Healthenablr raises USD $800,000 as Seed Funding

Healthenablr India, a recent player in the healthcare technology and services sector, recently closed their seed round of funding at approximately USD $ 800,000 (Rs. 5.5 Crore)

Healthenablr India, a recent player in the healthcare technology and services sector, recently closed their seed round of funding at approximately USD $ 800,000  (Rs. 5.5 Cr.). The round of investment was raised by a mixed group of professionals, including some very significant names from Silicon Valley and Hong Kong.

The company plans on channelling this investment to further develop their patented EMR technology and consolidate sales efforts. Avishek Mukherjee, CTO and co-founder said, “This funding has timed perfectly with a new release of our patented EMR software, that not only allows doctors to generate online invoices and prescriptions, but also enables them to keep track of their patient vitals, medications, follow up appointments etc. At healthenablr, our goal is not just to provide doctors with a way to digitalize their practice, but to provide them with the best, most cutting edge technology, making it easier for them to manage their practice online.”

With regards to future investments, Healthenablr CEO and Co-founder, ​​Bamasish Paul, said, “We will look at raising our next round of funding mid this year, with the aim of expanding the business to over 8 more cities. Our most recent product release has brought made our product extremely competitive when it comes to quality. All our efforts are now concentrated on scaling up andbetteringour sales and delivery vertical as well as enhancing the technology behind the product, so you can expect exciting developments on the technological front in the near future”.

Currently operating in Mumbai and Kolkata, the company plans to expand their services to 8 cities, with a network of over 50,000 verified doctors by the end of 2016. While Healthenablr currently offers products and services through its mobile and web application, it has plans to expand into a healthcare marketplace, enabling patients to choose and buy healthcare package from Healthenablr as well as its growing network of affiliate partners. Other plans in the pipeline include tie-ups with hospitals and healthcare chains, remote patient management solutions and wearable healthcare and medical device integration.

Reliance Capital completes Nippon Life stake sale in Reliance Cap Asset management

Reliance Capital has completed the transaction for receipt of approximately Rs. 1,200 crore from Nippon Life Insurance for additional 14% stake sale in Reliance Capital Asset Management

Reliance Capital, a part of Anil Ambani led Reliance Group, has completed the transaction for receipt of approx. Rs 1,200 crore (US$ 180 million) from Nippon Life Insurance for additional 14% stake sale in Reliance Capital Asset Management (RCAM).

Nippon Life Insurance (NLI), a Fortune 500 company and one of the largest life insurers in the world, now becomes a co-sponsor of Reliance Mutual Fund, along with Reliance Capital, and will own 49 per cent in Reliance Capital Asset Management.

The Board of Directors of Reliance Capital Asset Management, in a meeting held here today, approved the transfer of an additional 9.57 per cent stake to Nippon Life Insurance, with the balance 4.43 per cent to be transferred in the next couple of weeks.

The transaction pegs the valuation of Reliance Capital Asset Management at Rs 8,542 crore (US$ 1.3billion), the highest valuation till date for any asset management company in the country.

In line with the new shareholding, the name of Reliance Capital Asset Management would also be changed to Reliance Nippon Life Asset Management. 

il and gas stocks surge after IOC hikes petrol and diesel price

Indian Oil Corporation (IOC) has raised the petrol and diesel price by Rs. 3.07 and Rs. 1.90 per litre respectively, 

Oil and Gas stock were higher after State-run Indian Oil Corporation (IOC) has raised the petrol and diesel price by Rs. 3.07 and Rs. 1.90 per litre respectively, which will be effective midnight.

Post the price hike, a litre of petrol in Delhi will cost Rs 59.68 and diesel will retail at Rs 48.33/litre. Petrol price in Kolkata, Mumbai and Chennai will cost Rs 63.76, Rs 65.79 and Rs 59.13 a litre respectively.

Indian Oil Corporation Ltd is currently trading at Rs. 402, up by Rs. 13.5 or 3.47% from its previous closing of Rs. 388.5 on the BSE.

The scrip opened at Rs. 395 and has touched a high and low of Rs. 405 and Rs. 393.85 respectively. So far 1394536(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 94325.86 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 465.4 on 24-Jul-2015 and a 52 week low of Rs. 324.05 on 13-May-2015. Last one week high and low of the scrip stood at Rs. 394.8 and Rs. 381.9 respectively.

