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Showing posts from April, 2022

IDBI Bank board approves appointment of two govt nominee directors

IDBI Bank on Friday said its board has approved the appointment of two government nominee directors with effect from April 28. The government nominee directors are Manoj Sahay, Joint Secretary and Financial Advisor, and Sushil Kumar Singh, Director, Department of Financial Services, Ministry of Finance, according to a regulatory filing. Sahay and Singh are not related to any other director of key managerial personnel on the board of the bank, the lender said. Sahay, a 1994 batch IA&AS officer, presently handles six departments -- revenue, expenditure, economic affairs, financial services, DIPAM and public enterprises. Earlier, he was on deputation as director (Administration & Finance) at National Highways and Infrastructure Development Corporation Ltd. under Ministry of Road Transport and Highways. Singh is an officer of 2006 batch of Indian Defence Accounts Service. Presently, he is looking after the financial inclusion division and monitoring the implementation of ... from...
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Airbus inks pact with Tata Strive. AASSC to give training for aviation jobs

European aviation major Airbus on Wednesday signed a pact with Tata STRIVE and the Aerospace and Aviation Sector Skill Council to train youths for aviation and aerospace jobs. Under the agreement, Airbus, Tata STRIVE and AASSC, with the support of NSDC and the Ministry of Skill Development and Entrepreneurship (MSDE), will work together to build a pipeline of talent in the aerospace sector, focusing on providing opportunities to the youth, a release said. The Aerospace and Aviation Sector Skill Council (AASSC) is an apex body working towards skill development in aerospace and aviation sector under the aegis of National Skill Development Corporation (NSDC), while Tata STRIVE is a skill development initiative of Tata Trust. The pact was signed by Rmi Maillard, President and Managing Director, Airbus India & South Asia; Anita Rajan, CEO Tata STRIVE; and Rachit Bhatnagar, CEO, AASSC, the release said. "India is looking at exponential growth in every facet of the aerospace and ... ...
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ONGC commissions Rs 6,000 crore projects to boost oil, gas output

State-owned Oil and Natural Gas Corporation (ONGC) has commissioned two projects costing Rs 6,000 crore to add 7.5 million tonnes of oil production and 1 billion cubic meters of gas output over the life of the Mumbai High fields, as it doubles down efforts to raise productivity from mature and aging fields. A Rs 3,740-crore spend has been made on a state-of-the-art 8-legged water injection-cum-living quarter platform, as part of the Mumbai High South Redevelopment Phase-IV, while Rs 2,292.46 crore have been spent on Cluster-8 marginal field development project at Mumbai High, the company said in a statement. "The two projects will result in an incremental gain of 7.5 million tonnes of oil and more than 1 BCM of gas," it said. Oil Minister Hardeep Singh Puri dedicated the two major projects to the nation at Western offshore on April 23. He was accompanied by chairman Alka Mittal, Director (T&FS) O P Singh and Director (Offshore) Pankaj Kumar. "The minister expressed h...
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SFC Energy, FC TecNrgy to make hydrogen and methanol fuel cells in India

German firm SFC Energy and FC TecNrgy have inked a pact to enter into manufacturing of hydrogen and methanol fuel cells in India. The venture plans to set up a manufacturing unit, Research & Development and a repair centre in Gurugram, Haryana, a statement said. Further, they have also announced the launch of EFOY Hydrogen Fuel Cell in India which is expected to play a significant role in meeting the country's National Hydrogen targets which include plans to produce up to 5 million tonne of green hydrogen by 2030. The EFOY Hydrogen is a modular and emission free hydrogen fuel cell solution that meets the highest demands of professional users as in ideal replacement for diesel generators that can be used by a range of industrial applications. Compared to a conventional diesel generator, a 5 kW hydrogen fuel cell energy solution saves up to 45.6 tonne of CO2 based on an assumed annual demand of 43,800 kilowatt hours (kWh). "We want to expand our presence in India and contrib...
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Reliance Retail to start artisan-only store format 'Swadesh'

Reliance Retail on Thursday said it will launch a dedicated artisan-only store format 'Swadesh', which will showcase agriculture & food products, handlooms, clothing, textiles, handicraft and handmade natural products. This will boost its handmade in India programme and provide a global platform for artisans and sellers of handcrafted products, said a statement by Reliance Retail. The first Swadesh store is expected to open in the second half of 2022, it said. "The programme is being spearheaded by Reliance Retail's handicraft brand Swadesh, which envisages an artisan-only dedicated store format for handcrafted products from across the country," it said. Besides, Reliance Retail, a subsidiary of Reliance Retail Ventures Limited (RRVL) is exploring new partnerships with state governments to create a strong, vigorous and sustainable ecosystem for local artisans, the statement added. As part of that, an MoU was signed on Thursday at the Bengal Global Business Sum...
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HDFC Ltd divests 1% stake in Ansal Housing for nearly Rs 49 lakh

Housing finance major HDFC Ltd on Tuesday divested 1 per cent stake in real estate company Ansal Housing & Construction Ltd through an open market transaction. According to bulk deal data available with the NSE, Housing Development Finance Corporation Ltd (HDFC) sold a total of 5,74,726 shares, amounting to 0.96 per cent stake of Ansal Housing Ltd. The shares were offloaded at an average price of Rs 8.47 apiece, valuing the transaction at Rs 48.67 lakh. The scrip of Ansal Housing closed 2.53 per cent lower at Rs 7.70 apiece on the NSE. from Companies https://ift.tt/Rhz6mp5 via IFTTT
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Coal India to launch its own e-auction platform, asks bidders to register

