Adani Group and French company TotalEnergies' newly built Rs 6,000 crore LNG import facility at Dhamra on the Odisha coast has received its first ever shipment of liquefied natural gas - a fuel that will be used to make steel, produce fertilizers and turned into CNG and cooking gas, helping change the landscape of Eastern [...]
Higher yields on bonds, lack of new launches, limited availability and awareness among investors have made emerging investment instruments REITs and InvITs less attractive with fundraising hitting an all-time low at Rs 1,166 crore in 2022-23. Going forward, a change in the tax rule on distributions classified as repayment could lead to a substantial increase [...]
Damodar Valley Corporation achieved the “highest” power generation in its 75 years of existence, with a 6.5-per cent on-year rise in 2022-23 to 43.32 billion units, which mostly came from thermal sources, company officials said. It also registered a robust 29 per cent growth in power sales to Rs 24,432 crore in 2022-23 over the [...]
Demanding the Centre not to privatise RINL, the corporate identity of Visakhapatnam Steel Plant in Andhra Pradesh, BRS working president and Minister K T Rama Rao on Sunday wrote an open letter to the Union government requesting it to release Rs 5,000 crore to the steel maker. KTR said the BRS party vehemently opposes the [...]
The IL&FS Group has so far paid back Rs 29,000 crore to the secured creditors, with the latest being an interim pay-out of Rs 920 crore for the Chenani Nashri Tunnelway, a subsidiary of IL&FS Transportation Network. Chenani Nashri Tunnelway (CNTL) had a secured debt of around Rs 5,500 crore and the interim payout takes [...]
Smartworks, which provides managed office space, plans to raise USD 70-90 million equity fund this fiscal year for future growth to tap the rising demand for flexible workspace. In an interview with PTI, Smartworks founder Neetish Sarda said the company's revenue is set to cross Rs 700 crore last fiscal from Rs 394 crore in [...]
SpiceJet Ltd on Monday said it has hived off its cargo and logistics business SpiceXpress into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way [...]
Global Pharma Healthcare is recalling 50,000 tubes of eye ointment in the US market due to bacterial contamination, according to the US Food and Drug Administration (USFDA). As per its latest Enforcement Report, the US health regulator noted that the Chennai-based drug firm is recalling the affected lot of "Artificial Eye Ointment" in the US [...]
AMNS Luxembourg Holding S.A has signed a USD 5 billion loan agreement with a consortium of Japanese banks to finance the expansion of AMNS India's plant located in Gujarat. ArcelorMittal Nippon Steel (AMNS) India is a 60:40 joint venture between Luxembourg-based ArcelorMittal and Nippon Steel of Japan. "AMNS Luxembourg Holding S.A, the parent company of [...]
Education firm Aakash expects to close the financial year 2023 with Rs 3,000 crore revenue thereby registering three-fold growth since its acquisition by BYJU's, the company said on Friday. BYJU's acquired Aakash Educational Services Limited (AESL) for about USD 950 million, about Rs 7,100 crore, in April 2021. "With AESL's continued expansion in the physical [...]
