Trackpad
GE Power bags contract worth Rs 291.9 crore
GE Power India Limited has bagged a contract worth Rs 291.9 crore from Megha Engineering & Infrastructures Limited (MEIL). The contract’s scope includes design, engineering, procurement, assembly, inspection, the supply of reversible pump-turbine and motor-generator with associated auxiliaries. It also comprises of supervision of erection, testing and commissioning for unit 1 (1 x 125 MW) of package III of phase I, units 2 and 3 (2 x 125 MW) of phase II and unit 4 (1 x 125 MW) of phase III of Kundah Pumped Storage Hydro-Electric Project in Nilgiris District of Tamil Nadu.
The project would provide peaking benefits of 500 MW (daily peaking energy would be 3 MU with all four units of 125 MW each operating for six hours daily for the whole year except during the month of January). Annual average energy benefits for (11 months) would be 1,005 MU.
The foundation of this project was laid in May 2018. Its estimated cost during the foundation was approximately Rs 1,850 crore. Under the project, Tangedco’s Porthimund and Avalanche-Emerald reservoirs in the district are utilised as the upper and lower reservoirs, respectively.
GE Power India Limited is engaged in the engineering, procurement, manufacturing, construction and servicing of power plants as well as power equipment and is also engaged in the manufacture of steam generators.
GAIL set to invest in compressed bio-gas start-ups
Delhi-based oil PSU, GAIL (India) Limited declared plans to invest in companies operating in the area of compressed bio-gas (CBG) through its start-up initiative 'Pankh'. The company has opened up fresh rounds for solicitation which shall open till July 24, 2020. It has stated that start-ups that are interested in equity funding can apply on GAIL's website.
Given the vast biomass resources in the country, GOI is placing special emphasis on their utilization by encouraging setting-up of CBG plants. Furthermore, oil & gas companies are ready to give a commitment for offtake of CBG through the issue of letter of intent (LOI). GAIL began the initiative 'Pankh' in July 2017, to identify and promote innovative ventures in a bid to support Prime Minister Narendra Modi's objective to nurture the spirit of entrepreneurship. To promote the initiative, the company has created a corpus of Rs 50 crore for investing in start-ups and would also provide mentoring to them in core areas of the company, i.e. natural gas and its derivatives. Till date, the company has made investments in 24 start-ups operating in various areas through four solicitation rounds.
Cipla gets USFDA nod for Icatibant Injectable
Pharma major Cipla Limited declared that it has been granted approval for its Abbreviated New Drug Application (ANDA) for Icatibant Injectable 30mg/3mL by United States Food and Drug Administration (USFDA).
Cipla's Icatibant Injectable pre-filled syringe 30mg/3mL is an AP-rated generic version of Shire's Firazyr and is used to treat acute attacks of hereditary angioedema (HAE) in adults.
According to IMS Health (IQVIA) data, Firazyr and its generic equivalents had US sales of approximately US$ 270 million for the 12-month period ending May 2020.
Cipla Limited is a pharmaceutical company which offers products for therapeutic areas, including cardiovascular, dermatology & cosmetology, children's health, HIV/AIDS, diabetes, infectious diseases and critical care, malaria, oncology, neurosciences, osteoporosis, ophthalmology, respiratory, urology and women's health. The company manufactures dry powder inhalers, metered dose inhalers, nebulisers, nasal sprays and a range of inhaled accessory devices.
Karur Vysya Bank partners with Bajaj Allianz Life
Karur Vysya Bank (KVB) forms a strategic partnership with Bajaj Allianz Life to offer life insurance solutions to its customers. The insurer’s products will be available at the bank’s 780 branch offices, spread across India.
Bajaj Allianz Life through its affordable and new-age life insurance solutions will enable the bank’s new and existing customers to avail of the living benefits of life insurance and achieve their life goals in a planned manner.
Under this partnership, all retail and group products of Bajaj Allianz Life will be made available to the bank’s customers, including savings, retirement, investment, protection and critical illness life insurance products.
The bank has also partnered with Star Health & Allied Insurance to make available the health insurance products across all its branches. To date, for life insurance products, KVB has partnered with Aditya Birla Life Insurance and this time, with Bajaj Allianz Life.
For non-life insurance products, it has partnered with Bajaj Allianz General Insurance, ICICI Lombard General Insurance & Digit Insurance. Also, for health insurance products, it has formed partnerships with Aditya Birla Capital Health Insurance, Max Bupa Health Insurance and Star Health & Allied Insurance.
Dilip Buildcon JV bags highway project worth
Rs 1,900 crore Dilip Buildcon announced that its joint venture was declared as the L-1 bidder for the tender floated by National Highways Authority of India (NHAI) for a highway project in Jharkhand and Bihar. The company mentioned that the cost of the bid project is Rs 1,900.08 crore and the time period for the completion of the project, covering a length of 21.685 km, is 48 months.
The project is to be executed on an engineering, procurement and construction (EPC) basis, pertaining to the construction of a new link NH-133B from Sahibganj bypass in Jharkhand, including Ganga Bridge stretch and Manihari bypass as well as the widening of NH-131A stretch in Bihar.
As of March 2020, the company’s order book stood at Rs 19,081.6 crore with around 64 per cent of the order book relating to the roads’ segment. A further 45 per cent of its total order book has come from NHAI. The latest order adds to the company’s robust order book.
Salasar wins US$ 2.43 million order
Salasar Techno Engineering has received an order for the supply of 189 telecom towers to American Tower Corporation (ATC) Nigeria for a total consideration of US$ 2.43 million (Rs 18.50 crore at current exchange rate). Earlier, the company had signed a tower supply agreement with ATC Africa and has now received their first order. It plans to execute the order during the next two months.
As on March 31, 2020, the company had an EPC order book in hand amounting to Rs 325 crores to be executed in the next six to eight quarters. Even during the lockdown, orders worth Rs 60 crores were received from two State Power Corporations, taking the total of current orders in hand for EPC business to Rs 385 crore.
Incorporated in 2007, Salasar Techno Engineering is a provider of customized steel fabrication and infrastructure solutions. Its primary products include telecommunication towers, smart lighting poles, utility poles, power transmission line towers, high mast poles, stadium lighting poles and monopoles.