“The proposed acquisition will allow Sembcorp to have the flexibility as sole owner to evaluate and pursue a full range of growth opportunities in the renewables segment, while at the same time seeking the right equity window to list its India business or to pursue other capital recycling options,” the company said.
Suzlon defaulted on loan repayments earlier this year and its loans were categorised as NPAs.
The construction arm of L&T has secured orders from clients across various states for its varied businesses, the company said in a filing to the BSE. L&T's power transmission and distribution business has bagged various orders in India and overseas. Additional orders have been won in ongoing projects in the Middle East, the company said.
Earlier, the project was won by Sterlite Power. Now the special purpose vehicle incorporated for the execution of the project by PFC Consulting, has been formally acquired by Sterlite Power, a company statement said. Power Finance Corporation arm PFC Consulting is the nodal agency for auctioning power transmission projects in the country.
India needs to spend a total of Rs 235 lakh crore spend on infrastructure over the next decade and states will have to step up their contribution from around 41% of the overall infrastructure spending in the current decade. This requires gross domestic product (GDP) growth rate of 7.5% and infrastructure spending of above 6.0% of GDP.
Indian arm of electrical equipment maker aims to double revenue contribution to parent.
A recent investigation by the company revealed that nine wrongful transactions, allegedly undertaken by the promoter group led by Gautam Thapar, had caused it a loss of around Rs 3,000 crore. The company is doing a deeper investigation under what it calls ‘Phase 2’, even as the Ministry of Corporate Affairs has referred the case to the SFIO.
ONGC launched a $2 billion medium-term note programme in August.
The outstanding amount has since come down to Rs 2,341 crore.
The company, which is dealing with muted cash flows and huge debt, will monetise assets like head office building ‘CG House’ and is also working with lenders to resolve its debt issues after nine of its fourteen lenders, constituting 88% of total outstanding credit facilities of the company by value, signed an Inter Creditor Agreement (ICA).
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