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Showing posts from March, 2022

Edtech firm Schoolnet aims Rs 6,000 cr revenue in next 5-7 years

Edtech firm Schoolnet aims to grow multifold to generate Rs 6,000 crore in the next 5-7 years from expansion of services in schools and subscriber growth on its learning app. The 25-year old firm provides digital classrooms to around 40,000 schools at present, along with digital learning content and trains teachers, Schoolnet head of strategy Arindam Ghosh said. The company claims to have reached a revenue of Rs 800 crore before the COVID-19 outbreak, but it came down due to the closing of schools during the lockdown. Ghosh said the company expects to close the current financial year with a consolidated number of around Rs 400 - 450 crore if all goes well. "There was an impact on the overall revenue during the Covid times, but we have maintained profitability even in this current year. We would be maintaining that. In long term, we are looking at revenue of Rs 6,000 crore over a 57-year horizon for which significant augmentation of resources will be required," he said. The co...
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Lenders approve IL&FS' debt recast proposal for Chenani Nashri Tunnelway

The lenders have approved IL&FS Group's proposal to restructure the Rs 5,500 crore debt of its subsidiary Chenani Nashri Tunnelway (CNTL), which offers almost full repayment to them. The move comes after the company has revalued itself at Rs 5,257 crore now after the deal with Cube Highways of Singapore failed last year, due to regulatory delays, for a consideration of Rs 3,900 crore. The three-day voting opened on March 21 and saw the lenders favouring debt recast as it offers them 99 per cent of their money while unsecured lenders will get back 90 per cent. The new proposal values the company at Rs 5,257 crore and will address Rs 4,910 crore of the IL&FS Group debt. An IL&FS spokesperson confirmed the development, saying we have got the requisite approvals from the lenders to restructure the debt of CNTL. The proposal entails CNTL converting itself into a green entity, with secured and unsecured lenders getting over 99 per cent and 90 per cent of the principal amount,...
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D2Y company Ayurveda Co raises $3 mn from investors including Wipro

D2C ayurvedic brand The Ayurveda Company on Thursday announced raising USD 3 million (Rs 22.89 crore) from a host of investors, including Wipro Consumer Care Ventures. Rahul Gupta of Tricity Technologies and Harsh Gupta of School of Design & Entrepreneurship also participated in the funding round. "This will accelerate the growth towards becoming India's first & fastest growing D2C Ayurvedic Personal Care & Wellness Brand," said a statement from The Ayurveda Company (TAC). Funds will be utilised to ramp up growth, production capabilities and venture into the retail sector. "In the next 12-15 months, TAC will be gearing up to grow to Rs 100 crore turnover, boost team and technology, expand market share, and strengthen its footing in the D2C space," it said. from Companies https://ift.tt/CMIG7Z2 via IFTTT
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GPUIL to start trading on stock exchanges from Wednesday

Equity shares of GMR Power and Urban Infra Ltd, the non-airport business company of the GMR Group, will start trading on BSE and NSE from Wednesday onwards. "The scrip will trade under the script ID GMRP&UI," the company said in a statement. GMR Power and Urban Infra Limited (GPUIL) is the new entity into which the non-airport businesses of GMR Group have been demerged. Post the demerger, GIL (GMR Infrastructure Limited) has emerged as the India's first pure-play airports' company and has been trading ex-demerger since January 12, 2022. "GPUIL now has some of the best-in-class infrastructure assets in India, which include state-of-the-art power plants and renewable energy assets, highways, and special investment regions," it said. The firm has a balanced mix in its energy generation portfolio - 4.8 GW of power generation capacity, of which 2.8 GW is commissioned. The company operates two solar power plants at Patan in Gujarat and at Rajam in Srikakulam d...
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L&T Technology Services aims for carbon, water neutrality by 2030

