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The Board of Directors of the Company at its meeting held today, has considered and approved following:

• The Company has approved in-principle, the entry of the Company in to Ductile Pipes business at an appropriate time and value through organic and inorganic route.
• Borrowing of long-term funds up to Rs. 500 Crores for general corporate purposes by issue of debt securities, subject to receipt of the necessary statutory and regulatory approvals including the approval of the shareholders as may be required.

Steel Strips Wheels has confirmed export orders for over 3,700 US Caravan Trailer Market to be executed in the month of September from its Chennai plant. Total value is around 46K USD.

With this, ihe chennai steel wheels plant is gradually gaining pace with production.

Adani Airport Holdings Limited (“AAHL”), the flagship holding company of Adani Group for its airports business (and a subsidiary of Adani Enterprises Limited) has entered into an agreement to acquire the debt of GVK Airport Developers Limited (“GVK ADL”).

GVK ADL is the holding company through which GVK Group holds 50.50% equity stake in Mumbai International Airport Limited (“MIAL”), which in turns holds 74% equity stake in Mumbai International Airport Limited (“NMIAL”).

According to the agreement, AAHL will acquire the debt of GVK ADL from its airport lenders.

The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure Limited with respect to the debt acquired by it. The Adani Group will also take steps to complete the acquisition of a 23.5% equity stake from ACSA and Bidvest in MIAL for which it has obtained CCI approval. Upon the acquisition of the debt of GVK ADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL.

AAHL intends to infuse funds into MIAL to ensure that MIAL receives much needed liquidity and also achieves financial closure of Navi Mumbai International Airport to be able to commence construction.

Cyient to Acquire IG Partners, a Specialist Australian Consulting Firm to Strengthen its Digital Capabilities in the Energy and Mining Industry

• Enterprise Asset Management Solution including predictive maintenance and warranty management
• Mining 4.0 - IT/OT convergence, exploration data compilation, minerals exploration data management
• Operational Efficiency - Digitally enabled workforce, advanced analytics and machine learning, supply chain, and automated planning

The company has signed a definitive agreement to acquire the 100% stake in Integrated Global Partners Pty Limited (IG).

The Enterprise value shall be payable as follows

• AUD 11.6 Million on a cash free debt free basis
• Earn outs based on future performance

The time required for completion may range upto 6 months depending on when the Foreign Investment Review Board (FIRB)
approval is granted.

Rationale for acquisition are gaining access to decision makers with global mining majors, acceleration in Cyient’s mining strategy and positioning Cyient as a digital transformation leader in the market.

Merging Future Group entities:

• FEL will issue 9 equity shares to the equity shareholders of Future Consumer Limited (FCL) for every 10 fully paid up equity share each of FCL.
• FEL will issue 116 equity shares to the equity shareholders of Future Lifestyle Fashions Limited (FLFL) for every 10 fully paid up equity share each of FLFL.
• FEL will issue 18 equity shares to the equity shareholders of Future Market Networks Limited (FMNL) for every 10 fully paid up equity share each of FMNL.
• FEL will issue 101 equity shares to the equity shareholders of Future Retail Limited (FRL) for every 10 fully paid up equity share each of FRL.
• FEL will issue 131 equity shares to the equity shareholders of Future Supply Chain Solutions Limited (FSCSL) for every 10 fully paid up equity share each of FSCSL.
• No shares would be issued upon merger of wholly owned subsidiary, Future Bazaar India Limited (FBIL) and its wholly owned subsidiary companies, pursuant to the Scheme, since merging with holding company.

