Tuesday, 19 May 2015

Top corporate news of the day - May 19, 2015

The Essel Group has entered into a joint venture agreement with J A Solar, China’s leading solar energy firm, to launch a solar cell and module manufacturing company in India.

News key
The Essel Group has entered into a joint venture agreement with J A Solar, China’s leading solar energy firm, to launch a solar cell and module manufacturing company in India.

Eros International has entered deals with three major Chinese state owned film and entertainment companies to promote, co-produce, distribute and unlock value in respective intellectual properties for Sino-Indian films across all platforms in both the countries.

The Kishore Biyani-led Future Consumer Enterprise has decided to exit from beauty and wellness chain Star and Sitara Wellness.

The wind energy developer Mytrah Energy Limited has awarded an equipment sale contract to Suzlon Group for a 98-MW windmill project it was planning to set up at Nazeerabad in Rangareddy district in Telangana state. 

Power Grid Corporation has got shareholders' approval to raise up to Rs130bn from domestic and external sources during the current fiscal. 

Kakinada SEZ Pvt Ltd, a subsidiary of GMR Infrastructure, has signed a memorandum of understanding with Guizhou International Investment Corporation, to set up a 2,000-acre industrial park for Chinese equipment manufacturing companies. 

SpiceJet is planning to raise US$150mn in debt or equity and is in discussions with private equity firms and banks for the same. The funds will be used as working capital and to repay dues, the airline said. 

In a step towards start of gas production from its giant Mozambique gas fields, ONGC and its partners have awarded contract for development of an onshore LNG terminal. 

Techno Electric & Engineering has sold wind assets worth 44.45 MW at Rs2.15bn. The wind assets were located in Tamil Nadu and belonged to its fully owned subsidiary Simran Wind Project Ltd. 

Sterlite Technologies Ltd is set to spin-off its power business into a separate unlisted company, while retaining its telecom business in the listed entity. The de-merger will be effective April 1, 2015. 

Jyothy Laboratories which is in the business of laundry services with FabricSpa, intends to use data analytics to customize laundry services for its customers. 

Infosys said it aims to meet its entire electricity requirements from renewable sources by 2018. The company has also become the first Indian company to join RE100, a global platform for major companies committed to 100% renewable power.

HDFC Bank launched co-branded medical benefits card with Apollo Hospitals, which allows corporates to disburse medical allowances to their employees and has insurance cover for accidents.

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