NTPC Ties Up Rs 22,000 Crore for FY10 – India’s biggest power utility company NTPC has lined up funding of nearly Rs 22,000 crore from Power Finance Corporation (PFC), LIC, domestic banks and financial institutions to finance its capital expenditure for the current fiscal. NTPC chairman RS Sharma said the company with all its subsidiaries and joint ventures will have a total capital outlay of around Rs 24,525 crore during the year to finance power generation projects, coal mining business, renovation and modernisation activity. (The Economic Times)
Grainger to Acquire Asia Pacific Brands India – North America’s leading distributor of facilities-maintenance products Grainger today said it will acquire its joint venture in India, industrial and electrical wholesale distributors Asia Pacific Brands India Pvt Ltd for $1.2 million. Grainger has signed a definitive agreement to acquire full ownership of the Indian firm as the city-based company looks at expanding business in India. It would contribute an estimated $1.2 million to gain full ownership of the Indian joint venture. (Business Standard)
Akruti City to Raise $500 Million Via QIP – Mumbai-based real estate company, Akruti City said on Friday that the company plans to raise up to $500 million through the qualified institutional placement (QIP) route. It is gathered that the funds raised through the proposed QIP would be used for Akruti’s projects in Mumbai that are currently under construction. (The Economic Times)
Michelin Sells 3.3% in Apollo Tyres – Michelin has sold 3.3% stake in Apollo Tyres for around Rs 45-50 crore in the open market. The French tyre major had picked the stake more than five years ago in what was seen as a strategic investment in the Delhi based firm. Michelin continues to hold 7.89% in the Indian tyre maker. Michelin had originally acquired 14.9%for around Rs 130 crorein Apollo Tyres in early 2004. (The Economic Times)
Rahul Khullar New Commerce Secretary – The government today appointed Rahul Khullar as the new commerce secretary in place of Gopal Krishna Pillai, who has been made the new home secretary. Pillai, who is serving as the commerce secretary, will take over as an Officer on Special Duty in the home ministry on June 11. (Business Standard)
GMR Infra Lines Up Rs 7,000 Crore Capex – GMR Infrastructure Ltd is readying a capital expenditure of Rs 7,000 crore for this fiscal to fund its existing and new projects. While the Delhi airport modernisation is expected to cost Rs 3,600 crore, the company’s power projects will need Rs 2,500 crore. The airport project in Istanbul will incur an expenditure of Rs 600 crore. The funding for the capex will be in a debt to equity ratio of 75:25. Currently, GMR Infra has a debt of Rs 10,000 crore at an average rate of 10.32%. Most of the debt raised for existing projects, except recent ones, is at a fixed rate. (DNA Money)
Power Grid Plans Rs 5000 Crore Bond Issues This Fiscal – Power Grid Corporationof India (PGCIL), the state-owned power transmission company, plans two bond issues worth Rs 5,000 crore in the current fiscal. To finance its capex plans, the company is contemplating two bond issues of approximately Rs 2,500 crore each this fiscal. The first is expected in November 2009 and the second is likely in January 2010. For the current financial year, PGCIL has earmarked a capex of Rs 12,500 crore, which will mainly go into evacuation of power and setting up a grid in Arunachal Pradesh. (DNA Money)
Pune realtor buys 20% in Mumbai Shangri-La hotel – Pune-based Avinash Bhosle Infrastructure is likely to acquire 20% in one of the hotels being developed by Phoenix Mills Ltd in Mumbai. The hotel, a five-star with over 400 rooms, is under construction at High Street Phoenix at Lower Parel, and will be managed under the Shangri-La brand once operational in 2010-11. (DNA Money)
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