Transfer of Business undertakings to Reliance Retail:

• Logistics & Warehousing Undertaking would be transferred to and vested in Reliance Retail Ventures Limited as a going concern on slump sale basis for a consideration of Rs. 25.22 crore.
• Retail & Wholesale Undertaking would be transferred to and vested in Reliance Retail and Fashion Lifestyle Limited, a wholly owned subsidiary of RRVL, as a going concern on a slump sale basis for a consideration of Rs. 5,628.33 crore.
• Total lumpsum aggregate consideration of INR 24,713 crore

Future Enterprises also approves preferential allotment of equity shares and warrants to Reliance Retail. Future Enterprises will issue a total of 158.63 lakhs equity shares/warrants for an average price of INR 16.65 crores aggregating to a total of INR 2,800 crores.

• INR 1,200 crore in the preferential issue of equity shares of FEL to acquire 6.09 % of post-merger equity; and
• INR 400 crore in a preferential issue of equity warrants which, upon conversion and payment of balance 75% of the issue price, will result in RRFLL acquiring further 7.05% of FEL.

CARE Ratings has upgraded the rating of the credit facilities of Jindal Stainless Limited to 'CARE BBB' with a stable outlook. The previously assigned rating by CARE was that of 'CARE BBB-'. Given JSL's strong financial and operational profile, the improved rating reflects a resilient business strategy despite interruptions caused due to pandemic over past few months.

CARE Ratings factors in the steady growth in the Company's sales and stable operating performance over a period of FY18 to FY20. CARE Ratings has upheld the Company's leadership position in the domestic stainless steel market. This is a testimony to the increased financial flexibility of JSL after its CDR exit and its consistent efforts for debt reduction.

Full read: Jindal Stainless rating upgrade by CARE.pdf (929.29 kb)

The Committee of Directors of L&T Finance Holdings Limited has approved today, allotment of 1,950 NCDs of face value of INR 10,00,000 each at par aggregating to a nominal amount of INR 195 Crore on a private placement basis to the identified investor.

With reference to our letter dated 26th June 2020, wherein the Board of Directors had given in principle approval for raising of capital through debt issue, the Board will meet on Wednesday, 2nd September, 2020 to consider fund raising by way of issuance of unlisted, secured, redeemable nonconvertible debentures (NCD) upto Rs. 150 Cr. to International Finance Corporation (Debt Issue) .

Avantel signed a contract worth of Rs. 96.76 Cr with IHQ, MoD (Indian Navy) for supply of Communication Equipment for Indian Naval Ships.

Steel Strips Wheels confirms export orders for nearly 37,000 wheels for Europe Caravan Trailer Market to be executed in November & December from its Chennai plant. Total value is around 253K USD.

Brahmaputra Infrastructure Limited has bagged order Worth INR 15.39 crores from the office of Chief Engineer Project Udayak — PIN- 931715 C/O 99 APO for execution of Construction of PMT Married Accommodation Phase- 1 for HQ Project Udayak at DoomDooma Including Planning, Design, Drawing and Construction of Internal Roads.

CARE Ratings has revised the Company’s Ratings for:

1. Long-Term Bank Facilities (Fund Based) upgraded from “CARE BB+; Under credit watch with positive implications” to “CARE BBB-; Stable”; and

2. Short Term Bank Facilities (Non-Fund Based) upgraded from “CARE A4+; Under credit watch with positive implications” to “CARE A3”

CARE Ratings has revised the Company’s ratings on account of improvement in company’s liquidity position over medium term owing to execution of business transfer agreement with Dr. Reddy’s Laboratories Limited in June, 2020.

The Board of GMR Infrastructure Limited (GIL) together with other Group companies - GMR Power Infra Limited (GPIL) and GMR Power and Urban Infra Limited (GPUIL) -today announced a composite Scheme of Arrangement involving vertical split demerger of the NonAirport Business (Energy, EPC, Urban Infrastructure, etc.) of GIL into GPUIL, as a going concern, along-side amalgamation of GPIL with GIL, as a step preceding demerger.

Separate listing of both the Airport and Non-Airport Businesses will also help in simplifying the corporate holding structure. The vertical split demerger will go a long way in facilitating deeper understanding of the Airport Business independently as compared to other business verticals within the Group.

