The Business Headlines

From the Consultiger News Desk

July 10, 2020 Oil & Gas
BP PAYS $1 BILLION FOR 49% STAKE IN RIL-BP JV.

Reliance has received $ 1 billion from BP for a stake of 49% in the retail and aviation fuel joint venture, Reliance BP Mobility. Reliance Industries will hold the balance 51% stake. The business will carry the brand name ‘Jio-BP’. The existing retail outlets of Reliance will operate under this name. Apart from selling fuel, the outlets will also carry BP’s Castrol range of products.

June 26, 2020 Oil & Gas
IOC'S GREEN FUEL UNIT GOES ON STREAM.

The first compressed-biogas (CBG) plant has been set up in Namakkal, TN, India. This is part of the Rs 450 cr project to supply green fuel in the state across multiple CBG plants. Set up by a JV between Indian Oil Corporation and Oiltanking GmbH of Germany, the Namakkal plant will produce 15 tons of CBG per day for vehicles (through five CBG stations) and two factories.

July 9, 2020 Agritech
Rs 1 LAKH CRORE FUND FOR AGRI INFRA: INDIA

India has set up a new agri-infra fund. The fund will provide medium to long term debt funding to agri projects in post-harvest infrastructure and community farming assets. This will be done through interest subvention and financial support. The fund will cater to start-ups, agri-tech businesses and farmer groups. The duration of the fund will be for 10 years - ending in 2029.

July 8, 2020 Money & Banking
AYE FIN. RAISES DEBT FUNDING OF Rs 125 CRs.

Aye Finance - an online lending startup - has raised debt funding of Rs 125 crores from Invest in Vision, a German investment firm. Earlier Aye had raised an equity round of Rs 210 crore from CapitalG - an existing investor. Aye Finance was started in 2014 and has released over Rs 3,000 crore as loan to over 200,000 micro enterprises.

July 7, 2020 Energy
OIL PSUs HANDLING 859 BIG PROJECTS.

The Indian oil companies of the public sector are currently working on 859 projects. The total value of the projects is estimated to be Rs 3.57 lakh crores - over several years. The projects cut across the entire hydrocarbon value chain of refinery, exploration, distribution management, production tech and more. The projects will require 3.5 crore man-days of employment in the current financial year.

July 3, 2020 Technology
INTEL INVESTMENT IN JIO OF $235 MN.

Intel is investing in Jio for a 0.39 per cent stake. This investment of $235 mn. (Rs 1894 crs) will be the 12th investment that Jio has attracted globally in the last three months. Jio has raised $15.5 bn so far. With this deal, the enterprise value of Jio stands at $65 bn. Jio has become a global brand with the entry of names like Facebook, Intel & Silver Lake.

July 2, 2020 Petrochemicals
HALDIA PETRO BUYS US FIRM FOR $2.7BN.

Haldia Petrochemicals has acquired Lummus Technology of US for $2.7 billion. This is a joint acquisition in partnership with Rhone Capital. Haldia will hold 57% stake in the company. Lummus owns over 130 proprietary technologies in petrochemicals, refining, gas processing & coal gasification. The company has 3400+ patents and trademarks in its name.

July 1, 2020 Technology
CARLYLE TO BUY 25% IN AIRTEL SUBSIDIARY.

An investment of $235 million is being made by Carlyle in the data center business of Airtel, Nxtra Data Ltd. The company is being valued at $1.2bn and Carlyle’s stake will be 25%, once the deal is formalised. Nxtra Data is building large data centres across India and will use the investment to grow its infrastructure rapidly.

June 30, 2020 Money & Banking
$1BN MASTERCARD INVESTMENT IN INDIA.

Global digital payments player, Mastercard, has committed to invest $1 billion in the Indian market over the next 5 years. The money will go into building technology for digital payments, setting up the infrastructure and for developing innovative solutions in the payments space. Mastercard has 2500 employees in India - the largest for the company outside of the US.

June 25, 2020 Space Tech
INDIA OPENS SPACE TO PRIVATE PLAYERS.

India has opened the field of Space to private entities. Indian National Space Promotion and Authorization Centre (IN-SPACe) - newly created - will be the facilitating body. IN-SPACe will formulate policies for use of Space infrastructure by private companies. ISRO will continue to focus on R&D, space missions and human space flight programmes.

