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Vedanta Approves NCD Issue Worth Rs2,500Cr - Top Indian Market Updates
Vedanta's board has approved raising to ₹2,500 crore through the issue of secured, unrated, unlisted, redeemable non-convertible debentures (NCDs). This is part of several major updates that could move the markets.
On this page
- Vedanta approves issue of NCDs worth ₹2,500Cr
- JSW in talks with LG Energy Solution to make EV batteries
- Adani Group forms JV to redevelop Dharavi slums
- Trucap Finance, HDFC Bank commence co-lending partnership for MSME business
- Tata Consumer close to acquiring Ching's Secret
- ABB India to provide power to Samskip's hydrogen-fueled container vessels
- IndiGo, British Airways enter into new codeshare partnership
- BPCL issues corporate guarantee for $200 million loan availed by a subsidiary
Key takeaways
- Vedanta’s board has approved raising to ₹2,500 crore through the issue of secured, unrated, unlisted, redeemable non-convertible debentures (NCDs).
- JSW is in early-stage talks with LG Energy Solution (LGES) for jointly manufacturing batteries in India for EVs and energy storage.
- Adani Group's property unit has formed a joint venture (JV) with Mumbai's slum rehabilitation authority to redevelop the Dharavi.
- HDFC Bank and TruCap Finance Ltd (TRU) have entered into a co-lending partnership to offer MSME business loans and Gold Loans.
- Tata Consumer Products Ltd (TCPL) has emerged as the frontrunner to acquire Capital Foods Pvt Ltd, maker of Ching's Secret and Smith & Jones brands.
Here are some of the major updates that could move the markets tomorrow:
Vedanta approves issue of NCDs worth ₹2,500Cr
Vedanta’s board has approved raising to ₹2,500 crore through the issue of secured, unrated, unlisted, redeemable non-convertible debentures (NCDs). The company will issue 2.5 lakh NCDs with a face value of ₹1 lakh each. The issue will be done on a private placement basis. The NCDs could be issued in one or more tranches. Vedanta mentioned that this proposal is part of its routine refinancing that is undertaken in the ordinary course of business.
Read more here.
JSW in talks with LG Energy Solution to make EV batteries
According to a report from Reuters, JSW is in early-stage talks with LG Energy Solution (LGES) for jointly manufacturing batteries in India. JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage. The move comes as the company presses ahead with plans to build electric vehicles locally.
Read more here.
Adani Group forms JV to redevelop Dharavi slums
Adani Group's property unit has formed a joint venture (JV) with Mumbai's slum rehabilitation authority to redevelop the Dharavi. This is a key step towards rebuilding one of Asia's biggest slums that is mixed in legal controversy. A spokesperson from Adani Group confirmed the formation of a new entity— Dharavi Redevelopment Project Pvt Ltd. This is a significant development as Adani faces an ongoing legal challenge from a rival bidder, Dubai-based SecLink Technologies Corp.
Read more here.
Trucap Finance, HDFC Bank commence co-lending partnership for MSME business
HDFC Bank and TruCap Finance Ltd (TRU) have entered into a co-lending partnership. TRU will leverage its Lending-as-a-Service (LaaS) model to offer quality credit solutions to underserved borrowers. HDFC Bank and TRU will jointly offer MSME business loans and Gold Loans to borrowers predominantly in non-urban locations. TruCap Finance (TRU) is a non-banking finance company dealing in gold and business loans.
Read more here.
Tata Consumer close to acquiring Ching's Secret
Tata Consumer Products Ltd (TCPL) has emerged as the frontrunner to acquire Capital Foods Pvt Ltd at a valuation of ₹5,500 crore. Capital Foods is the maker of condiments, food products and ingredients under the Ching's Secret and Smith & Jones brands. TCPL will first acquire 65-70% of the company from its three investors, with a pathway to acquire the rest in different phases.
Read more here.
ABB India to provide power to Samskip's hydrogen-fueled container vessels
ABB India Ltd has secured an order from Netherlands-based global logistics company Samskip to provide a comprehensive power distribution system for two new-built short-sea container ships. The vessels will be among the world’s first of their kind to use hydrogen as a fuel. As part of its services, ABB will deliver Samskip with the new, compact version of the ABB Onboard DC Grid power distribution system to ensure optimal use of energy on board.
Read more here.
IndiGo, British Airways enter into new codeshare partnership
IndiGo and British Airways have signed a codeshare agreement to further boost connections between India and the UK. Through this partnership, British Airways will add its code to a couple of destinations across IndiGo’s network which would allow customers to enjoy improved connectivity between India and the UK for travel from October 12.
Read more here.
BPCL issues corporate guarantee for $200 million loan availed by a subsidiary
Bharat Petroleum Corp Ltd (BPCL) has turned guarantor for a $200 million loan (~₹1,661 crore) availed by its step-down subsidiary. The company has issued a corporate guarantee in relation to the three-year term loan facility proposed to be availed by BPRL International BV through the State Bank of India, DIFC Branch. BPRL International is a wholly-owned subsidiary of Bharat PetroResources Ltd (BPRL), which is a subsidiary of BPCL.
Read more here.
Frequently asked questions
What is the value of the NCD issue approved by Vedanta?
Vedanta has approved an NCD issue worth ₹2,500 crore.
Which companies are in talks to manufacture EV batteries in India?
JSW is in early-stage talks with LG Energy Solution (LGES) for jointly manufacturing batteries in India.
What is the name of the joint venture formed by Adani Group for Dharavi redevelopment?
Adani Group has formed a new entity called Dharavi Redevelopment Project Pvt Ltd for the Dharavi redevelopment.
Which companies have entered into a co-lending partnership for MSME business?
HDFC Bank and TruCap Finance Ltd (TRU) have entered into a co-lending partnership for MSME business.
Written by
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