Bharat Heavy Electricals (Bhel) said it secured a landmark contract for 146 sets of Insulated Gate Bipolar Transistor (IGBT)-based 3 phase electrics for 25 kilovolt (KV) AC Mainline EMU (MEMU) trains. Valued at Rs 672 crore, the order has been placed on Bhel by by Rail Coach Factory (RCF), Kapurthala. Bhel's scope of the work in the order envisages design, manufacture, supply, installation and commissioning of IGBT-based propulsion system and other equipment for MEMU trains of Indian Railways. These system and equipment will be developed and produced by Bhel at its various manufacturing plants located at Bengaluru, Bhopal and Jhansi. The announcement was made on Monday, 25 December 2017, The stock market was closed on Monday, 25 December 2017, on account of Christmas holiday.
Tata Power announced that its Russian subsidiary, Far Eastern Natural Resources LLC, has been awarded the mining license of a thermal coal mine in Kamchatka province in Far East Russia. The subsidiary participated in financial auction process at Petropavlovsk, Kamchatka, on 22 December 2017 and was awarded the license at approximately $4.7 million. The Kamchatka project site has been declared as a Special Economic Zone and will qualify for various concessions including protection against change of laws. The coal mine has high quality thermal coal reserves of over 380 million tonnes, which the company aims to deploy for its facilities in Mundra and Trombay; as also sell in Far East Asian markets. The venture has also received consents on transfer-pricing issues. The company intends to carry out detailed exploration to enable it to formulate a mining plan and work out capex outlook to implement the project in a phased manner to reach a stable throughput of 8 to 10 million tonnes per annum. The company proposes to work with associates, contractors, who are not under any sanctions. The mine project is located close to the coast. The infrastructure comprising haulage road and port facilities shall be developed by the Government through their State budget. The announcement was made after market hours on Friday, 22 December 2017.
Coromandel International and EID-Parry (India) will be watched. EID-Parry (India) signed a term sheet to transfer its bio-pesticides business through a slump sale together with its entire stake in the wholly-owned subsidiary, Parry America Inc, USA to Coromandel International, a subsidiary of the company. The consideration for the above transaction is Rs 338 crore (subject to changes in working capital as on the closing date), which includes transfer of bio-pesticides business of EID-Parry together with its stake in the wholly-owned subsidiary, Parry America, Inc. This transaction is subject to receipt of necessary approvals including approval of the shareholders. The announcement was made after market hours on Friday, 22 December 2017.
Religare Enterprises announced that its subsidiary, Religare Capital Markets International (Mauritius) (RCMIML), entered into share sale & purchase agreement dated 21 December 2017 to divest its entire 50% shareholding in Bartleet Religare Securities to Bartleet Transcapital (BTCL). Upon completion of transaction, post regulatory and third party approvals, BTCL will hold 100% shareholding in Bartleet Religare Securities. RCMIML will cease to be a shareholder of Bartleet. The announcement was made after market hours on Friday, 22 December 2017.
Bharat Financial Inclusion said it completed third securitization transaction of Rs 653.03 crore in FY 2018. The company assigned a pool of receivables of an aggregative value of Rs 653.03 crore to one of the largest public sector banks on direct assignment basis as per the guidelines of the Reserve Bank of India. This is the third direct assignment transaction in FY 2018. With this transaction, the company has completed direct assignment transactions worth Rs 1711.55 crore in FY 2018. The announcement was made after market hours on Friday, 22 December 2017.
Welspun Corp announced that it received orders for supply of at 124 K MTs pipes. With the addition of these orders, the company has current order book of 1,198 K MTs valued at Rs 7400 crore. The announcement was made after market hours on Friday, 22 December 2017.
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