June 24, 2020 Pharma
BIOCON: MARKETING PACT FOR SINGAPORE.

Biocon has tied up with DKSH for marketing, sales & distribution of seven of Biocon’s generic products in Singapore and Thailand. The arrangement allows DKSH to register & commercialise the formulations under the Biocon’s brand. The tie-up will give patients access to affordable medication for chronic diseases and expand the target market for the company.

June 23, 2020 Infrastructure
L&T SIGNS MOU WITH NYSE-LISTED CO.

L&T Hydrocarbon has signed an MoU with KBR, a New York Stock Exchange-listed business. The understanding is to build modular process plants for the refinery and petrochemicals projects in India, South East Asia, Mid-east and Africa. KBR is a US-based company and is a major player in Construction, Procurement and Engineering.

June 19, 2020 Management
DEBT-FREE RELIANCE, BEFORE SCHEDULE.

Mukesh Ambani has declared that Reliance Industries is debt-free. The company raised Rs. 168 lakh crores in two months. In a press statement released moments ago, the Chairman has said, “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021”

June 18, 2020 Technology
AIRTEL ACQUIRES STAKE IN EDTECH CO.

Bharati Airtel has acquired 10% stake in an edtech company, Lattu Media Pvt Ltd. This is the fourth investment by Airtel in a new generation company after Al-tech startup Voicezen, fitness-focused startup Spectacom Global Pvt. Ltd & tech company Vahan Inc. The financial details of the transaction are awaited.

June 17, 2020 Finance
LAKSHMI VILAS BANK - INVESTOR FOUND.

The troubled private bank, LVB, may have found an investor. The investment proposal has come from Clix Capital, promoted by Promod Bhasin. Clix plans to invest about Rs 2300 crs for a 45% stake, if all goes well. RBI has restricted the bank from new lending due to a sharp rise in NPAs, insufficient liquidity & negative return on assets for two consecutive years.

June 16, 2020 Iron & Steel
ARCELLOR-MITTAL'S INR 2000 CR INVESTMENT.

The state of Odisha is the target of ArcellorMittal's next big investment. The world's largest steel maker has already begun work on two large projects with an investment outlay of Rs 2000 crores ($283 mn.). As per the statement from CMO, ArcellorMittal is expanding its pellet plant capacity from 6MTPA to 12 MTPA.

June 12, 2020 Technology
ANAND MAHINDRA INVESTS IN STARTUP.

Chairperson of the Mahindra group, Anand Mahindra, has invested $1 million in Hapramp -a technology startup. Hapramp's flagship social media application, GoSocial, secured the deal for the India-based entity. GoSocial rewards media creators for posting and engaging with the users. The company was founded in 2018.

June 11, 2020 Technology
CIPLA BUYS STAKE IN A TECH COMPANY.

Cipla pharmaceuticals will acquire a 21.8 per cent stake in pharma-focussed online app player, GoApptiv. The total cost of the acquisition is As 9 crs (in two tranches). GoApptiv offers solutions for patient support and healthcare data analytics as well as for sales management, online marketing and channel management.

June 10, 2020 Energy
ADANI WINS UNIQUE INR 45K CR CONTRACT. GROWTH.

Solar Energy Corpn of India has awarded a manufacturing linked solar power project contract to Adani Green Energy. Adani will develop 8 GW of solar power project and wil also build manufacturing capacity for solar cell and modules. The project value is Rs. 45,000 crore and 400,000 jobs will be created.

June 6, 2020 Infrastructure
L&T WINS TELANGANA GOVT INR 5K CONTRACT. GROWTH.

The contract for a major irrigation project in Telengana has been awarded to L&T by the state government. The contract is worth Rs. 5000 crores. It will require the construction of a 1263 meter long barrage, 65 radial gates and other related civil works. The project will be executed within two years.

June 4, 2020 Technology
HCL TECH TO ACQUIRE CISCO BUSINESS UNIT.

IT biggie HCL Technologies Ltd. is acquiring a self-optimising network technology business owned by Cisco Systems. The all-cash transaction is worth $50 million (Rs. 378 crores). This buy will help HCL expand its presence in the telecom sector especially with the introduction of 5G. The merger is planned to conclude by 2021.

