SJVN Signs Two MoUs for Energy Projects in Maharashtra
- 27 Sept, 12:31 AM (GMT+5:30)
- 2 Min
Summary
SJVN signed two MoUs with the Government of Maharashtra for the construction of Pumped Storage Projects (PSPs) and Floating Solar Projects (FSPs) in the state. The total investment for these projects is Rs 48,000 crores and is expected to create around 8400 direct and indirect jobs.
Key Takeaways from SJVN Projects with Maharashtra Government:
- SJVN signed two MoUs with the Government of Maharashtra to develop Pumped Storage Projects (PSPs) and Floating Solar Projects (FSPs).
- The five Pumped Storage Projects, for a total capacity of 8100 MW, are included in the first MoU taken up with the Department of Water Resources.
- The second MoU encompasses a 505 MW Floating Solar Project at Lower Wardha Dam, in collaboration with Maharashtra State Power Generation Company (MAHAGENCO).
- The Floating Solar Project will have two phases, with the first phase 100 MW and the second phase 405 MW.
- The total estimated investment for the projects will be Rs 48,000 crores in the proposed creation of approximately 8400 direct and indirect employment opportunities.
The first MoU was with the Department of Water Resources, which focused on developing five Pumped Storage Projects with a total capacity of 8100 MW. The second MoU was for the 505 MW Floating Solar Project at Lower Wardha Dam with Maharashtra State Power Generation Company (MAHAGENCO).
The 505 MW Floating Solar Project would include 100 MW in the first phase and 405 MW in the second phase, with proper use of available power infrastructure in its proper place.
Pumped Storage Projects having varying capacities have been prepared including 800 MW Kolmondapada, 1500 MW Sidgarh, 2000 MW Chornai, 1800 MW Baitarni, and 2000 MW Jalvara.
These projects will help energy storage as well as grid stabilisation along with peak electricity demand meeting. Additionally, the projects will support eco-tourism and skill development initiatives, benefiting local communities.
About SJVN Limited:
SJVN Limited is a Navratna Central Public Sector Enterprise and functions under the Ministry of Power, Government of India. It was established in the year 1988 as a joint venture between the Government of India and the Government of Himachal Pradesh on May 24. SJVN is listed in the stock exchange as 55 % owned by the Government of India, 26.85 % is owned by the Government of Himachal Pradesh, and 18.15% owned by the public. SJVN currently has either under construction or at implementation stages in a total of 14 states in India: Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, Uttar Pradesh, Punjab, Gujarat, Arunachal Pradesh, Rajasthan, Assam, Odisha, Mizoram, and Madhya Pradesh, besides neighbouring country Nepal.
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Zydus, CDRI to Develop New Osteoporosis Treatment for CKD Patients
- 27 Sept, 01:45 AM (GMT+5:30)
- 3 Min
Summary
Zydus Lifesciences and the Central Drug Research Institute (CDRI), on September 27, announced plans to develop safe and effective treatments for osteoporosis in patients with chronic kidney disease (CKD). The collaboration will focus on creating small-molecule inhibitors of Sclerostin that can be taken orally.
Key Takeaways from Zydus and CDRI Development of New Osteoporosis Treatment:
- Zydus Lifesciences and Central Drug Research Institute (CDRI) collaborate to develop osteoporosis treatments for CKD patients.
- Existing osteoporosis drugs are often unsuitable for CKD patients due to kidney risks.
- High levels of Sclerostin are linked to bone metabolism issues in advanced CKD and osteoporosis.
- Zydus will manage drug development for India and other markets.
CKD affects over 10% of people worldwide and can lead to serious health issues, including bone loss and fractures, especially in older adults.
Current osteoporosis medications are often not suitable for CKD patients due to potential harm to their kidneys. This has created a need for new therapies that can help these patients without worsening their condition.
Research shows that a protein called Sclerostin is linked to bone metabolism issues in CKD patients. Studies indicate that Sclerostin levels are high in those with advanced CKD and osteoporosis.
On September 17, 2024, the two organizations signed a research agreement at Zydus Research Centre in Ahmedabad. The CDRI team, led by Dr Naibedya Chattopadhyay, will work on identifying compounds that can inhibit Sclerostin signalling, while Zydus will handle drug development for India and other markets.
The partnership aims to create innovative therapies that can improve the quality of life for those affected by CKD and osteoporosis in India.
About Zydus Lifesciences Limited:
Zydus Lifesciences Limited is a global healthcare company focused on helping people live healthier and more fulfilling lives. They discover, develop, manufacture, and market a variety of healthcare therapies, with a strong emphasis on cancer treatments that include cytotoxic, supportive, and targeted drugs. The company employs over 27,000 people worldwide, including 1,400 scientists in research and development. Their mission is to create innovative healthcare solutions that make a difference in people's lives and to achieve transformative discoveries.
About CSIR-Central Drug Research Institute (CSIR-CDRI):
The CSIR-Central Drug Research Institute (CSIR-CDRI) is a leading drug research institute in India, established on February 17, 1951, by Prime Minister Jawaharlal Nehru. Its goal is to enhance drug research and development in the country. The institute has achieved significant milestones in creating new drugs and technologies for affordable healthcare, generating knowledge, and training future leaders in the healthcare sector.
Today, CSIR-CDRI serves as a model for modern drug research in India, housing everything needed for drug development under one roof—from synthesis and screening to clinical studies. It has discovered and developed 12 new drugs, including Arteether, BESEB, and Centchroman, which are currently available on the market. The institute has also transferred over 130 homegrown technologies to pharmaceutical companies, contributing greatly to the growth of the Indian pharmaceutical industry.
