The government on Thursday, 4 April 2013, reportedly decontrolled the sugar sector by abolishing the monthly release mechanism and doing away with the mills' obligation to supply levy sugar for subsidised distribution under the Public Distribution System (PDS). The decision, in line with the suggestions of a panel headed by C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council, was reportedly cleared by the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Manmohan Singh.
Dhampur Sugar Mills said that Dhampur International (Singapore) and Dhampur Global (Singapore) have become subsidiaries of the company.
Essar Oil (EOL) said it completed the process for exiting the Corporate Debt Restructuring (CDR) loan facility set up in December 2004 to help cover the construction of its Vadinar refinery in Gujarat. The CDR loan facility has been replaced with a new debt facility of about Rs 9100 crore on commercial terms from similar group of lenders.
The company further added that as part of dollarization of its rupee term debt, EOL has refinanced Rs 2611 crore of rupee term loans into equivalent foreign currency debt of $481 million through ECBs / swaps. This will help in reduction of long-term interest cost. The company had received RBI approval of US$ 2.27 billion to replace its high cost rupee debt with ECBs, and now with the CDR exit, the company will be able to refinance the remaining rupee loans to ECB, the company said in a statement.
Vadinar refinery, which commenced commercial production in May 2008 with a capacity of 10.5 million metric tonnes per year (220,000 barrels per day) and complexity of 6.1, now has a capacity of 20 mmtpa, or 405,000 bpd and complexity of 11.8. This makes the fully integrated refinery India's second largest single location refinery and amongst the most complex globally. With increased complexity, Essar Oil is able to take over 85% of ultra heavy and heavy crude in its crude diet and yet produce higher grade products like Euro IV and Euro V compliant gasoline and gasoil to cater to the domestic and international markets, EOL said.
DLF announced after market hours on Thursday, 4 April 2013, that its shareholders have approved allotting equity shares through institutional placement program (IPP).
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Separately, DLF announced before market hours today, 5 April 2013, that a definite agreement has been entered between the company's wholly-owned subsidiary DLF Home Developers (DHDL) and Tulip Renewable Powertech (Tulip). Accordingly, DHDL's Tamil Nadu wind mill undertaking of 34.5 megawatts (MW) capacity including related assets and liabilities (including current assets and liabilities) and relevant long term loans of the said undertaking, has been transferred by DHDL to Tulip as is where is basis by way of slump sale for lump sum consideration of Rs 188.70 crore.
DLF further added that a definitive agreement has been entered between company's wholly-owned subsidiary DLF Home Developers (DHDL) and Violet Green Power (Violet) for sale of DHDL's Rajasthan wind mill undertaking of 33 MW capacity as is where is basis by way of slump sale for lump sum consideration of Rs 52.2 crore. Subject to the fulfilment of the terms and conditions and requisite regulatory approvals by both the parties in accordance with the said agreement, related assets and liabilities (including current assets and liabilities) of the said undertaking along with relevant long term loans will be transferred to Violet. DLF said the transactions are in line with the DLF's objective of divesting its non core assets.
Redington (India) said that credit rating firm, CRISIL, has changed its ratings on the long-term bank facilities of the company to 'A+ /Stable' from 'AA- / Negative' and reaffirmed its existing rating on the short-term bank faclities and short term debt programme at A1+' (the highest rating in this category).
Mahindra Lifespace Developers has allotted 5,000 - Secured Listed Rated Redeemable 10.78% YTM, Non-Convertible Debentures (NCDs) with a face value of Rs 10 lakh each for cash at par, aggregating Rs 500 crore vide Series I, Series II, and Series III on private placement basis on 4 April 2013.
Titagarh Wagons has acquired 100% stake in Titagarh Marine (TML) and accordingly TML has become a wholly-owned subsidiary of the company, effective from 25 March 2013.
Future Ventures India said that name of company's subsidiary-Aadhar Retailing has been changed to 'Aadhaar Wholesale Trading and Distribution' vide fresh certificate of incorporation issued by the registrar of companies, Mumbai dated 3 April 2013.
GTL said that the securities allotment committee, in its meeting held on 4 April 2013, has allotted 3.39 lakh equity shares upon conversion of compulsorily convertible debentures (CCDs).
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