The promoters holding in the company stood at 58.57 % while Institutions and Non-Institutions held 16.88 % and 24.55 % respectively.

The stock is currently trading below its 200 DMA.

Suzlon Energy wins 81.90 Mw turnkey orders

The company will provide a comprehensive range of services to build and maintain the wind projects, which include design, supply, installation, commissioning and dedicated life cycle asset management services. 

The Suzlon Group, one of the leading global renewable energy solutions providers in the world, today announced its order wins for a combined capacity of 81.90MW. The orders have been received from an assortment of customers representing SMEs across diverse industry segments including food and agro, textiles, chemical, real estate and engineering. It also includes a consecutive repeat order from the country’s first municipal corporation to invest in wind energy. Suzlon will install its robust multi-megawatt S111 90m, S97 120m, S97 90m, and the S95 90m turbines with rated capacity of 2.1MW each.

Suzlon will provide a comprehensive range of services to build and maintain the wind projects, which include design, supply, installation, commissioning and dedicated life cycle asset management services. The projects are spread across the key wind states of Tamil Nadu, Gujarat, Andhra Pradesh and Madhya Pradesh, and are scheduled to be completed by FY17.

Mr. Ishwar Mangal, Chief Sales Officer, Suzlon Group said, “The order wins from our new and existing customers affirms our role as the preferred partner for end-to-end renewable energy solutions across industry sectors and across the country. Our technological expertise and continuously upgraded product portfolio have allowed us to offer customized solutions that are suitable to varying wind regimes. We will continue to develop high yield products that effectively bring down the cost of energy.

Suzlon is also committed to achieve the government target of 175GW by 2022. With over 18 years of market leadership, over 9GW installations, pan-India presence and best-in-class service, we are well positioned to capture the opportunities in the domestic market.”

The innovative S9X series product portfolio is designed to optimally harness the available wind resources and deliver higher energy and return on investment (ROI) to customers. The S97 2.1MW wind turbine generator (WTG) features the time tested Doubly Fed Induction Generator (DFIG) technology which is designed to maximise generation and unlock low wind sites.

The consolidated order wins consist of more than 75% orders for the two new products, Suzlon’s next-generation wind turbines the S97 120m hybrid tower and the S111 90m. The S97 120m is the tallest all-steel hybrid tower (120 meter height) in the world and combines both lattice and tubular structures. The S97 120m prototype, set up in November 2014, at Kutch, Gujarat, achieved a plant load factor (PLF) of 35%, successfully generating 6.42 million kWh over the first 12 months of operation.

The S111 90m features a rotor diameter of 111.8 meters with a swept area of more than 9500 square meters, making it one of the highest yielding wind turbines in its class. 

Wockhardt! Delhi HC seeks Govt's reply on FDC Sale Ban

Delhi HC is seeking govt's reply on the company's plea with regards to the FDC Sale Ban, as per a report.

Wockhardt was trading flat at Rs. 963. Delhi HC is seeking the Govt's reply on the company's plea with reagrds to the FDC Sale Ban, says a report.

The scrip opened at Rs. 971 and has touched a high and low of Rs. 978.95 and Rs. 952.5 respectively. So far 1333666(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 10602.78 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2000 on 08-Apr-2015 and a 52 week low of Rs. 706.35 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 1012.5 and Rs. 936.5 respectively.

The promoters holding in the company stood at 74.19 % while Institutions and Non-Institutions held 11.88 % and 13.8 % respectively.

The stock is currently trading above its 200 DMA.

Bharti Airtel all set to acquire Videocon's spectrum for Rs. 44,280 mn

The largest telecom firm of the country has acquired rights to use 2 x 5 MHz spectrum in the 1800 MHz Band allotted to Videocon for six circles namely, Bihar, Haryana, Madhya Pradesh, UP (East), UP (West) and Gujarat to be valid up to December 18, 2032. 

Bharti Airtel has entered into an agreement to acquire Videocon's spectrum for Rs. 44,280 million.

The largest telecom firm of the country has acquired rights to use 2 x 5 MHz spectrum in the 1800 MHz Band allotted to Videocon for six circles namely, Bihar, Haryana, Madhya Pradesh, UP (East), UP (West) and Gujarat to be valid upto December 18, 2032.

