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Banks take over management control of Electrosteel

Bankers to the loss-making Electrosteel Steels have agreed to use the strategic debt restructuring (SDR) mechanism to convert their debt into equity and takeover the company.

Banks have exposure of about Rs10,000 crore to the steel producer and banks like SBI, PNB, Canara Bank, Uco Bank, OBC etc have exposure to the company. The Banks are trying to find buyer for the company which may take time but should help in resolution of NPAs over medium term.

PVR plans to open 150 low cost screens in next 2-3 years

PVR Ltd plans to open 150 low cost screens under its 'PVR Talkies' in 2-3 years to expand its footprint to smaller towns. The company, tied-up with Dolby Laboratories for new technology 'Dolby Atmos', is banking on organic expansion with plans to open up to 70 screens ever year as it does not foresee acquisitions in the film exhibition industry in the near future.

Adani Enterprises to raise up to Rs6,000 cr via securities Adani Enterprises, the flagship company of the Adani Group, said that it is planning to raise up to Rs6,000 crore through issuance of securities to sustain rapid business growth. The Gautam Adani-led company also aims to raise its borrowing limit to up to Rs12,000 crore to keep pace with the expanding business operations.

Rajasthan clears Rs1.56 lakh crore investments in solar energy

Rajasthan cleared Rs1.56 lakh crore worth investments in solar energy sector in the state, aimed at generating 26,000 MW of solar energy.

Government will not take action against Sun TV for now

The Centre has decided not to proceed against 33 channels of Sun TV, at least for now, after both Madras and Delhi High Courts disregarded MHA's objections to the Chennai based group participating in the auction for FM radio licenses.

Standard Life eyeing higher stake in HDFC Life

Mr Deepak Parekh, Standard Life has expressed interest in increasing its stake in HDFC Life to 35% ( presently 26% stake) and the discussions are going on for same.

Mr Parekh also revealed that they could use the initial public offering ( IPO) route for the stake hike. An increase in stake in by JV partner will result in value unlocking from insurance and hence positive for HDFC.

Reliance Industries to consider sale of US shale gas stake

Reliance Industries may be considering exiting its investments in US shale gas as part of a strategic review of its assets, says a report. RIL has invested more than $8 billion in its unconventional gas joint ventures through the end of March, according to its annual earnings report. Selling the shale assets would allow Reliance to put its capital to more productive uses, given the gas market may not improve for some years, the report stated.

Tata Power may acquire stressed assets of other power companies

Tata Power may look at acquiring stressed assets of other power companies in the country as it plans to expand its capacity.

Banco Products starts commercial production Banco Products (India) has announced that the commercial production of Radiators has started w.e.f. July 25, 2015 at its Zaheerabad Unit located at Plot No. 29 & 30, Buchinelly, I.P. Buchinelly, Mahindra Vendor Park, Zaheerabad 502228, Dist. Medak, Telangana (AP).

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