2024-03-11 07:29:28
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Adani Enterprises: Karan Adani, MD of Adani Ports and Special Economic Zone, announced on Sunday that the Adani Group is set to invest approximately Rs 60,000 crore in the expansion of its seven existing airports over the coming 5-10 years. He said that about half of this investment will be directed towards enhancing terminal and runway capacity within the next five years. The remaining funds will be allocated for the city-side development of the airports over the subsequent decade. In addition to this, the group has plans to invest an extra Rs 18,000 crore in the Navi Mumbai airport. The funding for these investments will be sourced from the internal accruals of the parent company, Adani Enterprises.
Interglobe Aviation: Reports suggest that Rakesh Gangwal, co-founder of IndiGo, is contemplating selling a stake of up to 5.8 per cent in Interglobe Aviation, the parent company of the airline. This is a significant increase from his initial plan of selling a 3.3 per cent stake, as reported by CNBC-TV18 on March 8. The intended equity sale is projected to generate close to Rs 6,600 crore, with shares priced at a minimum of Rs 2,925 each.
HDFC Bank: The lender has initiated the process for the initial public offering (IPO) of its subsidiary, HDB Financial Services. The bank plans to schedule the share sale of its financial services division in either the last quarter of 2024 or the first quarter of 2025, according to people in the know. HDFC Bank has called upon premier investment banks to provide bids and valuation estimates for the upcoming IPO, as per individuals privy to the matter. HDB Financial, a non-deposit- accepting lender, is projected to be valued between $9 billion and $12 billion (Rs 75,000 crore- Rs 1 lakh crore) for the IPO, contingent on market conditions, as stated by an investment banker involved in the discussions.
Reliance Industries: Viacom18, owned by Reliance Industries, has restructured its entertainment businesses under the leadership of two key executives, in anticipation of its impending $8.5-billion merger with Disney's India unit. In the new arrangement, Kiran Mani, who assumed the role of Chief Executive of Digital Business (JioCinema) in November last year, will now head the digital and sports businesses. Kevin Vaz, who came on board as CEO - Broadcast in July last year, will be in charge of the entire content business. Anil Jairaj, the CEO of Viacom18 Sports, who previously reported to the board, will now report to Mani, while Kiran and Kevin will function as co-CEOs.
SJVN: SJVN Green Energy, a subsidiary of the state-owned SJVN, has signed a long-term agreement to deliver 600 MW of solar power to Rajasthan. The Power Usage Agreement (PUA) involves the supply of 500 MW of solar power from the Bikaner Solar Power Project, and the Power Purchase Agreement (PPA) includes the provision of 100 MW of solar power from the Rajasthan Solar Power Project. Both agreements are set to last for a duration of 25 years, as stated by the power ministry. In accordance with the agreement, SGEL is set to supply 500 MW of power at a rate of Rs. 2.57 per unit, sourced from the 1,000 MW Bikaner Solar Power Project.
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