Top Corporate news of the day - October 13, 2015

Check out the most important news stories which captured the headlines at the corporate level in India and internationally.

Lanco Infratech has pre-closed Rs2.1bn term loan with Yes Bank and expects cash flows to increase within 2-3 years after its projects become operational.  The term loan was taken for a couple of solar power projects that are operating well and have healthy cash flows, it said. However, the company said that other term loans of Rs610mn from Yes Bank for its solar power projects are continuing.

Steel major JSW Steel said its crude steel production was lower at 3.25 million tonnes (MT) for the second quarter as compared to 3.30 MT in Q2 last year as one of the blast furnaces at Vijayanagar works was taken under shut down for relining and is expected to be re-commissioned in early December 2015.

Energy solutions provider Inox Wind has bagged 50 Mw wind power project order from Tata Power Renewable Energy Ltd (TPREL) in Madhya Pradesh. The order is TPREL's third project with Inox Wind after two previous orders of 172 Mw. TPREL is a 100% subsidiary of Tata Power and has 300 Mw of commissioned renewable assets.

The state-owned Bharat Heavy Electricals (BHEL) said it has commissioned 2,730 MW of utility power projects in the first six months of 2015-16.  It is more than double the power project commissioning achievement of 1,167 MW in the corresponding period of last year, the company said in a statement. 

Jayaswal Neco Industries, a mining and steel company, has defaulted on its Rs44bn of loans to banks triggering a rating down grade to junk by ICRA, puffing up the bad loans of a banking system that is already reeling under the weight of bad loans.

Environment Ministry's green panel EAC has approved drug maker Aurobindo Pharma's proposal to expand its bulk drugs facility in Medak district in Telangana, entailing an investment of about R3bn. The Hyderabad-based firm had sought green nod for increasing the production at its bulk drugs unit in Medak district to 421.2 tonnes per month (TPM) from the existing 96 TPM. 

Suzlon has commissioned 50.40-MW wind power turnkey project for Ostro Energy Pvt Ltd (owned by Actis). This is Ostro’s first wind power project in India. Located in Jaisalmer, Rajasthan and comprising 24 WTGs (Wind Turbine Generators) of 2.1 MW each, it is an integral part of Suzlon’s Jaisalmer wind park, billed to be the country’s largest wind park with a cumulative capacity over 1,300 MW. 

Hindustan Construction Company (HCC) has bagged Rs9.4bn worth contract from BARC to construct first phase of its Integrated Nuclear Recycle Plant. The scope of work includes construction of fuel processing plant, lab building, disposable material block along with in-situ fabricated stainless steel tanks and liners and electromechanical works.