Tata Steel, in partnership with the UK government, has announced a monumental investment of 1.25 billion pounds in electric arc furnace steelmaking at the Port Talbot site. This ambitious endeavor is bolstered by a significant grant from the UK government, amounting to a maximum of 500 million pounds. The Port Talbot project stands as a beacon of environmental progress, with an expected reduction of 50 million tonnes in direct emissions over the span of the next 10 years. Beyond its environmental impact, this project also holds the promise of restructuring Tata Steel’s balance sheet, potentially eradicating current cash losses in its UK operations and addressing non-cash impairments in legacy investments.
In the healthcare sector, Mumbai-based Jupiter Life Line Hospitals is gearing up for a major financial milestone. The company is set to list its equity shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on September 18. Investors and market experts are keenly awaiting this event, with the issue price for the shares fixed at Rs 735 each.
On the defense front, Hindustan Aeronautics has received a significant nod from the Defence Acquisition Council. The council has granted approval for the Acceptance of Necessity (AON) for the procurement of 12 Su-30MKI Aircraft from Hindustan Aeronautics. This acquisition is complemented by the modernization of associated equipment and avionics for Dornier Aircraft, reinforcing India’s commitment to strengthening its defense capabilities.
Meanwhile, state-owned defense company Bharat Electronics has secured a substantial order worth Rs 2,118.57 crore from Cochin Shipyard. This contract encompasses the supply of various critical equipment, including sensors, weapon systems, fire control systems, and communication equipment, for six Next Generation Missile Vessels (NGMV). These vessels, classified as anti-surface warfare corvettes, are intended for service in the Indian Navy.
In the energy and fertilizers sector, the Indian Oil Corporation has received board approval for an additional investment of Rs 903.52 crore in Hindustan Urvarak and Rasayan (HURL). HURL is a joint venture of Indian Oil, dedicated to the establishment of fertilizer plants in Gorakhpur, Sindri, and Barauni. This strategic move underscores Indian Oil’s commitment to bolstering its presence in the vital fertilizer industry and supporting agricultural growth in the country.
Lastly, Texmaco Rail & Engineering, a leading rail solutions provider, has gained approval from its board of directors to raise funds through qualified institutions placement (QIP). The company is authorized to raise funds up to Rs 1,000 crore through the issuance of equity shares. Additionally, Texmaco Rail & Engineering has received approval to raise funds up to Rs 50 crore via a preferential issue to its promoters, further strengthening its financial capacity for upcoming projects and ventures.
In the world of food delivery, Zomato Slovakia s.r.o, a subsidiary of the global food delivery giant operating in the Slovak Republic, has initiated the process of liquidation as of September 14. It’s noteworthy that Zomato Slovakia currently does not engage in active business operations. Importantly, the dissolution of Zomato Slovakia is not expected to exert any material impact on the overall turnover or revenue of the parent company, representing a strategic move to optimize operations and focus on core business activities.
