Vedanta Repays $100M to Standard Chartered Bank - Top Indian Market Updates

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Vedanta repays $100 million to Standard Chartered Bank

Vedanta Ltd said it has repaid $100 million (~Rs 828 crore) to Standard Chartered Bank via release of encumbrance on March 10, 2023. Earlier, Vedanta Resources said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to ease investor concerns surrounding its financial position. The company has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by $2 billion in the past 11 months.

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Reliance Jio launches 5G services in 34 cities

Reliance Jio Infocomm has added 34 more cities to its True 5G network, taking the total number of the service offering to 365. Ambur, Chidambaram, Namakkal, Pudukottai, Ramanathapuram, Sivakasi, Tiruchengode and Villupuram in Tamil Nadu and Puducherry were covered in the latest round. In Jan, the company said that it has invested ₹40,446 crore in Tamil Nadu.

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Mindpsace REIT raises ₹550 crore through green bonds to refinance loans

Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds. Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured non-convertible debentures of Rs 1 lakh each by way of the private placement. The proceeds will be used towards refinancing loans availed by one of the asset special purpose vehicles (SPVs) to fund eligible green projects.

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IOC floats new unit for clean energy business

Indian Oil Corporation Ltd (IOCL) has floated a new subsidiary under low-carbon, clean and green energy business as the company pivots a transition plan to achieve net zero emissions from its operations by 2046. IOCL also plans to set up green hydrogen plants at all its refineries as part of a Rs 2 lakh crore green transition plan.

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Engineers India looks at new sectors, overseas for new phase of growth

Engineers India Ltd (EIL) is looking to diversify in new areas such as nuclear energy and tap overseas markets in regions such as the Middle East to drive the next phase of growth. In recent times, EIL has also added biofuels and green hydrogen to the list of industries where it provides consultancy right from design and feasibility studies to engineering, procurement, construction and maintenance.

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Ramakrishna Forgings secures order to supply 80,000 wheels to Indian Railways

Ramakrishna Forgings has emerged as the lowest bidder in the tender for manufacturing and supplying up to 80,000 wheels annually to the Indian Railways. This will help in import substitution and the establishment of greenfield wheel manufacturing facilities in India. At Rs 1.88 lakh per tonne, Ramakrishna Forgings' bid was significantly lower than the Rs 2.75 lakh per tonne bid by Bharat Forge.

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Future Retail executive chairman Kishore Biyani withdraws resignation letter

Debt-ridden Future Retail Ltd said Kishore Biyani has withdrawn his resignation as the executive chairman and director of the company. Future Retail is currently under insolvency proceedings. Biyani had tendered his resignation on Jan. 23.

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KEC International bags orders worth Rs 1,028 crore

KEC International Ltd secured multiple new orders worth Rs 1,028 crore across its various businesses. The company has secured new orders in the transmission and distribution project segment in East Asia Pacific, the Middle East, and the Americas. The new orders include a 500/230 kV GIS substation order in Thailand, a 110 kV transmission line order in Saudi Arabia, and a supply of towers in the Middle East.

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Dixon Tech to receive ₹150 crore under PLI Scheme

The Central government has cleared another tranche of the PLI scheme worth Rs 765 crore. Out of this, Dixon Technologies Ltd. will be receiving nearly Rs 150 crore. The amount received by Dixon will be for its subsidiary Padget Electronic. A large portion of the total amount released on the PLI scheme will go to Wistron, Apple’s contract manufacturer in India.

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