Trackpad

Punj Llyod secures Rs 542 crore order

Diversified engineering, procurement and construction (EPC) conglomerate Punj Lloyd has bagged 41 km long Rs 542 crore road project in Bihar from National Highways Authority of India (NHAI). The scope of work for the project includes four-laning from 360.91 km to 402 km of Gorakhpur-Gopalganj section of NH28 in Bihar. The project is scheduled to be completed in 24 months. The highway aims at cutting down travel time between Gorakhpur and Gopalganj and Gorakhpur and Patna by reducing congestion and fixing geometric deficiencies at various intersections. Punj Lloyd has executed over 16 highway projects of NHAI till date. The group’s order backlog stands at Rs 21,694 crore.

Eros International to expand through China

Eros International plans to make as many as four films with two Chinese studios over the next three years. Eros has signed agreements with Chinese Film Corp., Shanghai Film Group Corp. and Fudan University to promote, co-produce and distribute their films in both nations. With 34 per cent growth in ticket sales in 2014, China is set to become the world’s biggest market in five years. With at least 5,000 film screens in India and 20,000 in China, a successful film can “conservatively garner” box office collections of Rs 1,280 crore from just these two markets alone. The partnerships will help Eros generate a 10-fold increase in EBITDA earnings.

NHPC plans to raise Rs 3,975 crore via loans, tax-free bonds

State-owned NHPC is planning to raise up to Rs 3,975 crore from the domestic market through loans and tax-free bonds. The board may consider an agenda item to raise the debt up to Rs 3,975 crore for the year 2015-16 and 2016-17 up to AGM through term loans/corporate bonds/tax-free bonds on secured/unsecured basis from domestic market in suitable tranches. NHPC’s board meeting is scheduled for May 29, 2015.

Ravi Pillai join Dhanlaxmi Bank Board

NRI businessman and head of the Gulf-based RP Group of Companies, Ravi Pillai, has joined the Board of Directors of Kerala-based Dhanlaxmi Bank as non-independent director. In recent years he had acquired 4.99 percent shares of the bank through preferential allotment. The 88-year old Dhanlaxmi Bank has 280 branches and 398 ATMs across the country.

21 proposals of FDI worth Rs 281 crore approved

On the basis of recommendations of the Foreign Investment Promotion Board (FIPB), the central government has approved 21 proposals of foreign direct investment (FDI) amounting to Rs 280.70 crore. These proposals include permission sought by Blue Dart Express for the acquisition of shares in Blue Dart Aviation, which would increase the shareholding from 49 per cent to 74 per cent and proposal to set up JV for undertaking single brand retailing of ‘Montblanc’ products between Montblanc Services Blank B.V, Netherlands (holding 51 per cent of shares) and Titan Company (holding 49 per cent of shares).

On the other hand, proposals of IIFL Holdings for increasing the foreign equity from 54.7 per cent to 100 per cent by way of issuing shares to FIIs and Kotak Mahindra Bank for increasing the aggregate foreign investment in Kotak Mahindra Bank to 55 per cent have been deferred, while the proposal of Sharekhan and Human Value Developers for the transfer of CCDs and CCPs of their companies held by IDFC Limited to Baring Private Equity Asia IV Mauritius Holdings has been rejected.

ArcelorMittal and SAIL sign MoU on automotive steel JV

World’s leading steel and mining company ArcelorMittal and the Steel Authority of India Limited (SAIL) have signed a Memorandum of Understanding (MoU) to set up an automotive steel manufacturing facility under a joint venture arrangement in India. The MoU was signed in London by Lakshmi Mittal, Chairman and CEO of ArcelorMittal and C S Verma, Chairman of SAIL. Rakesh Singh, Secretary to the Government of India, Ministry of Steel and Aditya Mittal, ArcelorMittal CFO and CEO ArcelorMittal Europe, were also present. The proposed JV will see the construction of a state-of-the-art cold rolling mill and other downstream finishing facilities in India that will offer technologically advanced steel products to India’s rapidly growing automotive sector.

India is forecast to become the world’s fourth-largest automobile manufacturing nation by 2020, growing from approximately 3.5 million units today to over 7 million units. “Bringing together our leading automotive technological capabilities with SAIL’s production scale in India in a similar manner to ArcelorMittal’s partnership with Hunan Valin on our VAMA joint venture in China is an exciting and powerful combination,” Mittal said. On the occasion, Verma said, “Product enrichment is an integral part of this plan and the MoU with ArcelorMittal will pave the way for a new chapter in the indigenous production of high-quality automotive steel in India.”

PFC bags award in financial category

PFC received the Dun & Bradstreet Corporate Award 2015 in the category of FIs/NBFCs/ Financial Services Infrastructure Finance Company. M K Goel, CMD, Power Finance Corporation, received the award from Dr. Bibek Debroy, Permanent Member, NITI Aayog at a function. On the occasion former Union Finance Minister and MP Yashwant Sinha was also present.