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Nirma to Acquire Emami's Cement Business for ₹

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Nirma to Acquire Emami's Cement Business for ₹ EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE DELHI THE HINDU 16 BUSINESS FRIDAY, FEBRUARY 7, 2020 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE DoT okays Bharti, Tata Nirma to acquire Emami’s Total to buy 50% in Adani’s Tele merger solar projects for $510 mn Press Trust of India cement business for ₹5,500 cr. New Delhi JV firm to house 2,148 MWac projects that AGEL owns now Telecom operator Tata Te­ Nuvoco’s total capacity to increase to 23.5 million tonnes leservices on Thursday Special Correspondent MUMBAI said the Department of Te­ Special Correspondent free and with this transac­ lecom (DoT) had approved MUMBAI tion, we will substantially Energy major Total will ac­ the merger of its consumer Nuvoco Vistas Corporation achieve this objective. quire 50% stake in all opera­ mobile business with Bhar­ Limited (Nuvoco), part of the “We are proud of Emami tional renewable energy ti Airtel. Ahmedabad­based Nirma Cement’s achievements in a projects of Adani Green Tata Teleservices’ listed Group, has signed a binding short span of time and we Energy Ltd. (AGEL) for $510 arm, in a regulatory filing, agreement with the Emami strongly believe that in Nu­ million. said the DoT, through its Group to buy 100% equity voco, we have found the “AGEL and Total Gas & letter dated February 6, stake in Emami Cement Li­ right acquirer who will be Power Business Services SAS 2020, had conveyed the mited (ECL) for an enter­ able to develop the business (TOTAL) have entered into a approval of the competent prise value of ₹5,500 crore. further in the interest of all binding arrangement for in­ The solar portfolio of Adani Green Energy Limited is spread authority in DoT for taking Emami Cement Ltd. oper­ stakeholders, Mr. Goenka vestment of approximately across 11 States in the country. * SPECIAL ARRANGEMENT on record the demerger of ates one integrated cement added $510 million for acquisition consumer mobile business plant in Risda, Chhattisgarh of 50% stake and other in­ renewable energy sector, as through partnerships in nat­ undertaking of the compa­ and grinding units in Bihar, ‘Good value’ struments in a Joint Venture well as Adani Group’s com­ ural gas and now in solar ny into Bharti Airtel Limit­ West Bengal and Odisha with Aditya Agarwal, director, Company which will house mitment towards sustaina­ energy, he said. ed (BAL). a total installed capacity of Emami Group, said, “Emami 2,148 MWac operating solar ble development. This is a “This interest in over 2 “The DoT approval is 8.3 million tonnes per Cementing profit: The deal is expected to be consummated in Cement has successfully es­ projects presently 100% pivotal step in our journey GW of solar projects repre­ without prejudice to the annum. the next three-four months. * AFP tablished a very strong owned by AGEL. The ba­ towards building the world’s sents a real change of scale rights and contentions of The company has mining brand equity in the market lance 50% stake in the JV Co. largest solar power compa­ of our presence in India’s re­ the DoT till the telecom pe­ leases in Chhattisgarh, Rajas­ jobera plant) and over 60 tomers with innovative and for its highest standard of shall be held by AGEL,” the ny by 2025 and the world’s newable energy sector, tition No. 22 of 2019 filed than and Andhra Pradesh. ready­mix plants. Comment­ high­quality products that operation and high­quality Adani Group firm said in a largest renewable power which has very significant by BAL which is pending With this acquisition and ing on the deal, Hiren Patel, they trust.” The transaction products, helping us to get a statement. The solar portfo­ company by 2030.” growth potential in the com­ before Hon’ble TDSAT ongoing expansion, Nuvoco chairman, Nuvoco, said, is subject to the customary good value. We strongly be­ lio is spread across 11 States The transaction is subject ing years,” he added. [and appeal, if any, against will become one of the lead­ “This acquisition is a mo­ approvals and is expected to lieve the Nuvoco and Nirma in India. to customary approvals and “ It will contribute to our the judgement(s) of the ing cement players in the mentous and transforma­ be consummated in next Group will continue from Commenting on the deal, definitive agreements. ambition to deploy 25 GW of Hon’ble TDSAT] is dis­ country and specifically in tional step in Nuvoco’s jour­ three­four months. here