The Tata group’s power utility has announced in September that it will exit its investment in Cennergi by selling its stake to the joint venture partner.
The company and lenders were working on the resolution plan as per the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 issued by the central bank through a circular dated June 7, 2019. The company, however, did not provide details of the debt recast.
Last week, RIL had announced a detailed plan to support India's fight against Covid-19, which includes medical help through its hospital, healthcare facilities using the Jio platform, and providing free fuel for all emergency service vehicles, and a donation of Rs 5 crore to Maharashtra's Chief Minister's Relief fund.
L&T donates Rs 150 crore to PM-Cares, commits to pay 160,000 contract labourers despite disruption in work
The company, which has stopped work at over 500 live projects, will support about 160,000 contract workers by continuing to pay their wages during the ongoing lockdown and providing them with food and basic amenities at labour camps, while maintaining the COVID-19 prevention and containment protocol.
The joint venture company, Adjaristsqali Georgia LLC, is setting up one of the largest projects in Georgia at an overall project cost of approximately $ 500 million. After the 178 mw-Shuakhevi Hydro Power Project, the JV will comission a 9 mw units, namely Skhalta Hydro Power project.
Construction work has come to a standstill as the lockdown kicked in, triggering concerns that the companies would see revenues being hurt and may even incur losses on some projects.
Kotak Institutional Equities said that Facebook’s reported interest may be driven to enhance addressable opportunity in its largest market in terms of subscriber base.
Some petrol pump owners told ET that the Company Owned-Company Operated (COCO) outlets are selling only to emergency and essential services. “We are following directions from district authorities. We have been told to supply petrol and diesel only to essential and emergency services and we are doing that,” a spokesperson from BPCL told ET.
HSBC in a report said the market is discounting “extreme down case outcomes".
RIL said it has deployed the combined strengths of Reliance Foundation, Reliance Retail, Jio, Reliance Life Sciences, Reliance Industries, and all the 6,00,000 people that work for the group on this action plan against COVID-19.
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