NEWS

Posted On:
14-03-2024

Reliance to buy 13% of Paramount's stake in India TV business for $517 million

The deal comes after Reliance and Walt Disney agreed to merge their TV properties in the country last month, in a deal that valued the combined business at $8.5 billion. Paramount Global has agreed to sell its 13% stake in its Indian TV business to Reliance Industries for $517 million. The deal comes after Reliance and Walt Disney agreed to merge their TV properties in the country last month, in a deal that valued the combined business at $8.5 billion. Reliance and Paramount were partners in Viacom 18 Media Private Ltd., which owns a number of TV channels in the region. Paramount will continue to license its programming to Viacom 18, according to a filing Wednesday by the US company. Paramount, the parent of CBS, Nickelodeon and other networks, has been looking to reduce its debt by selling noncore assets like its Simon & Schuster book publishing arm. Bloomberg News reported earlier on the company’s talks to sell its Indian TV stake.

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Posted On:
14-03-2024

L&T wins Rs 5,000 crore major onshore gas pipeline project in West Asia

Larsen & Toubro (L&T) on Thursday said its hydrocarbon business has won an order for a major onshore gas pipeline project from a client in West Asia. The company categorised the order as 'major', implying a value of between Rs 5,000 crore and Rs 10,000 crore. L&T does not disclose the exact value of its order wins. L&T stated the scope of work comprises engineering, procurement, and construction of two new 56" pipelines, along with associated scraper receivers and launchers and main line isolation valve (MLIV) stations, running parallel to the existing pipeline corridor. This is the largest cross-country pipeline EPC (Engineering, Procurement, and Construction) project awarded to us to date, and we are excited to bring our expertise to this strategic project,” said Subramanian Sarma, whole-time director and senior executive vice president (Energy) at L&T.

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Posted On:
14-03-2024

Fitch raises India FY25 GDP forecast to 7% from 6.5%

Fitch raises India FY25 real gross domestic product (GDP) forecast to 7 percent from 6.5 percent earlier, Reuters reported on March 14. The rating agency revised upwards its projection for India's economic growth for the current and next fiscal years, citing robust domestic demand and sustained growth in business and consumer confidence. However, it moderated its view on rate cuts.Fitch anticipates India's economy to maintain its sturdy expansion, with the real GDP forecasted to rise by 7 percent in FY25, commencing in April. This marks a 50 basis points (bps) increase from its December forecast, as mentioned in its recent report. India's economy expanded by 8.4 percent in October-December FY23, marking its fastest pace in 18 months, led by robust manufacturing and construction activities.

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Posted On:
14-03-2024

Ferrovial subsidiary Cintra to acquire 24% stake in IRB Infra Trust from GIC

Transport infrastructure developer Cintra, a subsidiary of Spanish infra group Ferrovial, will acquire a 24% stake in IRB Infra Trust from GIC affiliates, IRB Infra said in a statement on Thursday. Cintra has entered into a definitive agreement for this acquisition which also includes a 24% stake in MMK Toll Road Pvt Ltd, the investment manager of the Trust. The completion of the acquisition is subject to fulfillment of conditions precedent, including requisite regulatory and third-party approvals. “IRB, with a diverse variety of investors, is uniquely positioned to expand its asset base, already one of the key players in the sector, and drive sustainable growth and development across the nation," the statement added. "The company will also benefit from the growing EPC (engineering, procurement and construction) and O&M (operation & maintenance) order book as the sole project manager to the Trust."

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Posted On:
14-03-2024

Godrej Properties acquires second land parcel in Hyderabad for ₹1,300 crore residential project

Godrej Properties on Thursday informed stock exchanges that it acquired a second land parcel in Hyderabad in the past one month to develop "high-quality residential projects". The real estate company acquired 3 acres of land in Kokapet near the Outer Ring Road junction close to Golden Mile Road in Hyderabad. Godrej Properties said that the development on Kokapet land is estimated to have a potential of 1.2 million square feet of saleable area comprising premium residential apartments with an estimated booking value of ₹1,300 crore. Last month, Godrej Properties forayed into the Hyderabad property market by purchasing 12.5-acre land for ₹350 crore to develop a housing project having ₹3,500 crore revenue potential. Overall the purchase of both land acquisitions will take the booking value potential in Hyderabad to ₹4,800, the company added.

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