Bharti Airtel, in a filing to the BSE, said, "The company on March 16, 2016 entered into a definitive agreement with Videocon Telecommunications Limited to acquire, at an aggregate consideration of Rs. 44,280 mn., rights to use 2 x 5 MHz spectrum in the 1800 MHz Band allotted to VTL by the Government of India, Ministry of Communication & IT, Department of Telecommunication (DoT) on April 05, 2013 for six circles, namely, Bihar; Haryana; Madhya Pradesh; UP (East); UP (West) and Gujarat (Transaction), in terms of the Guidelines for Trading of Access Spectrum by Access Service Providers vide letter dated October 12, 2015 issued by the WPC Wing of the DoT (Spectrum Trading Guidelines). The aforesaid Spectrum is valid upto December 18, 2032."

The top telco further said, "The closing of the Transaction is subject to satisfaction of the standard conditions (including conditions stated in the Spectrum Trading Guidelines), as are normal to such transactions."

ONGC up 2%; Offshore arm acquires 29.9% stake in Rosneft's two oil fields

A consortium led by the company agreed to buy 29.9 per cent stake in Russia's Rosneft for $4.2 bn, as per a report. 

ONGC stock was up by 2% at Rs.210. The consortium led by the company agreed to buy 29.9 per cent stake in Russia's Rosneft for $4.2 bn, as per a report. 

The scrip opened at Rs. 209 and has touched a high and low of Rs. 211.4 and Rs. 208.5 respectively. So far 1588883(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 176628.09 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 343 on 05-May-2015 and a 52 week low of Rs. 188 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 209 and Rs. 201.9 respectively.

The promoters holding in the company stood at 68.93 % while Institutions and Non-Institutions held 17.49 % and 13.57 % respectively.

The stock is currently trading above its 200 DMA.

Royal Enfield launches Himalayan and other Top Corporate News

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

Rosneft has signed a series of documents on selling stakes in Russian oil fields to Indian firms. Under the agreements, ONGC will increase its stake in Rosneft's Vankor project to 26% while Oil India, Indian Oil and Bharat Petroresources will buy up to 23.9% between them in the same field, if the deals are finalized.

Union Coal Ministry has granted permission to Sasan Power Limited, wholly-owned subsidiary of Reliance Power, to produce coal up to 17.20mtpa from 16mtpa earlier from its Moher & Moher Amlohri extension coal mines during FY16.

Idea Cellular launched 4G services across 28 towns in its leadership market of Maharashtra & Goa, expanding its high-speed mobile broadband LTE coverage to 10 circles. At present, Idea's 4G foot-print encompasses over 300 towns, and the company plans to target over 750 by June.

Reliance Infrastructure Ltd announced the demerger of certain power generation and supply businesses in Mumbai, Goa and Andhra Pradesh into a subsidiary for a consideration of Rs63bn.

Royal Enfield commercially launched the Himalayan bike at Rs155,545 (ex-showroom, Mumbai). The Himalayan, designed to ride on rugged terrain, would be the most affordable bike in its class. 

Tata Motors will supply 25 hybrid electric busses to the Mumbai Metropolitan Region Development Authority. The contract to supply Tata Starbus Diesel Series Hybrid Electric Bus with full low floor configuration is the single largest order awarded for hybrid electric vehicle technology.

Cipla has made an additional investment of $3 million in US-based Chase Pharmaceuticals engaged in developing novel approaches to improve treatments for Alzheimer's disease. In May 2014, Cipla had invested $1.5 million to acquire 14.6% stake in Chase Pharmaceuticals.

TVS Motors has entered a pact with online marketplace Snapdeal to retail its products. Nine two-wheeler products from TVS Motor Company will be available on snapdeal.com.

VST Tillers Tractors Ltd has announced that it has signed MoU with Karnataka Government.

Den Networks is planning to sell 50% stake in Star Den for Rs.40.3 Crore, as per media report.
  