June 3, 2020 Automotive
DAILMLER TO INVEST INR 2K CRS ON GROWTH.

Daimler India Commercial Vehicles is investing Rs. 2277 crores to expand their commercial vehicle production in Orgadam, Tamil Nadu, India. Daimler expects to employ 400 more employees on expansion. The company has invested Rs. 5500 crores earlier on the project and exports vehicles to over 50 countries from this plant.

May 28, 2020 Automotive
OLA ACQUIRES DUTCH E-SCOOTER PLAYER.

Etergo is an Amsterdam-based electric scooter manufacturer. Ola will acquire this company and will start manufacturing electric scooters later this year. The market launch is planned for 2021. While the company (Eterga) is valued at around 84 million euros, the price that Ola has paid has not been made public.

May 27, 2020 Infrastructure
SATELLITE TECH TO OFFER 5G NETWORK.

Vestaspace Technology - a nano, small satellite manufacturer in India - plans to launch 35+ satellites (constellations) by 2021. This would power their 5G network capabilities. The satellite-based technology is seen as an alternative to the fibre network technology. Vestaspace Technology has been working with ISRO, NASA and other space agencies.

May 26, 2020 Technology
R-JIO & KKR SEAL ASIA'S BIGGEST DEAL

KKR a major PE player has invested $1.5 billion in Reliance's Jio Platforms. This deal is seen as the biggest deal in Asia and will give an equity stake of 2.23% to KKR in Jio. Jio has raised $10.4 billion within a month, starting with the much in the news Facebook-RJio deal. The enterprise value of Jio Platforms now stands at Rs. 5.16 trillion.

May 23, 2020 Automotive
BAJAJ BIKES ENTER THAILAND MARKET.

Bajaj Auto is entering the Thailand market with its top of the line premium brands by July 2020. The company will introduce its sports category brands, Dominar & Pulsar NS. Bajaj exported 47% of the bikes manufactured by them in FY20. The company is targetting the ASEAN market for its next wave of growth.

May 22, 2020 Infrastructure
COIR GEOTEXTILE FOR RURAL ROADS.

The Govt of India has approved the use of Coir Geotextiles for the construction of rural roads. Going by specific technology guidelines on road construction, it is estimated that about 1674 kms - across seven states - will be constructed using Coir Geotextiles. This will require one crore square meters of coir at an estimated value of Rs 70 crs.

May 21, 2020 Infrastructure
RPG GROUP BOOKS INR 1200 CRS ORDER.

The flagship company of RPG Group, KEC International has bagged multiple infrastructure projects worth Rs. 1203 crores. The infrastructure projects are in the area of power (transmission & distribution), industrial civil works, residential works and cables. The projects will be executed in India, Bangladesh, Africa & Americas.

May 20, 2020 Automotive
FASTEST LOCOMOTIVE OPERATIONALISED.

The Indian Railways has put into operations the world's fastest locomotive. This machine is capable of running at a speed of 12,000 HP and is designed to carry heavy consignments. This powerful electric locomotive is being manufactured by French company Alstom - under the Make in India programme - along with Madhepura Electric Locomotives under a 3.5bn euro agreement.

May 19, 2020 Infrastructure
4 SLURRY PROJECTS TO BE DEVELOPED.

The Steel Ministry, GOI, is developing four slurry pipeline projects costing Rs. 8225 crs. The project will be executed in partnership with the private sector and is likely to conclude in 2025. A slurry pipeline stretches over long distances and transports ores such as coal, iron and mining waste.

May 14, 2020 Pharma
REMDESIVIR TO BE MADE BY JUBILANT.

Jubilant Life Sciences, India has entered into a non-exclusive licensing agreement with Gilead Sciences, USA to manufacture Remdesivir - a potential Covid-19 drug. The drug will be made available in India and 127 countries. The drug will be introduced in the Indian market after clinical trials and regulatory approvals.

May 13, 2020 Infrastructure
TATA POWER SIGNS DEAL WITH MOD.

Tata Power's defence division, Strategic Engineering Division has been awarded a contract worth Rs. 1200 crores by Ministry of Defence. The contract is for Tata Power's arm to modernise the airfield infrastructure of Indian Airforce, Navy and Coast Guard over a four-year period. 37 airfields will be covered under this contract.

