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Corporate News

Suzlon Energy signs deal with CLP Wind Farms for two solar projects in Maharashtra

Suzlon, India’s largest renewable energy solutions provider, and CLP India, one of the largest foreign investors in the Indian power sector, announced a joint venture (JV) for two solar projects of 50 MW and 20 MW in Dhule, Maharashtra.
As per the agreement signed between Suzlon Group and CLP India on September 10, 2018, CLP India has agreed to acquire 49% stake in Gale Solarfarms Ltd and Tornado Solarfarms Ltd, two special purpose vehicles (SPVs) set‐up by Suzlon.

Container Corporation of India signs agreement with Central Warehousing Corp

Container Corporation of India (CCI) has entered into an agreement with Central Warehousing Corporation (CWC) to form a joint working group (JWG) to operate the latter’s container freight station (CFS) facility at Pipavav Port.
”This move will benefit the two companies and meet the growing needs of exporters, importers, and domestic businesses situated in and around Pipavav Port,” CCI’s executive director and company secretary Harish Chandra said in the release.

Cadila gets tentative approval for Sitagliptin Tablets

Cadila Healthcare has received a tentative approval from the USFDA for Sitagliptin Tablets USP, 25 mg, 50 mg, and 100 mg (US RLD-Januvia Tablets), the company said in BSE filing on Tuesday.
These tablets will be manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad, the company added.

NMDC shows revival in iron ore, sees rebound in Aug sales despite repeated price hikes

NMDC has reported strong iron ore sales in August 2018 with a month-on-month (mom) rise of 23% over sales in July. This rise in production came in spite of the company going for price hikes of ~5% towards the end of both August and July.
Volumes for August were lower by 21% yoy as a large part of the sales for the month were impacted by the dispute with domestic steelmakers over pricing. However, the pricing dispute seems to be resolved with steelmakers resuming their purchases from NMDC.

SREI Infra Finance surges over 2% after subsidiary gets IPO go-ahead

Srei Infra’s wholly-owned subsidiary Srei Equipment Finance Ltd (SEFL) is among the four companies to receive market regulator Sebi’s approval to float an initial public offer (IPO). Hinduja Leyland, Aavas Financiers, and Penver Products are the other companies that have received the go-ahead.
Incidentally, Srei Equipment Finance had filed its draft papers with Sebi in November last year.
The draft paper indicates that the IPO will comprise a fresh issue of equity shares worth Rs1,100cr. Apart from this, Srei Infrastructure Finance will sell up to 43lakh shares in an offer for sale.

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