Shriram Finance Raises USD 500 Million Through Social Bonds for MSME Financing

  • calendar26 Sept, 09:30 PM (GMT+5:30)
  • time2 Min
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Summary

SML Isuzu Limited announced on Wednesday, September 25, the appointment of Mr. C. S. Verma as the new Chairman of the company, effective from September 22, 2024. He succeeds Mr. S.K. Tuteja, a retired IAS officer who served the company for an impressive 26 years and stepped down on September 21, 2024.

Shriram Finance Raises USD 500 Million Through Social Bonds for MSME Financing

Key Takeaways from the Appointment

  • C.S. Verma appointed as Chairman of SML Isuzu Limited, succeeding S.K. Tuteja.
  • Verma has over 40 years of experience having led major companies like SAIL and NMDC.
  • Recognised for excellence in corporate leadership, Verma’s appointment is expected to drive growth and innovation at SML Isuzu.

Mr. Verma has extensive experience spanning four decades, with major roles in various industries, including Chairman and Managing Director (CMD) of the Steel Authority of India Limited (SAIL) from 2010-2015. He has also served as the Chairman at National Mineral Development Corporation (NMDC) and International Coal Ventures Ltd (ICVL), and as Director (Finance) at BHEL.

He has won prestigious awards, including the 'CEO of the Year' award at the Platts Global Metals Awards and the SCOPE Award for Excellence in Public Sector Management. The company is motivated that he will leverage his experience and vision to take SML Isuzu to new heights.

About SML Isuzu Limited

SML Isuzu Limited, originally known as Swaraj Mazda Limited, was established in July 1983 in Punjab to manufacture light commercial vehicles (LCVs). The company began its commercial operations in 1986. Currently, Sumitomo Corporation of Japan, the company’s promoter, holds a 44% stake, while Isuzu Motors, Japan, holds a 15% stake as the technical partner. SML Isuzu produces a variety of commercial vehicles, including buses, trucks, and specialised vehicles such as ambulances, tippers, police vans, and water tankers.  

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Coromandel Int Acquires Stake in Baobab Mining and Chemicals

  • calendar25 Sept, 05:00 AM (GMT+5:30)
  • time2 Min
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Summary

Coromandel International, September 25, announced that it will acquire an additional 8.82% equity stake in Baobab Mining and Chemicals Corporation (BMCC) in Senegal. The company, through its arm, Coromandel Chemicals, will raise Coromandel's total shareholding in BMCC to 53.8%.

Coromandel Int Acquires Stake in Baobab Mining and Chemicals

Key Takeaways from Coromandel International’s Stake Acquisition:

  • Coromandel International announced its plan to acquire a further 8.82% equity stake in Baobab Mining and Chemicals Corporation (BMCC) of Senegal.
  • This deal would increase Coromandel's total shareholding in BMCC to 53.8%.
  • It will invest USD 3.84 million (INR 32 crores), and will provide a loan of USD 6.5 million (INR 54 crores) for expansion projects and working capital.
  • Earlier, Coromandel acquired a 45% equity stake in BMCC in September of 2022 to stabilise mining operations and initiating the construction of a processing plant for rock production optimisation.

The company plans to invest USD 3.84 million (INR 32 crores) and provide a loan of USD 6.5 million (INR 54 crores) to support expansion projects and working capital needs.

Rock phosphate is used to produce phosphoric acid, which in turn is used in fertilisers. BMCC is a company that started operations in 2011 and obtained permission to process phosphate ore. 

In September 2022, the company Coromandel acquired a 45% stake in BMCC, this stabilised the mines and initiated the setting up of a processing plant to optimise rock production.

S Sankarasubramanian, Managing Director & CEO of Coromandel International said, “With India importing majority of its rock requirement, investment in rock phosphate mines will be critical for attaining long term supply security for its phosphate fertiliser production. The Senegal rock is currently being blended at Coromandel’s Visakhapatnam unit along with other rock sources thereby providing us operational flexibility.”

About Coromandel International Limited:

Coromandel International Limited is an agri-solutions major in India, that operates under two main segments - Nutrient and Allied Businesses and Crop Protection. It is a leading manufacturer and marketer of phosphatic fertilisers in India and manufactures an entire range of products including fertilisers, crop protection products, and organic products. The company has 18 manufacturing facilities across the country and runs over 750 retail outlets catering to nearly 3 million farmers.

