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10-Aug2018

SBI, RIL and Nalco to see some action today

State Bank of India (SBI) is looking to sell 4% of its existing shareholding in SBI General Insurance to a non-promoter entity through small parcel share sale (SPSS). SBI General, formed in 2010, is a joint venture between SBI and the Insurance Australia Group (IAG). Once the sale is complete, SBI's stake in its general insurance arm will come down to 70% from 74%. IAG has a 26% shareholding in the company. The move could be construed as an exercise in price discovery ahead of the launch of its initial public offering (IPO).

Reliance Industries (RIL) and textile conglomerate Arvind announced a partnership for manufacturing high-performance fabric co-branded as RElan. Fabric will be made from speciality engineered fibres for denim and other woven fabrics. While Arvind will provide the high performance fabric, RIL will provide necessary technology under the partnership.

National Aluminum Company (Nalco), a public sector enterprise under the Union Mines Ministry, has unveiled a plan to set up an alloy wire rod manufacturing project at the site of its smelting unit at Angul. Estimated at Rs 1.31 billion, the planned facility envisages an installed capacity of 40,000 tonne per annum of alloy grade material.

ICICI Bank is aiming to disburse retail loan to the tune of Rs 10,000 crore in Punjab and Haryana by the end of the current financial year. In the last financial year (FY18), retail consumer loans grew faster in the states in comparison to the bank's overall retail loan growth in the country of over 20%.

Manappuram Finance has received an approval for raising funds worth Rs.3000 crore, through public issue of Non-Convertible Debentures (NCDs) in multiple tranches during FY 2018-19. The Board of Directors of the company at its meeting held on August 09, 2018, approved the same.

Essar Oil and Gas Exploration and Production (EOGEPL), an arm of Ruia-owned Essar Group, has signed a 15-year Gas Sale and Purchase Agreement (GSPA) with state-owned natural gas-utility GAIL India. The GSPA entails a 15-year gas supply contract whereby the company will be able to monetise its entire CBM production of 2.3 mmscmd from the Raniganj East block at a globally competitive price.

MEP Infrastructure Developers has signed a non-binding Term Sheet with Indian Highways Developers (the Buyer) on August 4, 2018 (received by the company on August 7, 2018) in respect of divestment of its total stake in 6 Subsidiary Companies (SPVs) viz. MEP Nagpur Ring Road 1, MEP Sanjose Nagpur Ring Road 2, MEP Sanjose Arawali Kante Road, MEP Sanjose Kante Waked Road, MEP Sanjose Talaja Mahuva Road and MEP Sanjose Mahuva Kagavadar Road.


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