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Posted On:
06-05-2024

JSW Infrastructure to enter Adani bastion for piece of commercial cargo

JSW Infrastructure (JSW Infra) is looking to go big in the commercial cargo sector, an area overwhelmingly dominated by Adani Group. For 17 years, JSW’s ports business was an arm to support the cargo needs of the conglomerate’s various manufacturing businesses. The company, with a newfound purpose in 2019 and going public in 2023, will be active in the Centre’s ongoing monetisation plan as it requires low capital expenditure (capex) and offers high returns on capital. With a limited presence in the container segment, the company is keen to go for mega projects like Rs 77,000 crore Vadhavan Port.
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Posted On:
06-05-2024

REC receives RBI approval to set up subsidiary in Gujarat's GIFT City

State-owned REC Ltd on Sunday said it has received RBI's approval to set up a subsidiary in GIFT City, Gujarat. The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including lending, investment, and other financial services, a company statement said.According to the statement, REC Ltd, under the Ministry of Power and a leading NBFC, has received a No Objection Certificate' (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat. The decision to expand operations into GIFT, a burgeoning hub for financial services in India, comes as REC continues to diversify its portfolio and explore new avenues for growth, it statedVivek Kumar Dewangan, CMD, REC Ltd said in the statement, The GIFT City platform offers a conducive environment for international lending activities coupled with world-class infrastructure. We are confident that REC will harness these advantages to carve a niche for itself in the global market.
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Posted On:
06-05-2024

IIHL sets sights on $50 bn valuation by 2030: Chairman Ashok Hinduja

Mauritius-based IndusInd International Holdings (IIHL) is targeting a valuation of $50 billion by 2030 with the acquisitions of the debt-ridden Reliance Capital and Invesco Mutual Fund, even as its investments grow in IndusInd Bank and other companies across the world, IIHL Chairman Ashok Hinduja said. In a media interaction on Friday, he said IIHL was in the process of increasing its stake from 15 per cent to 26 per cent in IndusInd Bank and was looking to acquire smaller-sized banks in various European countries.
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Posted On:
07-05-2024

Muthoot Finance planning to raise funds using dollar-denominated bonds

India's Muthoot Finance is planning to raise funds through US dollar-denominated bonds maturing in three years and nine months and has provided initial guidance for a coupon of around 7.375 per cent, two bankers said on Tuesday. These Regulation-S dollar bonds are expected to be priced later in the day or early on Wednesday, the bankers said, declining to be named as they are not authorised to speak to the media.Muthoot Finance is aiming to issue benchmark-sized bonds, which means the issuance will be around $500 million. The non-banking finance company will use the proceeds for onward lending and other activities permitted under external commercial borrowing guidelines.Deutsche Bank and Standard Chartered are the joint global coordinators for this dollar bond issue, as well as joint bookrunners along with DBS Bank and SMBC Nikko. The bonds are expected to be rated 'Ba2' by Moody's Investor Service and 'BB' by Fitch Ratings and S&P.
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Posted On:
07-05-2024

Blackstone all set to buy Adani Realty's BKC office tower for Rs 2,000 cr

The US-based private equity major Blackstone Group is currently engaged in advanced negotiations to acquire Inspire BKC, a commercial real estate project developed by Adani Realty, the Economic Times (ET) reported, citing sources. Blackstone is expected to invest between Rs 1,800 crore and Rs 2,000 crore in this acquisition, the report claimed. The project is situated on the periphery of Mumbai's vibrant business hub, the Bandra-Kurla Complex (BKC), and comprises a tower spanning 800,000 square feet.The report added that Adani Group's real estate division has been exploring options to monetise this 10-storey office tower for several years. Previous discussions have taken place with both international and domestic investors, including Brookfield India and Shapoorji Pallonji Investment Advisors.Blackstone Group had previously expressed interest in purchasing the property. However, ET quoted sources as saying discussions were halted due to the onset of the Covid-19 pandemic in 2020 and uncertainties regarding office space demand. The office tower's current key tenants include Novartis, Reliance Nippon Life Insurance, Ascendas-Firstspace Development Management, and MUFG Bank.
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