RIL, ONGC and Adani Enterprises to see some action today

RIL, ONGC and Adani Enterprises to see some action today

Sep 26,2014   08:50 Hrs IST

Mukesh Ambani-controlled Reliance Jio Infocomm, a telecom arm ofReliance Industries (RIL), has raised $750 million as a loan backed by Korea Exim Bank, to partly fund infrastructure spending. The loan is guaranteed by RIL and will be primarily used to finance goods and services procured from Samsung Electronics for the infrastructure roll-out of Reliance Jio. The loan is for 12 years that includes a two-year availability period and repayable over 10 years thereafter. This is the first loan between Reliance group and Korea Exim Bank. The deal is Korea Exim Bank’s largest telecom infrastructure financing till date and the largest deal in India. Brazil’s state-run oil company Petroleo Brasileiro SA discovered natural gas in a well being drilled to help measure the potential of a giant Brazilian offshore find. Petrobras, as the company is known, owns 75% and its Indian partner Oil and Natural Gas Corporation (ONGC) owns 25% of the discovery. The discovery was made in an extension well being used to evaluate the Poco Verde prospect in the BM-SEAL-4 block. The well was drilled in 2,196 meters of water 58 kilometers off the coast of Aracaju, the capital of Brazil’s Sergipe state. The discovery is one of several in recent years in an area believed to hold more than 1 billion barrels of recoverable oil. Adani Mining took a step closer to the development of a $2.2 billion ($1.94 billion) coal mining project in Australia after the federal government approved construction of a rail haulage line. The Australian unit of Adani Enterprises needed the approval of Environment Minister Greg Hunt to proceed with the 300-km (186-mile) line, after last month gaining clearance from the state of Queensland. Known as the North Galilee Basin Rail project, it is being designed to connect collieries owned by Adani and potentially other developers in the largely unpopulated Galilee Basin to the east coast port of Abbot Point. JSW Energy would acquire Jaiprakash Power Ventures’ 1,891-Mw power assets. The move comes a day after talks in this regard between Jaypee Group and Reliance Power collapsed and the Supreme Court cancelled the allocation of four coal blocks of Jaypee Group entities JP Associates and Jaiprakash Power Ventures. JSW Energy and Jaypee Group has signed a memorandum of understanding for three operating plants - the 300-Mw Baspa stage-II plant, the 1,091-Mw Karcham Wangtoo plant (both hydro power plants) and the 500-Mw Bina thermal power plant. The deal was estimated at about Rs 12,000 crore, the sum Reliance Power had offered for the three plants two months ago. Indian state-run Andhra Bank has a loan exposure of Rs 4,346 crore ($711.8 million) to companies that have been ordered by the Supreme Court to return coal blocks. Andhra Bank’s total exposure to steel and power companies is between Rs 12,000 crore and Rs 13,000 crore. The bank’s net profit for first quarter ended June 30, 2014 declined by 53.74% at Rs 107.00 crore as compared to Rs 231.28 crore for the quarter ended June 30, 2013. However, the bank’s total income has increased by 9.14% to Rs 4205.06 crore for the quarter under review from Rs 3854.16 crore for the corresponding quarter of the previous year. The bank’s gross NPA for the April-June quarter of the current fiscal stood at 5.98%, as compared to 4.73% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 3.89% in Q1FY15. Alstom Bharat Forge Power (ABFPL), the joint venture between Alstom andBharat Forge, has secured a contract worth about Euro 130 million from NTPC. The order is for supply of two units of 660 MW supercritical turbine islands for NTPC’s Tanda coal power plant in Uttar Pradesh. The scope of work comprises, engineering, manufacturing, supply and commissioning of the two turbine islands and auxiliaries for the plant. The equipment for the project will be made at ABFPL’s manufacturing facility at Sanand, Gujarat, which is to be commissioned in October 2014. Multi Commodity Exchange (MCX) has finalized the technology agreement with Financial Technologies (India) (FTIL), thus paving the way for launch of new contracts up to March next year. The exchange will be allowed to launch contracts for the full year once Financial Technologies sells off its residual 15% stake to Kotak Mahindra Bank. The board of directors has approved the Master Amendment to Principal Agreements to be entered into between MCX and Financial Technologies for availing Technology support and Managed Services. Pursuant to this Agreement, MCX will continue to avail technology support and managed services from FTIL. In yet another low-fare offer, SpiceJet has announced 50 percent off on base fares on limited tickets for travel till March next year, on sale till Saturday. The offer would allow customers to avail themselves of 50 percent discount on available fares for travel in two phases - between October 28 and December 15 this year and from January 15 till March 31 next year. A customer can save up to 50 percent on tickets booked between today and Saturday midnight adding fares under this offer are non-refundable and non-changeable, barring taxes and fees. Havells India has announced its expansion plans for the newly formed States of Telangana and Andhra Pradesh targeting business of Rs 500 crore in three years. As part of its expansion plans to capture the growing demand for electrical goods in Andhra Pradesh, the company inaugurated its new office in Vijayawada. The company plans to take its dealer network in Andhra Pradesh to about 300, up from 200. Apart from widening its dealer network, the company is planning to open 10 more Havells Galaxy showrooms in the state. Currently, there are more than 240 Havells Galaxy stores across India including three in Andhra Pradesh. The Heavy Industries Ministry will move the Cabinet with a proposal to shut down six sick central public sector undertakings, including HMT Watches. The companies are - HMT Watches, HMT Barings, HMT Chinar Watch, Hindustan Photo Films, Hindustan Cables and Tungbhadra Steel. The Ministry plans to spend Rs 1,080 crore towards one-time settlement through a voluntary retirement scheme for workers. The six companies have around 3,600 workers. HMT Watches, which is a subsidiary of HMT, has already submitted a voluntary retirement/voluntary separation scheme to the Government for downsizing its manpower.