Coal India Ltd is set to launch its own e-auction platform, and the mining major has informed new and existing bidders to register on the portal, a top company official said. At present, the e-auction portal is managed by mjunction and state-owned MSTC Ltd. E-auction sales account for around 120 million tonnes annually for Coal India, while the rest is sold through fuel supply agreements and other special sales windows. The miner's dedicated e-auction portal has been developed by National Informatics Centre and supported by CIL subsidiary Central Mine Planning & Design Institute Ltd. "We expect to commence in-house coal e-auction in the next six months. Let the auction happen with volume, and then we will come to know about the cost benefits," the official told PTI. E-auction of Coal India is executed in a 60:40 ratio between mjunction and MSTC. "We value Coal India's decision. We had designed, developed and introduced the e-auction 15 years ago, and are stil...
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ICICI Pru Life net profit jumps over 2 fold to Rs 185 cr in March quarter

ICICI Prudential Life Insurance on Saturday posted over two-fold jump in its net profit to Rs 185 crore for the January-March quarter on account of robust growth in new business. The company had posted a profit after tax of Rs 64 crore for January-March FY2021, ICICI Prudential Life Insurance said in a regulatory filing. For the full year 2021-22, the company's net profit declined to Rs 754 crore from Rs 960 crore for the year ended in March 2021, it said. Value of new business (VNB) for FY2022 was Rs 2,163 crore, a growth of 33.4 per cent over FY2021. This was led by a robust growth of 25 per cent in new business sum assured and 20 per cent in Annualised Premium Equivalent for the same period, the company said. VNB is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders at the time of writing of the new business contract. It is also referred to a new business profit (NBP). The company has a well-diversif ...
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India among top priority markets: Swedish beauty brand Oriflame

India is among one of the "priority markets" for the direct selling Swedish beauty brand Oriflame, where it expects to continue its double-digit growth over the next 3-5 years, a top company official has said. The company which sells cosmetic and wellness products in India also expects a double-digit growth in its sales force, adding more direct sellers in the coming years. Amid the COVID-19 pandemic, Oriflame has witnessed an upswing in the wellness products business, contributing to around 20 per cent of its India business from the earlier 4 per cent, and expects this trend to continue with some minor corrections. "We have an expectation to continue the double-digit growth over next 3-5 years and I do not see it as a huge challenge," Frederic Widell, Vice President & Head of South Asia & MD, Oriflame India, told PTI. The company will continue to grow here for the next decades because of the growing population and would continue to invest in India and build...
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NCLT approves Tata Steel Mining's resolution plan for Rohit Ferro-Tech

Tata Steel on Thursday said the Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by its wholly-owned subsidiary Tata Steel Mining Limited, for the acquisition of debt-laden Rohit Ferro-Tech Limited. On June 6, 2021, Tata Steel had informed that the Committee of Creditors (CoC) in terms of the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, declared Tata Steel Mining Limited as the successful resolution applicant for the acquisition of Rohit Ferro-Tech Ltd, subject to necessary regulatory approvals including approval from the NCLT Kolkata bench. The NCLT on April 7, 2022, "orally pronounced its Order approving the Resolution Plan submitted by TSML for acquisition of Rohit Ferro-Tech Limited," Tata Steel said in a regulatory filing. However, Tata Steel did not divulge any further details related to its resolution plan in the filing. In a bid to augment its ferro alloys processing capacities,...
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IBBI amends voluntary liquidation process regulations to streamline it

The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to voluntary liquidation process as part of efforts to streamline the process. Anoop Rawat, Partner (insolvency & bankruptcy) at Shardul Amarchand Mangaldas & Co, said the amendment seeks to streamline the voluntary liquidation process by reducing the timelines and imposing greater responsibilities on liquidator. "The requirement of new form H relieves some burden off the adjudicating authorities, with relevant data and satisfaction of compliance checks being available to it in a structured tabular format. "This shall aid in further enhancing the freedom of exit for the investors in line with India's ambitious goals of providing ease of doing business to investors during all the phases of the life-cycle of businesses," Rawat said. IBBI, a key institution in implementing the Insolvency and Bankruptcy Code (IBC), has notified the changes in the voluntary liquidation process r...
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Japan's Mitsui to take 49% stake in ReNew Power's power project

Japanese conglomerate Mitsui has agreed to take a 49 per cent stake in ReNew Power's round-the-clock renewable power project, the Indian firm said on Wednesday. ReNew signed a 400 MW Round-The-Clock (RTC) PPA last year to supply electricity to the Solar Energy Corporation of India (SECI). For the 400 MW PPA (Power Purchase Agreement), the company will install 1,300 MW of renewable energy capacity and up to 100 MWh of battery storage. "ReNew Power has finalised a partnership with Mitsui & Co Ltd, a leading global general trading and investment firm. "The partnership will see Mitsui invest in the RTC renewable energy project being developed by ReNew," the company said in a statement. It did not give the financial details about the deal. The RTC project will consist of three newly-built wind farms and one solar plus battery storage farm (1,300 MW in total plus up to 100 MWh battery storage) across the states of Rajasthan, Karnataka, and Maharashtra, and provide 400 ...
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