L&T Technology Services (LTTS) aims to achieve carbon and water neutrality by 2030 and has unveiled its first sustainability report, the company said on Monday. The report, conforming to the Global Reporting Initiative (GRI), presents LTTS' sustainability efforts across its key elements for fiscal 2020-21. "L&T Technology Services Limited, a leading global pure-play engineering services company, released its first Sustainability Report for the year 2020-21, with a roadmap to achieve carbon and water neutrality by 2030," the company said in a statement. LTTS has identified sustainability as one of its six 'Big Bets' on emerging technology areas and one that cuts across the other 5 'Big Bets' comprising Electric Autonomous and Commercial Vehicles (EACV), 5G, MedTech, Artificial Intelligence and digital products and digital manufacturing. LTTS' sustainability practice is building engineering services-based innovative digital solutions that align w...
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SBI lines up 12 NPA accounts for sale to recover dues of over Rs 820 cr

Country's largest lender SBI has lined-up a dozen non-performing assets (NPAs) on sale to recover loan dues of over Rs 820 crore, as per the bank's notifications. In terms of the bank's policy on sale of financial assets, in line with the regulatory guidelines, SBI said it has placed these accounts for sale to asset reconstruction companies (ARCs)/banks/Non-Banking Financial Companies (NBFCs)/financial institutions (FIs), on the terms and conditions indicated there against. In various notices on its website, State Bank of India (SBI) has put up a total of 12 bad assets for sale during this month to April 13. NPA account Topworth Urja & Metals Ltd, with a loan outstanding of Rs 396.74 crore is to be sold in an e-auction to be held on March 29, 2022. With reserve price fixed at Rs 85 crore, SBI said the NPA account will be sold on a cash/cash-cum-SR ratio of 50:50. "Bid with highest cash component shall be considered as successful bid," it said in a notice. Anot...
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Dodla Dairy acquires Krishna Milk for Rs 50 crore to expand business

Dodla Dairy Ltd on Saturday said it has acquired Karnataka-based Sri Krishna Milks Pvt Ltd for Rs 50 crore to expand its business. In a regulatory filing, Dodla Dairy informed that the company has executed an agreement with Sri Krishna Milks Pvt Ltd for the acquisition of business as a "going concern" and on a slump purchase basis for consideration of Rs 50 crore. The deal is expected to be concluded in around two months from the date of the acquisition. The consideration would be in the form of cash. Krishna Milks Pvt Ltd (SKMPL), incorporated in 1989, was the first private sector dairy company in Karnataka. SKMPL is mainly into procuring milk, manufacturing, and selling dairy products. Its turnover in 2020-21 was Rs 67.27 crore. from Companies https://ift.tt/U6zsCFk via IFTTT
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Moderna seeks FDA authorization for 4th dose of Covid vaccine shot

Drugmaker Moderna asked the Food and Drug Administration on Thursday to authorize a fourth shot of its COVID-19 vaccine as a booster dose for all adults. The request is broader than rival pharmaceutical company Pfizer's request earlier this week for the regulator to approve a booster shot for all seniors. In a press release, the company said its request for approval for all adults was made to provide flexibility to the Centers for Disease Control and Prevention and medical providers to determine the appropriate use of a second booster dose of the mRNA vaccine, including for those at higher risk of COVID-19 due to age or comorbidities." U.S. officials have been laying the groundwork to deliver additional booster doses to shore up the vaccines' protection against serious disease and death from COVID-19. The White House has been sounding the alarm that it needs Congress to urgently approve more funding for the federal government to secure more doses of the COVID-19 vaccines, ...
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Godrej Properties sells 855 homes worth Rs 1,650 crore in Noida project

Realty firm Godrej Properties Ltd on Thursday said it has sold 855 homes worth Rs 1,650 crore within a year of the launch of its project Godrej Woods in Noida. This includes sales of Rs 509 crore in March 2021 and Rs 1,141 crore so far in FY22, the company said in a statement. The project is located in Noida - Sector 43. Mohit Malhotra, MD & CEO, Godrej Properties, said, "Noida is an important market for us, and we will look to sustain and build on this momentum in the years ahead". Godrej Properties entered the NCR Market in 2010 and has, until now, added 18 residential, commercial and township projects across five cities, with seven projects having already been delivered and 11 in various stages of development. Earlier this week, Godrej Properties bought about 50 acres of land parcel at Sonipat in Haryana for plotted development as part of its plan to expand business across major cities. The Mumbai-based firm did not disclose the deal value and the seller's name. Th...
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Reliance Capital CEO Dhananjay Tiwari resigns