IOC hikes petrol and diesel price by Rs. 3.07 and Rs. 1.90 respectively

Post the price hike, a litre of petrol in Delhi will cost Rs 59.68 and diesel will retail at Rs 48.33/litre. Petrol price in Kolkata, Mumbai and Chennai will cost Rs 63.76, Rs 65.79 and Rs 59.13 a litre respectively. 

State-run Indian Oil Corporation (IOC) has raised the petrol and diesel price by Rs. 3.07 and Rs. 1.90 per litre respectively, which will be effective midnight.

Post the price hike, a litre of petrol in Delhi will cost Rs 59.68 and diesel will retail at Rs 48.33/litre. Petrol price in Kolkata, Mumbai and Chennai will cost Rs 63.76, Rs 65.79 and Rs 59.13 a litre respectively.

After the petrol and diesel prices were deregulated, the oil marketing companies (OMCs) revise the prices of petrol and diesel on the 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.

Stock View:
On Wednesday, Indian Oil Corporation Ltd ended at Rs. 388.5, down by Rs. 3.85 or 0.98% from its previous closing of Rs. 392.35 on the BSE.

The scrip opened at Rs. 393.6 and touched a high and low of Rs. 394.25 and Rs. 386.65 respectively. A total of 647478(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 94325.86 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 465.4 on 24-Jul-2015 and a 52 week low of Rs. 324.05 on 13-May-2015. Last one week high and low of the scrip stood at Rs. 394.8 and Rs. 381.9 respectively.

The promoters holding in the company stood at 58.57 % while Institutions and Non-Institutions held 16.88 % and 24.55 % respectively.

The stock traded above its 200 DMA. 

Sun Pharma's arm Taro plans shares repurchase worth US$ 250mn

Repurchases may be made from time to time at the company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its stock, and general market conditions, the company reportedly said. 

Taro Pharmaceutical Industries reportedly said that its board of directors has approved a $250-mn share repurchase of its ordinary shares.

Repurchases may be made from time to time at the company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its stock, and general market conditions, the company reportedly said.

The company stated that no time period has been set for the repurchase programme, and any such programme may be suspended or discontinued at any time.

Sun Pharmaceuticals Industries Ltd ended at Rs. 836.65, down by Rs. 7.25 or 0.86% from its previous closing of Rs. 843.9 on the BSE.

The scrip opened at Rs. 845 and touched a high and low of Rs. 849 and Rs. 822.5 respectively. A total of 2793426(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 201358.94 crore.

The BSE group 'A' stock of face value Rs. 1 touched a 52 week high of Rs. 1200.7 on 07-Apr-2015 and a 52 week low of Rs. 706.4 on 24-Nov-2015. Last one week high and low of the scrip stood at Rs. 876 and Rs. 822.5 respectively.

The promoters holding in the company stood at 54.97 % while Institutions and Non-Institutions held 35.25 % and 9.77 % respectively.

The stock traded below its 200 DMA.

Top 20 stocks in focus today: ONGC, IndiGo, Den Networks

Check out the companies which will be in focus during trade today based on recent and latest news developments. 

IRB Infrastructure Developers Ltd: The company said that it had received the Securities & Exchange Board of India’s (SEBI) approval to launch an infrastructure investment trust (InvIT).

IOC, BPCL, HPCL: The oil marketing companies have increased the price of petrol by Rs.3.07 per litre while they hiked the price of diesel by Rs.1.90.

Mphasis Ltd: According to media reports, Blackstone has emerged the strongest contender to acquire IT services firm Mphasis from Hewlett Packard Enterprise in a deal that could be worth over $1 billion, said three people aware of the matter.

Tata Motors: Tata Motors has signed a contract to supply 25 nos. of the Tata Starbus Diesel Series Hybrid Electric Bus with Full Low floor configuration, with the Mumbai Metropolitan Region Development Authority (MMRDA) – the single largest order awarded for Hybrid Electric vehicle technology.'

Eicher Motors: Motorcycle manufacturer Royal Enfield on Wednesday launched Himalayan, an all terrain 411-cc bike, priced at Rs. 1.55 lakh (ex-showroom Maharashtra).

Blue Star Ltd: Blue Star is planning to integrate its air conditioners with air purifiers in collaboration with companies based in China and the US, reports a financial newspaper.

Canara Bank: State-owned Canara Bank is considering raising capital through issue of BASEL III compliant tier II bonds. The bank will be holding a meeting on March 21 to deliberate upon the same plan.