Source - NSE

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KPI Green Energy Secures 66.20 MW Hybrid Power Project

  • calendar26 Sept, 09:38 PM (GMT+5:30)
  • time1 Min
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Summary

KPI Green Energy announced, on September 25, a Letter of Award for the development of a 66.20 megawatt (MW) Hybrid Power Project. The project comes under the Captive Power Producer (CPP) segment of the company.

KPI Green Energy Secures 66.20 MW Hybrid Power Project

Key Takeaways from KPI Green Energy Project Win: 

  • KPI Green Energy received a Letter of Award, on September 25, for a 66.20 MW Hybrid Power Project.
  • The project falls under the CPP segment.
  • The order has been bagged from M/s Sai Bandhan Infinium.
  • The project will start to wind off in phases from July 2025.
  • The development is a symbol that KPI Green Energy is growing within the renewable energy industry.

The order has been bagged from M/s Sai Bandhan Infinium. The project is expected to be undertaken in phases starting from July month 2025, as per the terms of the order.

The development marks an important step for KPI Green Energy as it expands its operations in the renewable energy sector.

About KPI Green Energy Limited:

KPI Green Energy Limited is the solar and hybrid division of KP Group, based out of Gujarat. The company was incorporated in February 2008. The company operates its business through different segments of the generation of solar and hybrid power. As an Independent Power Producer, the company develops, erects, owns, operates, and maintains solar and hybrid power plants. It also offers services to Captive Power Producers (CPP) under the banner name ‘Solarism’.

Source - NSE

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Power & Instrumentation Appointed as Specialised Agency for Udaipur Airport Power System

  • calendar26 Sept, 08:57 PM (GMT+5:30)
  • time2 Min
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Summary

Power & Instrumentation (Gujarat) Limited (PIGL), announced on Wednesday, September 25, that it has been appointed by the Airports Authority of India (AAI) to manage the power supply system for the new Integrated Passenger Terminal Building at Maharana Pratap Airport, Udaipur. 

Power & Instrumentation Appointed as Specialised Agency for Udaipur Airport Power System

Key Takeaways from the Announcement

  • Power & Instrumentation (Gujarat) Limited will oversee the power supply system at Udaipur Airport's new terminal.
  • The company will handle the power infrastructure's design, implementation, and commissioning.
  • The new terminal will increase passenger capacity and feature upgraded facilities like aerobridges and check-in counters.

PIGL will be working under the main contractor, Nyati Engineers & Consultants Private Limited, as part of the airport's modernisation efforts.

According to a stock exchange filing, PIGL's role will consist of the design, development, and delivery of the terminal's power infrastructure, which will provide power distribution, electrical substations, and energy management systems by strict safety and regulatory requirements.

The terminal, which will cover an area of 5,92,187 sq ft, will increase capacity from 680 to 2,050 passengers and include facilities such as aerobridges, check-in counters, and security lanes. PIGL's experience will contribute to power systems that are efficient and dependable and will support these deliverables. 

Commenting on the announcement, Mr. Padmaraj Padmnabhan Pillai, Managing Director, Power & Instrumentation (Gujarat) Limited, said, “We are honoured to be appointed by the Airports Authority of India as the specialised agency for the power supply system at Maharana Pratap Airport's new Integrated Passenger Terminal Building. This prestigious assignment underscores our deep-rooted expertise and the confidence placed in us to execute complex, large-scale projects within the aviation sector.”

About Power & Instrumentation (Gujarat) Limited (PIGL)

Power & Instrumentation (Gujarat) Limited (PIGL) was founded in 1975 and has become a prominent player in the electrical contracting industry, specialising in Engineering, Procurement, and Construction (EPC) solutions. The company offers services in electrical engineering, focusing on transmission, distribution, and maintenance of energy-efficient power systems.

PIGL has completed over 35 airport projects, electrified more than 100,000 Below Poverty Line (BPL) households, and laid over 20,000 kilometres of high-tension (HT) and low-tension (LT) lines. Its expertise includes the design, installation, and maintenance of substations, power backup systems, distribution panels, lighting, access control, firefighting, and building management systems.

In May 2023, the company migrated to the main boards of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), marking a major growth milestone. For FY24, PIGL reported a total income of ₹102.03 crore, an EBITDA of ₹12.36 crore, and a net profit of ₹5.93 crore.

Source - NSE

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