and strengthen the bu­ Gautam Adani, chairman, Total chairman and chief renewable energy by 2025. posed of,” Tata Teleservic­ the East. ney to becoming a major siness further.” Adani Group said, “We are executive officer Patrick Extending the partnership es (Maharashtra) said. This will bring its total ce­ building materials company Debt-free group Emami Ltd. shares closed delighted to extend our long­ Pouyanne said, “Total is ful­ with the Adani Group to re­ Bharti Airtel on July 1 ment capacity in eastern, in India. Manish Goenka, director, down 1.32% to ₹302.95 on term partnership with Total ly engaged in the energy newable energies will allow had said that the consumer northern and western India “Emami Cement will ena­ Emami Group said, “This the BSE in a firm Mumbai to our renewable energy bu­ transition and to supporting us to benefit from its in­ mobile business of Tata Te­ to 23.5 million tonnes (which ble us to take our cement bu­ transaction is an important market on Thursday, valuing siness in AGEL. The invest­ India, a key country in the depth knowledge of the In­ leservices Ltd. had become includes the ongoing capaci­ siness to the next level and step in our group’s stated ob­ the company at ₹13,752 ment reinforces the im­ fight against climate change, dian electricity market.” a part of the former. ty expansion project at its Jo­ continue to serve our cus­ jective of becoming debt­ crore. mense potential in India’s in diversifying its energy mix (With PTI inputs) NMDC Q3 net Soon, insurers, TPAs to Nippon India MF drags profit declines CDPQ, Piramal Asset set up Special Correspondent disclose hospital details $300 mn private lending platform IRDAI to appellate tribunal HYDERABAD Public sector mining major Bid to improve information flow Challenges order on Reliance insurance NMDC has reported a con­ To offer credit solutions to firms across industries in India solidated net profit of Special Correspondent hospitals, in their respective ASHISH RUKHAIYAR obligations, and Reliance MUMBAI ₹1,394.40 crore for the HYDERABAD websites,” said IRDAI. Special Correspondent maceuticals, logistics, term,” said Anita M. George, Capital, the promoter of Re­ quarter ended December Health insurance policyhol­ The regulator said this is­ MUMBAI among others. This partner­ executive V­P and Head of Nippon India Mutual Fund liance Home Finance, res­ or a little over 11% from the ders may soon be able to get suing a draft circular on dis­ Caisse de dépôt et place­ ship is aligned with both Strategic Partnerships, has dragged the Insurance tructured the terms by pro­ year earlier period’s an idea of the infrastructure closure of hospital quality ment du Québec (CDPQ), a CDPQ’s investment strategy Growth Markets at CDPQ. Regulatory and Develop­ viding additional collateral ₹1,569.77 crore. facilities and healthcare indicators. Stakeholders global institutional investor, in a country with significant “Through our partner­ ment Authority of India (IR­ by pledging its 100% share­ The decline in net profit providers at network hospi­ have time till February 14 to and Piramal Asset Manage­ long­term economic growth ship we are able to support DAI) to the Securities Appel­ holding in Reliance General came in the back of a drop tals with the Insurance Reg­ send in their comments or ment Private Ltd., a wholly potential and Piramal’s di­ growing businesses and in­ late Tribunal (SAT) Insurance Company. in the revenue from opera­ ulatory and Development suggestions. owned subsidiary of Piramal rect lending strategy to mid­ vest in India’s thriving entre­ challenging the insurance The company, however, tions during the quarter to Authority of India (IRDAI) Enterprises Limited (PEL), market companies and ma­ preneurship,” she said. The watchdog’s order that stated again defaulted on its pay­ ₹3,006.38 crore (₹3,649.44 planning to make such dis­ Network providers have announced a platform jor corporations,” PEL said. partnership will focus on that the pledging of shares ment obligations and Nip­ crore). Total income was closures mandatory for in­ Under the existing provi­ of $300 million to target “This platform aims to performing credit and look of Reliance General Insu­ pon India MF invoked the ₹3136.59 crore (₹3,785.73 surers and third party admi­ sions, the insurers ought to private credit financing op­ leverage the significant mar­ to invest in companies with rance with the fund house pledge. IDBI Trusteeship, crore). On a standalone ba­ nistrators (TPAs). keep the insured informed portunities in
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