HDFC Ltd: World Bank’s investment arm, International Finance Corporation (IFC) has proposed to make a $400 million loan to mortgage lender HDFC Ltd, with an aim to drive India’s green housing growth. The capital will help HDFC boost its green affordable housing portfolio, with 75% (around $300 million) of the proceeds earmarked for this sector, the company said in a statement. Additionally, the lending framework will set rigorous standards for green buildings, allowing HDFC to boost a quality green housing pipeline while channelling funds to this segment.
Shriram Finance: For the Financial Year 2022–2023, Shriram Finance, the largest retail NBFC in the nation, has announced an interim dividend of 150%, or Rs. 15 per equity share with a face value of Rs. 10 each, fully paid up. As of the 30th of September 2022, Shriram Finance, a pioneer in the NBFC sector with a significant rural footprint, claimed to have more than 6.7 million private and corporate customers in India.
ONGC: The Board of Oil and Natural Gas Corporation (ONGC) is being revamped by merging two directorships into one and creating a new position of director for corporate affairs in an attempt to breathe fresh life into the state-owned behemoth that is increasingly looking beyond oil and gas, sources said. ONGC Board presently has six directors for exploration, onshore operations, offshore operations, finance, human resources and technical and field services. It used to be headed by a chairman and managing director.
LIC: The country's largest insurer Life Insurance Corporation (LIC) could take a call on the composite licence clause after the Insurance Laws (Amendment) Bill is passed by Parliament, sources said. An applicant may apply for registration of one or more classes/sub-classes of the insurance business of any category or type of insurer, according to the proposed bill. A composite licence will allow insurers to undertake general and health insurance via a single entity.
Coal India: As India eyes energy security amid the volatile geopolitical situation, the parliamentary committee on coal has recommended the Centre and Coal India look at acquisition opportunities for coal mines abroad. In its latest report, the parliamentary standing committee on coal, mines and steel noted that Coal India had acquired blocks in Mozambique, but due to a lack of cost-effectiveness, the company surrendered the licences in 2016.
Railtel Corporation of India: Indian Railways‘ wholly-owned subsidiary RailTel Corporation of India Ltd has bagged an order from Webel Technology Ltd (WTL), a Govt of West Bengal undertaking for Capacity Enhancement of West Bengal State Data Centre (WB-SDC). The work order is valued at ₹98.56 Crore (including GST). This order has been acquired through an open competitive bidding process and reaffirms RailTel’s expanding customer base in this field.
NDTV: Radhika and Prannoy Roy, the founders of New Delhi Television Ltd (NDTV), agreed to sell 27.26% of the company to Adani Group despite initially opposing the takeover, giving the ports-to-power conglomerate majority control of the news broadcaster. The proposed deal will make Adani Group the majority shareholder of NDTV, with a 64.71% stake. The Roys will continue to own 5% of NDTV.
Equitas Small Finance Bank: Equitas Small Finance Bank on Friday said that PN Vasudevan, in response to suggestions of the board, has decided to stay on as managing director and chief executive of the lender. The founder and CEO had informed the lender’s board in May about his decision to step down to pursue philanthropic activities. The board, the filing said, believes that continuity of management and his leadership would help the bank sustain its growth in a stable, scalable, and inclusive manner.
SJVN: State-owned SJVN on Friday said it would set up a 100 MW wind power project at an estimated cost of ₹700 crore. In a statement, SJVN said it has won the project from Solar Energy Corporation of India (SECI) through an e-reverse auction process. "SJVN has won the full quoted capacity of 100 MW wind power project at (tariff of) ₹2.90 per unit on the build, own and operate basis through e-reverse auction. The tentative cost of the development of this project is ₹700 crore," the statement said.
Tata Motors: Tata Motors on Friday said its arm -- TML CV Mobility Solutions Ltd -- has signed an agreement with Delhi Transport Corporation for the operation of 1,500 electric buses in the National Capital. Under the pact, TML CV Mobility Solutions Ltd will supply, operate and maintain 1,500 units of 12-metre low-floor air-conditioned electric buses for a period of 12 years, the company said in a statement.