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ADF Foods to Acquire Remaining Stake in Vibrant Foods New Jersey LLC
- 27 Sept, 11:19 PM (GMT+5:30)
- 3 Min
Summary
On September 26, 2024, ADF Foods Limited announced that its Board of Directors approved the acquisition of the remaining 30% stake in its U.S.-based subsidiary, Vibrant Foods New Jersey LLC. The company currently holds a 70% stake in Vibrant Foods and will acquire the minority interests through its immediate holding company, ADF Holdings (USA) Limited. Following this transaction, Vibrant Foods will become a wholly owned step-down subsidiary of ADF Foods.
Key takeaways from ADF Foods' acquisition of Vibrant Foods New Jersey LLC
- ADF Foods will acquire the remaining 30% stake in Vibrant Foods, making it a wholly-owned subsidiary.
- This strategic move aims to streamline operations and enhance integration with the company's U.S. strategy.
- The acquisition allows ADF Foods to implement focused support, ongoing investments, and cost efficiencies, which are expected to unlock long-term value for the company and support Vibrant Foods in its growth.
- As part of the acquisition, a USD 500,000 working capital loan will be converted into equity, strengthening Vibrant Foods' capital base and simplifying management operations without the complexities of minority shareholders.
The acquisition is expected to support better integration of the business into the U.S. strategy. ADF Foods is confident that owning Vibrant Foods will allow the creation of long-term maximum value through operating the business to target operating efficiencies and continued capital investments in line with the capital plan runway and cost efficiencies. The acquisition will also provide the business with the ability to allocate resources more effectively to support the management of Vibrant Foods through the next phase of the business without the complications of management of minority shareholders.
Furthermore, as part of this acquisition, a working capital loan of USD 500,000 provided by ADF Holdings (USA) Limited to Vibrant Foods will be converted into an equity contribution. This financial restructuring is intended to strengthen Vibrant's capital base.
Details regarding the acquisition have been disclosed according to the regulatory requirements set forth by the Securities and Exchange Board of India (SEBI). Vibrant Foods, which has an authorised share capital of USD 1 million, reported a turnover of approximately ₹70.96 crores (about USD 8.6 million) as of March 31, 2024. The company was established in September 2021 to bolster ADF Foods' distribution and supply chain in the U.S. market.
The acquisition is considered a related party transaction given ADF's current ownership share in Vibrant Foods, but it has been confirmed that this acquisition was completed at arm's length. No regulatory or government approvals are needed for this acquisition, and the cash consideration for the acquired shares was USD 10. This acquisition evidences ADF Foods' commitment to further invest in and enhance operational efficiencies and oversight strategy at Vibrant Foods in support of ADF Foods' strategy to grow in the U.S. food market.
About ADF Foods Limited
ADF Foods focuses on manufacturing, processing, and exporting diverse traditional Indian food items, which comprise pickles, chutneys, pastes, sauces, ready-to-eat meals, and frozen, or canned foods. ADF Foods products are available through multiple businesses across different markets, like Europe, USA, Australia, and the Gulf region. ® ADF Foods UK Limited and ADF Holding USA Limited are the distributors for fast-moving consumer goods (FMCG) throughout the UK and USA, respectively.
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PTC Industries Gets Major Order from BAE Systems
- 27 Sept, 11:14 PM (GMT+5:30)
- 2 Min
Summary
PTC Industries Limited, a major maker of engineering metal components, secured a large manufacturing order from BAE Systems on September 27. The order is for Titanium castings for the M777 Ultra-Lightweight Howitzer (ULH), especially the Spade Trails and Blades.
Key Takeaways from PTC Industries Order Win:
- PTC Industries Limited has received a significant order from BAE Systems for Titanium castings for the M777 Ultra-Lightweight Howitzer.
- The Titanium castings were developed over the past two years specifically for the M777 ULH.
- The castings will be manufactured at PTC Industries' state-of-the-art facility in Lucknow, Uttar Pradesh.
- The M777 ULH is the lightest towed howitzer, weighing about 4.2 MT, made possible by the use of thin-walled Titanium castings.
- This order strengthens PTC Industries' ongoing relationship with BAE Systems and highlights its capabilities in providing high-quality components for defence applications.
PTC Industries has spent the last two years developing these Titanium castings for the M777 ULH. This transaction underlines PTC Industries' strong partnership with BAE Systems, demonstrating the company's capacity to deliver crucial components for modern defence systems.
The complicated and lightweight titanium castings will be manufactured at PTC Industries' latest plant in Lucknow, Uttar Pradesh. The M777 ULH is known as the lightest towed howitzer, weighing approximately 4.2 MT, due to its use of thin-walled Titanium castings that allow it to be transported by helicopter.
The castings will be critical components of the highly mobile M777 ULH artillery system, which is noted for its lightweight construction and exceptional performance. PTC Industries has devised a dependable production procedure to ensure the M777s' continued maintenance.
This order solidifies PTC Industries' position as a market leader in providing high-quality titanium castings for vital defence applications.
About PTC Industries Limited:
PTC Industries Limited has been a major Indian maker of precision metal components for critical applications for more than 60 years. Aerolloy Technologies Limited, the company's fully owned subsidiary, manufactures and supplies Titanium and Superalloy castings for aerospace and defence applications in India and for export. The business is significantly increasing its aerospace castings capabilities by investing millions of dollars in a new cutting-edge production plant on 50 acres of freshly acquired property in the Lucknow node of the Uttar Pradesh Defence Industrial Corridor. This plant will be completely vertically integrated, with a titanium and superalloy mill producing aerospace-quality ingots, billets, bars, plates, and sheets from these important and strategic materials.
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