Den Networks: The company is planning to sell 50% stake in Star Den for Rs.40.3 Crore, as per media report.

VST Tillers Tractors: The company has signed MoU with Karnataka Government.

Reliance Infrastructure: Reliance Infrastructure has announced that the Board of Directors at its meeting held on March 16,2016 has approved a scheme of arrangement between Reliance Infrastructure Limited and Reliance Electric Generation and Supply Private Limited ("REGSPL") and their respective shareholders and creditors subject to requisite approvals.

Cipla: Drug firm Cipla has made an additional investment of $3 million in US-based Chase Pharmaceuticals engaged in developing novel approaches to improve treatments for Alzheimer’s disease.

Idea Cellular: The telecom company launched high-speed 4G services across 28 towns in its leadership market of Maharashtra & Goa, expanding its high-speed mobile broadband LTE coverage to 10 circles.

Aptech Limited: The company has informed the Exchange that the Company will be soon issuing notice to Mis. Sharepro Services (India) Pvt. Ltd, for termination of the Agreement entered with them. The Company has discovered certain irregularities at Sharepro with respect to the share related operations. 

ONGC: ONGC Videsh Ltd and a consortium led by Indian Oil Corp signed agreements to buy stake in two Russian oilfields in Siberia for an estimated USD 4.2 billion (over Rs.28,253 crore).

IndiGo: Qatar Airways reportedly said it remains interested in buying stake in IndiGo.Qatar Airways Group CEO Akbar Al Baker stated that the airline "could not invest in IndiGo IPO due to government's role".

Tata Consultancy Services: Tata Consultancy Services,a leading IT services, consulting and business solutions organization announced the successful launch of Norway’s first peer-to-peer mobile payment solution with DNB, the largest financial services group in Norway.

TVS Motors: TVS Motors has entered into a partnership with Snapdeal to sell the motorcycles and scooters online.

Nucleus Software Exports: The Board of Directors of the Company at its meeting held on March 16, 2016, has declared an Interim Dividend of Rs. 5/- per share (@50%) of par value of Rs. 10/- each for financial year 2015-16.

Avanti Feeds Ltd: Thai Union Group PCL is looking to expand its association with Indian shrimp processor and exporter Avanti Feeds by acquiring a strategic stake in its newly spun-off frozen foods business for Rs.125 crore ($18 million).

Gammon India Ltd: The company has informed BSE that the Securities Allotment Committee of Directors at their meeting held on March 16, has allotted 63,62,258 equity shares of F.V. Rs. 2/- each at a price of Rs. 11.89 per share (including premium Rs. 9.89) aggregating to Rs. 7.56 crores to United Bank of India (being the CDR Lender) on conversion of part of its outstanding loan and interest into equity shares of the Company pursuant to "Notice of Conversion", for conversion of debt into equity shares under the Strategic Debt Restructuring Package of the Company issued by ICICI Bank in its capacity as a Monitoring Institution acting on behalf of the CDR Lenders. With this allotment, the CDR Lenders collectively hold 62.65% of the total equity capital of the Company. 

Gap-up opening for Sensex, Nifty

Market-participants will continue to track daily momentum of rupee, oil and FII flows. Asian markets are higher. Japan's Nikkei is up over a percent while China's CSI300 is flat. Hong Kong's Hang Seng, South Korea's Kospi and Taiwan's TWSE are up around a percent each.

Sometimes doing nothing is the best. That’s what the Fed has done by maintaining a status quo on rates. Federal Reserve policy makers kept key interest rates unchanged and scaled down its forecast for the number of rate increases to two in 2016 from an earlier projection of four. Yellen said that the global economy is running a bit below expectations and acknowledged softness in exports and business investments, but noted that the global slowdown has not affected the Fed’s baseline case for the US economy. On inflation, Yellen said that the lack of convincing evidence of a pick-up in wage growth suggests continued slack in the labor market. But, inflation is gradually expected to move back to 2% over time.

The outlook is a gap up opening as the Nifty will look to race towards the 7600 mark, which has proved to be a stiff resistance for a long while. Whether it manages to convincingly close about it remains to be seen. Market-participants will continue to track daily momentum of rupee, oil and FII flows. Asian markets are higher. Japan's Nikkei is up over a percent while China's CSI300 is flat. Hong Kong's Hang Seng, South Korea's Kospi and Taiwan's TWSE are up around a percent each.