May 12, 2020 Heathcare
CARLYLE TO INVEST INR 1800 CRORES.

Carlyle Group, a PE firm, has agreed to take majority stake in SeQuent Scientific, an India based company that is into animal healthcare. This investment - expected to be INR 1800 crs - will give Carlyle Group 74% ownership of the company, to start with. SeQuent will leverage Carlyle Group's healthcare knowledge to become a global player.

May 8, 2020 Finance
IDFC FIRST BANK GETS $26.4MN.

Private Equity giant Warbug Pincus has invested an additional $26.4 Mn (INR 200 crores) in IDFC First Bank. The investment ensures that the PE firm's stake remains close to 10% in the bank. This investment is Warbug Pincus' second investment in India this year. They previously committed to invest $150 million in Apollo tyres.

May 7, 2020 Electricals
POLYCAB BUYS OUT PARTNER IN RYKER.

Ryker Base Limited was a joint venture between Polycab and Singapore-based, Trafigura until recently. Each entity owning 50% in the business. Polycab has now bought 50 percent stake of Trafigura for $ 4mn. (Rs. 30 crores) making Ryker a wholly-owned subsidiary of Polycab. Polycab is backed by International Finance Corp. (World Bank's investment arm.

May 6, 2020 Iron & Steel
JINDAL REGISTERS GROWTH OF 109%.

Jindal Steel & Power achieved a month-on-month growth in exports of 109% this April. The company exported 2.48 lakh metric tons of steel and related products. The exports contributed 74% of the company's total sales. The company's share price rose by 2.40% to INR 87.50 in the back of this announcement.

May 5, 2020 Technology
R-JIO IS WORTH $65 BILLION NOW.

About 15 days back, Facebook invested in Reliance Jio for a 10% stake. The amount invested was $5.7bn. A day back, a private equity firm, Silver Lake invested $748 million. This for a stake of 1.2%. The investment makes Reliance Jio worth $65 billion. That's a growth in valuation by 12.5%. Silver Lake has invested Alibaba and Dell.

May 1, 2020 Energy
INDIA: 3RD BIG SOLAR MARKET.

India installed 7.3 GW of solar power in 2019. India has 23.7 GW projects under development and 31.5 GW of tenders pending auction. (This is as per a study by Mercom Communications India) India is now the third largest solar power market globally and is led by Mahindra & L&T in this space.

Apr 30, 2020 Heathcare
SEQUOIA FUNDS FITNESS STARTUP.

Surge, Sequoia Capital India's funding programme for early stage startups, has invested USD 2mn. in pre-series A funding. Fittr is a market place for fitness coaching. It offers training tools and diet plans and live fitness classes with experts. Presently Fittr has 200 certifiied coaches on its platform. Founded in 2016, Fittr has 850,000 members who are registered.

Apr 29, 2020 Automotive
BEML BAGS DEAL WORTH RS. 398 CRS.

Coal India has awarded a contract to BEML to supply seven 150-T and eight 205E-T dump trucks. The deal worth Rs. 398 crs includes the supply of spare parts for eight years. The trucks to be supplied meet eco-friendly emission norms and come with the state of the art fuel management system. The trucks have ben designed and developed by BEML.

Apr 28, 2020 Pharma
USFDA APPROVAL FOR ZYDUS DRUG.

Zydus Cadila has received a go-ahead from the US drug regulator to market its cancer drug, Erlotinnib. The drug will be manufactured at Zydus Cadila's drug formulation manufacturing unit in Ahmedabad located in the SEZ. The Erlotinib tablets are given for the treatment of lung cancer and pancreatic cancer.

Apr 24, 2020 Technology
TCS TO BUILD S/W FOR ISRAEL BANKS.

Israel's finance minsitry has engaged TCS to build a banking service bureau. TCS would create a shared digital banking operations platform for any startup bank to benefit from. This agreement will lead to creating Israel's first fully digital bank. This bank will have no physical branches but will offer all the services offered by traditional banks.

Apr 23, 2020 Mining
NALCO AWARED MINING LEASE.

