TOP CORPORATE NEWS
RBI approves re-appointment of
Rana Kapoor as Yes Bank CEO :
Yes Bank Ltd has
informed that the Bank has received approval from Reserve Bank of India for
re-appointment of Mr. Rana Kapoor as MD & CEO for a period of three years
with effect from September 01, 2015.
RERC orders reducing
transmission charges for solar projects :
Rajasthan
Electricity Regulatory Commission (RERC) has issued an order for reducing
transmission charges for inter-state open access solar projects in the state by
50%. The move will tremendously increase the state's attractiveness as a
potential solar export hub by bringing an investment of about Rs1,75,000 crore
and creating over 75,000 jobs said Suman Kumar; President RSA.
Union Bank plans to sell Rs1200
crore worth of NPAs to ARC :
Union Bank plans
to sell Rs1200 crore worth of NPAs to ARC—positive read thru As per media
reports, Union Bank has put Rs1200 crore NPAs on the block for sale To ARCs in
Q2FY16. The Bank has seen gradual decline in fresh NPA additions in past few
quarters and sale of NPAs to ARC could help to manage asset quality pressures better
(since loss on sale to ARC can be amortised over 8 quarters).
Adani Group to invest $3.75
billion in coal gasification project :
Adani Group
to invest $3.75 billion in coal gasification project in Chhattisgarh .Adani
Enterprises has inked a pact with the Chhattisgarh government to invest over
Rs25,000 crore for setting up urea and power project as well as rice bran oil
extraction plant in the state. The first project to be set up is a CTP project
that includes an ammonia/urea and substitute natural gas (SNG) complex via
gasification of Indian high ash coal.
ONGC Videsh submits revises
development plan for Iran :
ONGC Videsh
submits revised development plan for Iran gas field Farzad B with estimated
reserves of 12.5 trillion cubic feed, with a lifetime of 30 years. A consortium
headed by ONGC Videsh in 2008 discovered the gas field in the Farsi offshore
block.
Corporation Bank to sell
Rs1,000 crore of stressed loans :
Corporation Bank
has decided to sell Rs1000 crore of stressed loans to asset reconstruction
companies (ARC) by the end of the current quarter. In a seminar organized by
Indian Banks' Association and FICCI, the Bank’s management said that the bank
will continue to sell stressed assets in successive quarters.
L&T Construction wins
orders worth Rs1563 cr :
Larsen &
Toubro (L&T) announced that the power and distribution business of L&T
Construction has won orders worth Rs1563 crore in both international and domestic
markets in July and August 2015. As a strategic breakthrough in the ASEAN
market, a key order has been received from Tenaga Nasional Berhad for the
design, manufacture, supply, installation, testing and commissioning of a 500
kV double circuit transmission line in Malaysia.
Jain Irrigation board approves
sale of its food biz :
Jain Irrigation
Systems announced that the Board of Directors of the Company at its meeting
held on 24 August 2015, have approved the Sale of its food business by way of
‘Slump Sale' to Jain Farm Fresh Foods, an effective Wholly Owned Subsidiary
(WoS) of the Company to create strategic focus on fast growing food business
and consequent value creation opportunities.
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