Banks saw dip in advance tax payments. SBI  paid an advance tax of Rs 690 crore, while ICICI Bank paid advance tax at Rs. 1,300 crore.

US stock indices notched modest gains on Wednesday. The Dow Jones Industrial Average rose by 74.23 points, or 0.4%, to end at 17,325.76 - its best closing level of the year. The S&P 500 index gained 11.29 points, or 0.6%, to close at 2,027.22 - marking a fresh 2016 closing high. The Nasdaq Composite index climbed 35.30 points, or 0.8%, to settle at 4,763.97.

The main indexes swung back and forth after the FOMC announcement, then pared their gains before rallying again as Fed Chairwoman Janet Yellen discussed the Fed move during a news conference.

Gold futures rose by 2.4% to US$1,259.40 an ounce in electronic trade, benefiting from a weakening dollar.

The benchmark 10-year Treasury yield surrendered 6 basis points (bps) to 1.937% compared with 1.99% just before the FOMC announcement. In terms of economic data, core-consumer prices, which exclude volatile food & energy, rose last month and are up 2.3% over the past 12 months.  Meanwhile, construction on new houses rose in February to a five-month high, led by the biggest increase in single-family units in 9 years. Industrial production decreased by 0.5% in February after signs of stabilization in January.


Finance Minister tabled Aadhaar Bill in Rajya Sabha. Earlier Lok Sabha has passed the Aadhaar Bill, where the Narendra Modi's government is in majority.

Reserve Bank of India (RBI) is planning to buy more domestic debt of Rs.15,000 crore via open market operations on March 17.

The gems and jewellery stocks will be in focus as the industry is set to hold a mega rally at Delhi's Ramlila Maidan today to protest against the 1% excise duty on gold jewellery announced in the budget for 2016-17.

The ministry of food processing Industry is discussing with their industries like four mega food parks, cold chain for maximum use of solar energy to save the electricity, said Ms. Sadhvi Niranjan Jyoti, Minister of State, Ministry of Food Processing Industries, Government of India at an ASSOCHAM event held in New Delhi today.

Business Development Companies (BDCs) -- public, closed-end investment companies which primarily lend to speculative-grade private companies -- have proliferated in recent years as robust M&A markets, abundant liquidity and tighter regulation of commercial banks opened growth opportunities in leveraged lending. "BDCs' rise to prominence over the past several years and their strong financial performance were tied to benign credit conditions and abundant liquidity," said Moody's Investors Service Analyst Anna Sherbakova.

The leap year helped push new car sales in the European Union (EU) up by 14% in February, but auto company executives have cautioned that full-year growth will be more modest.

Baidu Inc. will soon start testing driverless cars in the US, as the Chinese company looks to introduce a commercially viable model by 2018, chief scientist Andrew Ng has been quoted as saying by the Wall Street Journal (WSJ).

Tata Group expects its defence & aerospace business to increase its revenue by 7.5% to INR 2,650 crore in FY16, Member of Tata group's executive council and the brand custodian of Tata Sons Mukund Rajan has been quoted as saying.

Taro Pharmaceutical Industries reportedly said that its board of directors has approved a $250-mn share repurchase of its ordinary shares.

Tata Consultancy Services has been ranked number one for customer satisfaction in Europe’s largest survey of service provider performance.

Reliance Infrastructure Ltd has announced that the Board of Directors of the Company at its meeting held on March 16,2016, has approved a Scheme of Arrangement between Reliance Infrastructure Limited and Reliance Electric Generation and Supply Private Limited ("REGSPL") and their respective shareholders and creditors subject to requisite approvals.

Indian Oil Corporation Limited (IOCL), Oil India Limited (OIL), and Bharat PetroResources Limited (BPRL) signed definitive agreements to acquire participatory shares representing 29.9% of the charter capital of LLC "TYNGD", a company organized under the law of Russian Federation, from LLC RN Upstream, a wholly-owned subsidiary of Rosneft Oil Company, the National Oil Company (NOC) of Russia. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by September 2016