Reliance Capital Ltd on Wednesday said its chief executive officer Dhananjay Tiwari has resigned. The date of his cessation is March 15, 2022, the company said in a regulatory filing, without citing the reason for Tiwari's resignation. The debt-laden company promoted by Anil Ambani is undergoing a corporate insolvency resolution process (CIRP) at the Mumbai Bench of the National Company Law Tribunal (NCLT). The Reserve Bank had on November 29, 2021 superseded the board of Reliance Capital Ltd in view of payment defaults and serious governance issues. The central bank had also appointed Nageswar Rao Y, former executive director, Bank of Maharashtra, as the administrator of the company. from Companies https://ift.tt/uf63naN via IFTTT
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Adani Power completes acquisition of Essar's 1,200 MW Mahan project in MP

Adani Power on Wednesday said it has completed the acquisition of Essar Power's 1,200 MW thermal power project in Mahan, Madhya Pradesh. The cost of acquisition of Essar Power M P Ltd, which is undergoing insolvency resolution, is over Rs 4,250 crore, including estimated cost of compliance with environmental and emission norms, it said in a regulatory filing. "Adani Power Limited has completed today the acquisition of 100 per cent of paid up share capital and management control of EPMPL (Essar Power M P Ltd), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code," it said. EPMPL owns a 1,200 MW thermal power plant in Singrauli District, Madhya Pradesh. In June 2021, Adani Power had emerged as the successful bidder for the 1,200 MW project. from Companies https://ift.tt/0lTjKks via IFTTT
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HAL signs pact with SASMOS to work together in aerospace domain

Hindustan Aeronautics Limited (HAL) has signed an MoU with Bengaluru-based company SASMOS to work together on advanced electronics, electrical and fibre optic interconnections in the aerospace domain. The a memorandum of understanding was signed between the two companies on March 11. HAL's subsidiary Naini Aerospace Limited (NAeL) was also a signatory to the MoU, SASMOS' statement noted. "The MoU is intended to explore business cooperation, especially in the northern India, through utilization of capacity and capabilities of NAeL to bring their expertise in fibre optics, electronics and electrical interconnected system in the aerospace domain through the support from HAL and SASMOS," it added. Under the MoU, HAL and SASMOS will "work together in the field of advanced electronics, electrical and fibre optics interconnections in the aerospace domain", it mentioned. from Companies https://ift.tt/zfJ7mj0 via IFTTT
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State-owned GAIL declares record interim dividend of 50% for FY22

State-owned gas utility GAIL (India) Ltd has declared a second interim dividend of 50 per cent (Rs 5 per share) for the current fiscal year ending March 31, 2022. The total dividend payout will be Rs 2,220.19 crore with a record date of March 22, the company said in a statement. "The decision (to issue dividend) was taken by the board of directors of GAIL, a Maharatna CPSE under the Ministry of Petroleum & Natural Gas, at their meeting here on March 11," it said. For the current fiscal 2021-22, GAIL has already declared an interim dividend of Rs 4 per share to its shareholders in December 2021. The two interim dividends total to Rs 9 per equity share (90 per cent on the paid-up equity share capital). Total dividend payout is Rs 3,996.35 crore. Manoj Jain, chairman and managing director, GAIL, stated that the company shareholders have been provided with steady long-term returns on their investments. "This is the highest ever dividend payment in terms of total dividend...
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Ferns N Petals gets Rs 200 cr funding from Lighthouse India Fund III

Gifting platform Ferns N Petals on Saturday said Lighthouse India Fund III has invested Rs 200 crore (USD 27 million) in it. The company plans to use the funds to invest in improving its systems and technology to enhance customer experience for all gifting occasions, Ferns N Petals (FnP) said in a statement. "We are very excited to partner with Lighthouse and look forward to learning from their deep consumer insights, developed through a focused investment approach," FnP Founder & Managing Director Vikaas Gutgutia said. The company, which operates through a network of over 400 franchised stores across India, also has operations in the UAE, Singapore, and Qatar and plans to further expand into Saudi Arabia, Malaysia, Indonesia, the Philippines and the UK soon. It expects a turnover of nearly Rs 600 crore in the current financial year. "With this fundraising, we plan to invest in improving our systems and technology to ensure a superlative customer experience for all g...
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