State-owned Oil and Natural Gas Corporation (ONGC) has signed definitive agreements to buy out debt-ridden GSPC’s entire 80 percent stake in KG-basin natural gas block for $1.2 billion. ONGC will pay $995.26 million for three discoveries in the KG-OSN-2001/3 block that are under trial production since August 2014. Another $200 million will be paid for six other discoveries for which GSPC has been finalizing an investment plan to bring them to production. The company will close the deal and pay the Gujarat State Petroleum Corporation (GSPC) the money after regulatory approvals like government nod for transfer of PI (participating interest) and change of operatorship are secured.
NTPC has recorded highest ever annual cumulative gross power generation of 263.95 BU (billion unit) so far this fiscal surpassing the 262.42 BU achieved in the entire 2015-16. The power producer has registered an annual growth of 4.71% over last year. NTPC pit head coal stations, having capacity of 25,840 MW, recorded day plant load factor (PLF) or capacity utilization of 95.71% as on March 16, 2017 and cumulative monthly PLF of 91.4% till date. As many as 29 units of NTPC coal plants have generated a PLF of more than 100 per cent on March 16, 2017.
Maruti Suzuki India (MSI), the country’s largest carmaker sales network has crossed the 2,000-mark, extending its reach to 1,643 cities and towns across India. The company, which aims to sell 20 lakh units per annum by 2020, had accelerated network expansion in the last five years to grow from 1,100 dealerships in 2011-12 to 2,007 outlets in 2016-17. During the last five years, the company on an average has added 200 outlets every fiscal. It doubled its footprint from 800 cities in 2011-12 to 1,643 in FY16-17.
Marico will make strategic investment in Zed Lifestyle with an acquisition of 45% equity stake for an undisclosed consideration. The equity stake shall be acquired over a period of two years, through primary infusion and secondary buy-outs. Zed Lifestyle owns ‘Beardo’, a fast-growing male grooming brand founded by entrepreneurs Ashutosh Valani and Priyank Shah in June 2016 in Ahmedabad, India. This investment in Zed Lifestyle is a stepping stone towards Marico’s ambition of strengthening its presence and widening its portfolio in this segment.
Vakrangee has entered into a corporate agency tie up with Aditya Birla Health Insurance Company for distribution of Health Insurance products. The Vakrangee - Aditya Birla Health Insurance Company tie-up is going to be a win-win affair for all stakeholders. While Aditya Birla Health Insurance will be able to expand its distribution network in more than 29,000 Vakrangee Kendra outlets, Vakrangee will have added range of quality product to offer through its vast distribution network. Following the tie-up, citizens, especially in un-served and underserved areas, will be able to access quality Health Insurance products and services offered/to be offered by Aditya Birla Health Insurance.
IRB Infrastructure Developers has completed the process of acquisition of remaining 26% stake in M.V.R. Infrastructure and Tollways (MVR). The company has completed the acquisition from its earlier promoters and other shareholders subsequent to NHAI approval. Consequently, MVR has now become wholly owned subsidiary of the company. Last year in December, the company’s wholly-owned subsidiary - IRB Ahmedabad Vadodara Super Express Tollway (IRBAV) had received Rs 20.55 crore from NHAI, against the bank guarantee submitted by IRBAV as part of 75% of the Arbitral Award amount pronounced by the Arbitral Tribunal.
Eicher Motors’ subsidiary - VE Commercial Vehicles (VECV), has sold its entire stake in its subsidiary Eicher Engineering Solutions, Inc. to Segula Tecnologias Espana on March 17, 2017. The total enterprise value of this deal is $1,852,000. Eicher Engineering Solutions, Inc. and its wholly owned subsidiaries, Eicher Engineering Solutions (Shanghai) Co. and Eicher Engineering Solutions (Beijing) Co. have ceased to be subsidiaries of VECV and in turn of the company with effect from March 17, 2017.
Aditya Birla Fashion and Retail (ABFRL) has launched its first ‘Forever 21’ fashion brand store in Siliguri making its debut in state of West Bengal. The store is spread over 6,000 square feet of retail space and is located in the heart of the city at the Vega Circle Mall. The store houses the latest Spring Summer collection and stocks the widest range of chic fashion at pocket-friendly prices. Forever 21 is a leading fast fashion brand from Aditya Birla Fashion and Retail which makes it the most preferred fashion destination for young and fashion conscious consumers.