JSW Steel: The steelmaker is in talks to pick up a 20% stake in Australia’s Blackwater coal mine from Whitehaven Coal for around $1 billion, said two people aware of the discussions. The companies are yet to decide on the final valuation. If the parties reach an agreement, the deal is expected to close by the end of this financial year, the people said.
Whirlpool of India: The white goods manufacturer’s promoter, Whirlpool Mauritius Ltd, will sell 24% stake worth $451 million ( ₹3,745 crore) in the company through a block deal on Tuesday, as per a term sheet reviewed by Mint. The liquidity from the stake sale will help the American multinational company pare its debt and deleverage its balance sheet.
SpiceJet: The Supreme Court on Monday slammed SpiceJet for failing to clear its dues to Credit Suisse, ordering the low-cost airline to pay up by 15 March and asked its chairman Ajay Singh to appear before it a week after making the payment. The apex court took critical note of reports indicating that SpiceJet, in collaboration with Busy Bee Aviation, had submitted a bid to acquire bankrupt airline Go First.
Coal India: The state-run coal miner will bid for three blocks in critical minerals auctions conducted by the country’s mines ministry in February, Chairman and Managing Director P M Prasad told analysts in a post-earnings conference call on Monday. India launched the first part of its critical minerals auction – expected to raise an estimated 450 billion rupees ($5.42 billion) overall – in November last year in a bid to drive its clean energy push.
Hindalco Industries: The aluminium major is putting a major thrust into its sustainability projects as the company expects to realize the first phase of its interim green house gas (GHG) reduction target a couple of years before 2030, said Satish Pai, managing director of the company. Hindalco Industries, through the successful completion of phase one of the pumped hydro project, plans to achieve 30% of its energy mix from renewable sources by 2030. .
IREDA & PNB: In an attempt to boost India’s clean energy ambitions, the Indian Renewable Energy Development Agency (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) to collaborate on financing renewable energy projects across the country, on February 19, 2024.
Titagarh Rail Systems: The company is on track to start supplying driverless train sets for Bengaluru Metro’s Yellow Line (RV Road to Bommasandra) from April, a senior official of the company told Moneycontrol on condition of anonymity. He added that Titagarh Rail Systems will supply two train sets of six coaches each every month to Bengaluru Metro Rail Corp (BMRCL) from April.
HDFC Bank: The recent merger of HDFC Bank and HDFC Ltd has brought forward the loan growth of the combined entity, triggering the need for the private bank to raise funds, said MD and CEO Sashidhar Jagdishan. “There is a need to mobilise sustainable deposits in order to replace the maturing bonds,” Jagdishan said at an investor conference hosted by Goldman Sachs on February 19.
Oil and Natural Gas Corporation (ONGC): An overseas arm of state-run ONGC, Imperial Energy Ltd (IEL) is set to merge five of its step-down subsidiaries into itself, a regulatory filing stated on February 19. Shareholders of IEL have accorded “approval for merger of five companies”, Imperial Energy Cyprus Limited (IECL), (IENL), RHL ,BHL and San Agio Investment Limited (SAIL), with IEL, which is the absorbing company, the exchange filing noted.
NBCC (India): The state-owned construction firm said it has secured three significant work orders worth a cumulative ₹369.05 crore, on February 19. The first project pertains to the Rani Lakshmi Bai Central Agricultural University in Jhansi, Datia, and the upcoming campus in Morena and Khajurao, Newari.
