RInfra signs agreement to transfer its WRSSS biz to ATL
Anil Ambani-led Reliance Infrastructure (RInfra) yesterday said it has signed an agreement with Adani Transmission (ATL) to transfer its Western Region System Strengthening Scheme (WRSSS) power transmission assets. "RInfra has signed a business transfer agreement for transfer of WRSSS," the company said in a statement issued. The WRSSS B and C projects, located in the states like Maharashtra, Gujarat, Madhya Pradesh and Karnataka, are being transferred to its two subsidiaries as part of process of sale of the businesses to ATL, it said. Earlier in December last year, RInfra entered into a share purchase agreement with Adani Transmission for sale of WRSSS, valuing the businesses at Rs 1,000 crore.
ONGC may sell IOC stake to LIC in block deal
State-owned ONGC is likely to sell some of its stake in IOC to institutional investors like LIC to part-fund its over Rs 34,000-crore acquisition of refiner Hindustan Petroleum Corporation Limited (HPCL). Oil and Natural Gas Corporation (ONGC) holds 13.77% stake in India's biggest refiner Indian Oil Corporation (IOC), which at yesterday's market price is worth over Rs 27,800 crore. It has another 4.87% stake in GAIL India Ltd worth of Rs 1,600 crore. "The acquisition of 51.11% government stake in HPCL will be funded through a combination of market borrowing and selling some stake in IOC and GAIL," a source privy to the development said.
RiseSmart plans to increase its presence, to hire 100+ employees
The brain child of Sanjay Sathe, RiseSmart, the leading provider of contemporary career transition services, expands its outplacement & redeployment support to Indian corporations through its operations in India, Pune. The organization that initially started its operation in 2008 with a small office and handful of employees in Pune, recently expanded its offices with a move to a 20,000 sq. ft office space and plans to hire 100+ employees. Founded in 2007, RiseSmart is the first contemporary career transitions solutions provider to recognize, and respond to, the new Employee Relationship Economy. Sathe was recently recognized as the 2017 gold winner of the Golden Bridge Awards for Executive of the Year in the human resources industry and as the silver winner for Executive of the Year from Stevie International Business Awards.
LEAP India to raise Rs 100 crore via debt to fund expansion
Supply chain management services provider LEAP India yesterday said it is raising another Rs 100 crore debt from banks to take the current pallet count from 1 million to 3 million in the next three years. "We have invested Rs 110 crore equity raised in the last three years and Rs 70 crore debt raised in manufacturing and deploying of pallets and Foldable Large Containers (FLC). We are now raising another Rs 100 crore debt from banks to take the current pallet count from 1 million to 3 million in the next three years," LEAP India MD Sunu Mathew said in a statement.
Home launches fall 33% in Jan-Sep, supply of low-cost homes up
Launches of new homes in top eight cities came down by 33% to 60,140 units in January- September, hit by demand slowdown, but supply of affordable homes rose 27%, says Cushman and Wakefield. Housing supply stood at 89,970 units in January-September 2016 in the eight cities -- Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. Real estate developers are focusing on affordable housing after the government accorded infrastructure status to this segment and extended interest subsidy, the consultant said.
Exim Bank gives $110 m buyers' credit to Mauritania
Export-Import Bank of India [Exim Bank] has extended a Buyer’s Credit under National Export Insurance Account [BC-NEIA] of USD 110 mn to the Government of Islamic Republic of Mauritania for financing the contract for design, supply and assembly of 225/90 kV transmission lines from Nouakchott to Nouadhibou, to be executed by Kalpataru Power Transmission Ltd., India. The BC-NEIA Agreement to this effect was signed in Nouakchott, Mauritania, on October 04, 2017, by El Moctar OULD DJAY, the Minister of Finance, Government of the Islamic Republic of Mauritania and Harsha Bangari, Chief General Manager, on behalf of Exim Bank.
Xrbia to launch 50,000 affordable homes in Q4
Xrbia Developers will launch 50,000 affordable homes acrosss the Mumbai region and Pune in the March quarter. In the Mumbai reigion the company will launch projects in Thane, Kandivali, Mira Road and Karjat while those in Pune will come at Balewadi, Dhanori and Market Yard, the company said. The apartments will be priced at Rs 50 lakh for 1BHKs and 80 lakh for 2BHKs. The 1BHKs will have a carpet area of 180-230 sqft and 2BHKs will be of 305 sqft and will be completed in 60 months.
Future Retail executes SPA for Hypercity Retail acquisition
Future Retail yesterday said it has executed share purchase agreement (SPA) with Shoppers Stop for its Rs 655-crore acquisition of Hypercity Retail in stock-and-cash deal. Last week, Kishore Biyani-led Future Retail Ltd(FRL)had announced that it would acquire Hypercity that operates 19 large format premium stores in some key cities from the K Raheja group firm Shoppers Stop. "The company has executed the SPA with sellers and Hypercity Retail India Ltd (HRIL) on October 8, 2017 for acquisition of the entire share capital," FRL said in a BSE filing.