demand charges. The cost of power from private power generating companies, as a captive user is considerably cheaper than TANGEDCO power and would help SPIC save substantially on the power bill.