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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 fi rm 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 fi ling, 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 profi t: 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 fi led than and Andhra Pradesh. readymix plants. Comment highquality products that operation and highquality Adani Group fi rm said in a largest renewable power which has very signifi cant 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, defi nitive agreements. ambition to deploy 25 GW of Hon’ble TDSAT] is dis country and specifi cally 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 offi cer 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 fi rm Mumbai to our renewable energy bu transition and to supporting us to benefi t 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 fi ght 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 profi t 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 fl ow Challenges order on Reliance insurance NMDC has reported a con To off er credit solutions to fi rms across industries in India solidated net profi t 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 signifi cant “Through our partner ment Authority of India (IR by pledging its 100% share The decline in net profi t 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 fi nancing op leverage the signifi cant 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 India. CDPQ is ket opportunity for alterna a scalable business model was in violation of the law. which was acting as the de sis, the net profi t (from “To improve information of the list of network provid contributing 75% of the in tive pools of capital to pro that have demonstrated The matter dates back to benture trustee, took pos continuing operations) de fl ow to policyholders about ers (hospitals) and display vestment and Piramal, the vide valuable solutions in strong execution capabili March 2018, when Reliance session of the shares of Re clined 12.69% to ₹ 1,376.57 the hospitals engaged by in the information on their remaining 25%. the private credit space,” ties, robust cashfl ows and a Home Finance issued non liance General Insurance crore (₹ 1,576.77 crore). surers and TPAs for provid websites. “The platform will off er said chairman Ajay Piramal. validated repayment history convertible debentures to from the depository ac The company has de ing cashless health services, Such lists shall also be dis private credit solutions to “This is another oppor and that requires capital to raise about ₹ 400 crore. Nip count of Reliance Capital. clared an interim dividend it is proposed to mandate in played geographywise and companies across various in tunity for CDPQ to work support continued growth of pon India MF was one of the Later, IRDAI declared this of ₹ 5.29 per equity share of surance companies and updated as and when there dustries in India, including with the best partners in a their businesses, said Khush subscribers. pledge ‘null and void ab in face value of ₹ 1 each for TPAs to disclose various pa is any change in the network manufacturing, consumer, market where we see many ru Jijina, MD, Piramal Capital The company, however, itio’, which the fund house 20192020. rameters about the network providers. industrial, healthcare, phar possibilities over the long & Housing Finance Ltd. defaulted on its payment has challenged in the SAT. Indian companies in China brace for uncertainty amid outbreak Factory workers, offi ce staff largely confi ned to hometowns
Ananth Krishnan ing hygiene, so there is a CHENNAI sense they are bringing this Indian fi rms based in China under control.” are bracing for an uncertain Kamal Dhuper, who month ahead amid the co heads NIIT China that runs ronavirus outbreak, which training centres and on has brought factories and campus training facilities in the services sector to a several Chinese provinces grinding halt. including Guizhou, Shan Several company execu dong, Ningxia and Heilong tives told The Hindu they jiang, said one immediate expected the month of Fe A cleaner washes the street concern for companies was bruary — and perhaps the in Wuhan of Hubei province. providing masks. Even ma entire fi rst quarter of this jor cities like Shanghai are year — to be a writeoff be the Canton Fair scheduled facing a shortage, leaving cause of the outbreak, for April, have been put on unclear how employees will which has, as of February 6, hold. be able to come back to infected more than 28,000 “Everything is at a stand work on February 10. people and killed 560. still,” Madhav Sharma, who “What most of us are do While there is little pre heads CII’s China offi ce in ing is looking at ways to mi sence of Indian fi rms in the Shanghai, told The Hindu. nimise risks, for instance by epicentre of Hubei pro “Businesses are expecting getting people to work from vince, a spreading lock to come back to work on Fe home when possible,” he down reaching across China bruary 10 as of now, but said, adding that the timing and limiting travel has con schools have been told to over the new year was a strained businesses, with close until the end of Febru mixed blessing since many current focus of the Chinese ary. While the spread of In people had already tra government on stopping dian companies is mainly in velled back home and un the spread of the epidemic. Shanghai, Zhejiang, Jiangsu iversities were closed. Most Indian companies and those that are into The bigger concern is for in China are based in the sourcing down south, their startups in China that south and east, in Shanghai, customer base is across Chi could start facing cash fl ow Jiangsu, Zhejiang and na so business will be aff ect problems if the slowdown Guangdong provinces. ed. We can, perhaps, only continued beyond Febru According to the Indian look at Q3 this year to get ary, said Sujit Chatterjee, Consulate in Shanghai, stabilised.” cofounder of Shanghai Shanghai tops the total in based IT fi rm ZetaV. vestment from India, and is Bright spot Despite the concern, one home to IT majors, includ One bright spot, he said, is longtime Indian business ing TCS, Infosys and NIIT. that provincial authorities man said the outbreak Zhejiang and Jiangsu are have been keeping foreign wasn’t as severe as SARS in home to manufacturing un fi rms regularly uptodate 2003. “Then, for two its, including Sundram with the situation in their months, people had no idea Fasteners. provinces, through English what was happening or how Factory workers and em notifi cations sent through to deal with the outbreak ployees remain largely apps such as WeChat. unlike now,” noted Meher cloistered in their home “We can see how they are nosh Pastakia, who runs towns, where they had re using technology to deal restaurants in Beijing. turned over the Lunar New with this, and to a large de “Yes, the situation is bad Year, and face a 14day qua gree, people are closely fol now but not as catastrophic rantine if returning to work. lowing the guidelines, from as people are making it out Major trade fairs, including wearing masks to maintain to be,” he said.
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