Key Highlights of Scheme of Arrangement

• Demerger of the Non-Airport Business of GIL into GPUIL as a going concern.

• Scheme to create Mirror shareholding of GIL in GPUIL with all existing shareholders of GIL becoming shareholder of GPUIL in the same proportion. Scheme envisages issue of 1 additional share of Rs.S/­ each of GPUIL for every 10 shares in GIL of Re.1/- each as on the record date.

• Post the Scheme, GIL to emerge as India's Only Pure-Play Listed Airports Company. All existing shareholders of GIL to continue their same shareholding in GIL.

• Scheme also envisages amalgamation of GPIL with GIL as a step preceding demerger.

• The appointed date for the Scheme, being the date on which the undertakings shall vest in the respective resulting companies, has been fixed at April 1, 2021.

Strategic Rationale for Separating Airport Business

• Over the last few decades, GMR has significantly grown and diversified into multiples segments within the broader infrastructure space viz. Airports, Energy, Urban Infrastructure, SEZ, EPC, etc.

• At an initial stage of growth journey, a combined housing of various segments was required to incubate, seed, ramp-up and grow them, both from management and funding perspective to reach a stage where they can stand and sustain on their own.

• Each of these multiple business segments have distinct business models, operating nuances, capital commitments, risk & return profile, etc. These businesses have grown disproportionately over a period of time and are now at varied stages of their evolution from an overall Industry perspective. As these businesses mature and chase next phase of their growth, it would be strategically apt to segregate them.

• The Airport Business has grown multi-fold both domestic and overseas and is expected to benefit with enhanced focus and specialization, building further on its capabilities and strong brand presence.

Dr. Reddy’s Laboratories today announced the launch of Penicillamine Capsules USP, 250 mg, a therapeutic equivalent generic version of Cuprimine® (penicillamine) Capsules, 250 mg, approved by the U.S. Food and Drug Administration (USFDA).

The Cuprimine® brand and generic market had U.S. sales of approximately $80 million MAT for the most recent twelve months ending in June 2020 according to IQVIA Health.

Dr. Reddy’s Penicillamine Capsules, USP is available as 250 mg capsules in a bottle count sizes of 100.

Dilip Buildcon Limited has received letter ofacceptance (LOA) for a new HAM proiect viz. "4 laning from km. 42.000 to km. 80.00 of Dodabaltapur Bypass to Hoskote section of NH-648 (Old NH-207) on Hybrid Annuity Mode under Bharatmala Pariyojna in the state of Karnataka (Package-II)."

Bid Project Cost: INR 1,278 Crores
Mode: Hybrid Annuity Mode (HAM)
1st Year O & M: INR 3.00 Crores
Completion Period: 24 months
Operation period: 15 years from COD
Length: 38.00 Kms

Steel Strips Wheels has bagged firm export orders for over 12,000 US & Europe Caravan Trailer Market to be executed in September and October from its Chennai plant. Total value is around 128K USD.

Production at the Chennai steel wheel plant will cross 100% utilization in both passenger and truck lines.

• Begins national roll-out of JSW Radiance colour-coated steel
• JSW offers upto 25 years warranty on JSW Radiance

JSW Steel Ltd expects a larger play in the Specialty Coil coating business. Color coated coils with properties like antimicrobial & anti-dust has opened new opportunities for the product segment to grow in India within the new normal. JSW Steel has begun the roll-out of JSW Radiance, a steel color-coated product range in high-gloss feature with multiple variants. JSW Radiance with various variants with an option to choose among properties like Anti-microbial, anti-graffiti, anti-dust, antistatic & cool Roof system. JSW Radiance can also be custom offered with more than one of the above properties in a coil. With major key end use benefits, JSW radiance is suitable for diverse applications ranging from warehousing, appliances, cold storage, hospitals etc.

Full read: JSW Steel sees opportunity for anti-microbial coated steel.pdf (278.72 kb)