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Reliance Industries rights issue soon, as Mukesh Ambani moves closer to zero debt target

Reliance Industries Ltd, on a quest to become a net-zero-debt company, has said that it will consider a rights issue of equity shares in its board meeting on 30 April 2021.

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Reliance Industries rights issue soon, as Mukesh Ambani moves closer to zero debt target

Reliance Industries Ltd, on a quest to turn into a net-zero-debt firm, has stated that it’ll contemplate a rights issue of fairness shares in its board assembly on 30 April 2021.

Reliance Industries Ltd, on a quest to prove to be a net-zero-debt agency, has talked about that it will ponder a rights issue of equity shares in its board meeting on 30 April 2021. Mukesh Ambani’s RIL is India’s most helpful listed company, with a market capitalization of Rs 9.25 lakh crore. Moreover it’s certainly one of many highest indebted corporations in India, with a gross debt of over Rs three lakh crore, and internet debt of over Rs 1.5 lakh crore. Moreover it’s one of many very important cash rich corporations with over Rs 1.three lakh crore cash in hand. Earlier, in August last yr, RIL Chairman Mukesh Ambani talked about he has pledged to make the company a ‘zero-net-debt’ company.

RIL, in a uncover to stock exchanges late yesterday, talked about that it will ponder a proposal to issue equity shares to current shareholders on Rights basis, subject to laws and regulation. The company did not share particulars of the proposed issue such as the size of the issue, proposed equity dilution, date, and lots of others. Nonetheless, considering RIL’s current market cap of Rs 9.25 lakh crore, and India’s largest retail shareholder base that it has, one can depend on the rights issue to current it with ample firepower to scale back the debt.

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Earlier last week, Reliance Industries launched a mega deal to promote a 10% equity stake in its telecom enterprise Reliance Jio for Rs 43,574 crore to Mark Zuckerberg’s Fb Inc. Reliance Jio has seen investments to the tune of properly over Rs 2 lakh crore since inception, and is Mukesh Ambani’s massive wager on India’s digital future. One different mega deal, with oil massive Saudi Aramco to promote it equity stake in RIL’s flagship oil and gasoline enterprise, is in prepared.

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SJVN to supply 300 MW solar power to J&K from Rajasthan unit

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SJVN to supply 300 MW solar power to J&K from Rajasthan unit

New Delhi, Feb 26 (IANS) SJVN Limited’s subsidiary, SJVN Green Energy Limited, has signed a power usage agreement with Jammu & Kashmir Power Corporation Limited to supply 300 MW of solar power from its Bikaner Solar Power Project in Rajasthan. The project, costing Rs 5,491 crore, is set to be commissioned by July 2024.

Geeta Kapur, Chairperson & Managing Director of SJVN, stated that the Bikaner Solar Power Project is being developed under the IREDA scheme, with a capacity of 1,000 MW and adhering to the domestic content requirement mode. The power generated will be utilized by government entities directly or through discoms.

SJVN aims to set up 25,000 MW capacity by 2030 and 50,000 MW by 2040 in alignment with the Government of India’s target of generating 50% energy from non-fossil-fuel-based resources by 2030. This step signifies a commitment towards sustainable energy production and reducing reliance on traditional energy sources.

The signing of the power usage agreement marks a significant milestone for SJVN Limited and underlines its commitment to supporting renewable energy initiatives in line with national goals. The project in Rajasthan will play a crucial role in enhancing solar power generation capacity and diversifying the energy mix in the region.

With the commissioning of the Bikaner Solar Power Project, SJVN is poised to make a substantial contribution to the clean energy sector in the country, furthering the government’s agenda for a sustainable and environmentally-friendly energy landscape. The development of such projects reflects the growing focus on renewable energy solutions for meeting India’s power needs.

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Power giant NTPC’s mining arm surpasses 100mn tonnes coal production milestone

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Power giant NTPC’s mining arm surpasses 100mn tonnes coal production milestone

New Delhi, Feb 26 (IANS) Government-owned power giant NTPC’s coal-mining subsidiary NTPC Mining Ltd. (NML) has achieved a significant milestone by producing 100 million metric tonnes (MMT) of coal. The milestone was reached on February 25, 2024, marking a major achievement for the company since coal production began in 2017 at its first coal mine Pakri Barwadih.

NML accomplished the first 50 MMT of coal production in 1,995 days back on June 19, 2022. However, the subsidiary has now produced the next 50 MMT of coal in just 617 days, demonstrating remarkable efficiency in its operations. The company has set a target of achieving a coal production of 100 MMT per annum by the year 2030.

Currently, NTPC Mining Ltd. operates five captive coal mines located in Jharkhand, Odisha, and Chhattisgarh. These include Pakri Barwadih, Chatti Bariatu, Kerandari Coal Mines in Jharkhand, Dulanga Coal Mine in Odisha, and Talaipalli Coal Mine in Chhattisgarh, which are crucial for the company’s coal production targets.

To sustain and enhance coal production, NTPC has implemented various strategies and technologies. These measures involve stringent safety protocols, enhanced mine planning, automation of equipment, training of the workforce, and the deployment of continuous monitoring and analysis systems to streamline operations and ensure efficiency.

The achievement of producing 100 MMT of coal by NTPC Mining Ltd. underscores the company’s commitment to meeting its coal production goals efficiently and contributing to the energy needs of the country. With a focus on technological advancements and operational excellence, NML is poised to continue its growth trajectory in the coal-mining sector.
–IANS
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Revamped Dharavi businesses to get SGST concessions for 5 years

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Revamped Dharavi businesses to get SGST concessions for 5 years

The Dharavi Redevelopment Project Pvt. Ltd., a joint venture of Maharashtra and Adani Group, announced tax benefits for eligible industries and commercial units in Mumbai’s redeveloped Dharavi. The State Goods & Services Tax (SGST) will be refunded for five years to formalize and boost local businesses after the revamp project.

According to the DRPPL, the tax benefits aim to transform the informal nature of businesses in Dharavi and make them a part of India’s growth story. The reimbursement of SGST will provide a robust footing for existing and new businesses, boosting their profitability, competitiveness, and growth opportunities.

Under the tender conditions, eligible industrial and commercial units will have their SGST reimbursed by the state government’s Finance Department through the DRP/SRA for five years from the issuance of the Occupation Certificate (OC). Businesses will need to provide SGST payment details as proof to claim the refund.

Dharavi is home to thousands of industrial and commercial units producing garment and leather items, with many serving as vendors for national and international brands. The businesses are eager to formalize and expand to tap into local and global markets, as per the DRPPL.

The redevelopment company aims to transform Dharavi into a globally-connected city while preserving its entrepreneurial culture. The revamp will include commercial and industrial premises, modern housing with facilities for existing residents, educational and healthcare facilities, and quality lifestyle amenities in Dharavi and Nav Dharavi, currently known as Asia’s largest slum.

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