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BHEL commissions 250 MW thermal power unit in Bihar

Bharat Heavy Electricals Ltd (BHEL) has successfully commissioned a 250 MW thermal power unit in Bihar. The unit has been commissioned at Barauni Extension thermal power project of Bihar State Power Generation Company Limited. Located at Barauni in Begusarai district of Bihar, Barauni Extension power project has two units (Units 8&9) of 250 MW each. The other unit (Unit 9) is also in advanced stages of execution and is expected to be commissioned shortly.

Notably, this project is being set up by BHEL on the ash dyke of old thermal units. This calls for special civil engineering for ground improvements and by successful commissioning of the unit, BHEL has demonstrated its exceptional engineering and execution capabilities. This utilization of the unproductive ash dyke for this purpose also addresses the issue of land scarcity.

Tata Chemicals completes sale of urea and customized fertilizers business to Yara Fertilizers

Tata Chemicals Ltd (TCL) has completed the sale of urea and customized fertilizers business (Divestment Business) to Yara Fertilizers India Pvt Ltd. The company has received requisite regulatory approvals, after fulfillment of conditions precedent and sanctioned by the National Company Law Tribunal (NCLT).

Accordingly, the Certified Copy of the Order of NCLT sanctioning the Scheme has been filed electronically with the Registrar of Companies, Ministry of Corporate Affairs, on January 12, 2018. Thus, the Scheme has become effective from January 12, 2018 and the Divestment Business of the company pursuant to the Scheme stands transferred to Yara.

Dish TV stock falls 6% as concerns rise over closure of Videocon D2h deal

Shares of Dish TV dropped 6% after the company informed that the effective date of merger closure date of December 27, 2017 was delayed due to the ongoing insolvency proceedings against the Videocon group.

Dish TV and Videocon d2h had announced a merger in November 2016. The transaction was expected to be closed by December 27, 2017. However, due to certain entities belonging to the Videocon group, including the promoters of Videocon d2h Ltd, having become subject to insolvency and/or enforcement proceedings by lenders, has led to the delay.

Sun Pharma’s Halol facility gets clearance from Dutch drug regulator

Sun Pharma, the largest pharma company by revenue and market share in India, has received a clearance for its Halol facility from a Dutch drug regulator on January 10, 2018. Halol is an important facility for Sun Pharma, holding a key for Sun Pharma’s US formulation business. The company’s US business has been impacted for the last couple of years, as ANDA approvals have been delayed due to the observations at Halol.

The Halol facility received nine observations in the re-inspection by USFDA in Q3FY17. Since the last inspection, Sun Pharma has completed the remediation process and has also been shifting products to alternate manufacturing sites. The company has invited the USFDA to inspect the Halol facility in the second week of February, 2018.

Tata Global Beverages looking at divesting 41% stake in APPL

Tata Global Beverages (TGBL) is looking to divest its 41.03% stake in Amalgamated Plantations Pvt. Ltd (APPL), as per media reports. APPL is India’s second largest producer and supplier of tea with 21 estates in Assam and four in Dooars, with over 23,000 hectares under lease. It produces ~43mn kg tea per year and has recently started looking out to expand sales of packet tea.

  1. Chandrasekaran, Chairman of Tata Sons, stated in August 2017 that TGBL was reviewing its investments in the plantations. And, in line with its growth strategy and long term goal, it is now planning to divest the stake in APPL. Earlier in December 2017, TGBL announced the divestment of its 31.85% stake in its Sri Lanka based associate company, Estate Management Services Private Limited (EMSPL) for Rs120cr.

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