The Odisha state government has awarded the mining lease of Utkal-D coal block, spread over an area of 301.28 hectares to NALCO. The annual capacity is expected to be at 2 million tonne initially. The reserve is estimated at 101.68 mn tonne. The period of lease is 30 years. This lease will give a boost to NALCO that requires continuous access to coal.

Apr 22, 2020 Automotive
TVS BUYS UKS ICONIC BIKE BRAND

TVS Motors has acquired 100% stake in UK's iconic sporting motorcycle company Norton Motorcycles. This all cash deal is valued at USD 20 Mn. The Norton brand of motorcycles was founded in 1898 and the deal is expected to help TVS Motors mark their international presence in a big way through this brand.

Apr 21, 2020 Energy
NTPC AWARDS INR 1750 CRS DEAL.

Vikram solar, Kolkata has bagged a contract to build 300 MW solar plant project worth INR 1750 crores. The solar plant wil be spread across 1,500 acres in Rajasthan and will be ready in 18 months. Vikram Solar has installed several large projects. Some of them are APGENCO's 200 MW (in AP), NTPC's 130 MW (in Rajasthan), GIPCL's 80 MW (in Gujarat) and NTPC's 225 MW (in UP).

April 17. 2020 Infrastructure
L&T WINS DEAL FOR MASS TRANSIT.

A division of L&T Construction has been awarded a contract to build Rapid Transit System from NCR Transport Corporation. The contract is worth about INR 2500 crs. (as per news reports). The project is to build a dedicated, high speed, high capacity rail line in Delhi - Ghaziabad - Meerut corridor. The design speed will be 180 kmph and average operational speed will be 100 kmph.

April 14. 2020 Pharma
CIPLA INHALER GETS US FDA NOD.

Cipla has received the approval for its generic inhaler from the US Food & Drug Administration. The inhaler helps treat acute cases of bronchospasm/asthma. The approval is expected to shore up Cipla's top line by USD 60 Mn. Limited competition in the US market will help in selling large volumes. The company's share price rose by 15% in the back of this news.

April 10. 2020 Automotive
SWEDEN ROAD ELECTRIFIED.

Sweden introduces world's first electrified road that helps charge electric cars. Two tracks laid on the road tranfer electric impulses that charge the batteries of electric vehicles on the go. Power is transmitted from the tracks through a movable arm that is connected to the bottom of the vehicle. As an experiment 2kms of the tracks has been laid.

April 9. 2020 Energy
TOTAL INVESTS IN ADANI SOLAR BIZ.

Adani Green Energy has received investment of Rs. 3707 cr from French oil major Total SA, for a 50% stake in the joint venture. Adani Green Energy houses 2.148 GW solar projects operating across 11 states in India. The company aims to achieve 25 GW by 2025 making them the largest player in the solar energy space in the world.

March 26, 2020 Technology
FACEBOOK-R JIO DEAL IN THE OFFING.

Facebook is in talks with Mukesh Ambani-owned Reliance Jio to pick up a stake in the company. It is predicted that Jio would offer 10% of ownership to Facebook. Reliance Jio is valued at $60 billion and has a subscriber base of 370 million. A 10% stake would make this Facebook-Jio deal worth $6 billion.

March 25, 2020 Logistics
TVS SUPPLY CHAIN GETS A $100 MN PARTNER.

Gateway Partners, a PE firm based in Singapore, has entered TVS Supply Chain as a strategic partner with a stake worth $100 Mn. TVS Supply Chain is one of the largest third party logistics and supply chain player. This strategic association is expected to help increase the global footprint for the company.

March 20, 2020 Finance
YES BANK RATINGS UPGRADED BY MOODY'S.

Moody's has assigned positive outlook to YES Bank. The investments coming in from banking consortium led by SBI paving the way for this upgrade. The morotorium on banking transactions has been lifted completely. The fundamentals of the bank are expected to improve drastically and that would help the price of the scrip as well.

March 19, 2020 Automotive
TESLA ASSEMBLES ONE MILLION CARS.

Tesla is the first Electric Vehicle manufacturer to achieve the milestone of one million cars in just 12 years time. Roadster launched in 2008 was their first model - one that also went to the space. Tesla manufactures 40,000 new cars a month. This is a significant landmark for all us since the EVs are the future.

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