Vedanta: Parent of Mumbai-based mining giant Vedanta Limited, Vedanta Resources has plans to reduce its debt by as much as $3 billion over the next three years, according to a senior official at an analyst meeting. The company has no plans to roll over its loans in the upcoming years. “Our priority is deleveraging. We plan to reduce Vedanta Resources’ debt by $3 billion in the next three years. The pre-growth capex cash flow of Vedanta Ltd is projected to be USD 3.5-4 billion for the fiscal year 2025, which is adequate for secured debt maturities of USD 1.5 billion,” said Navin Agarwal, Vice Chairman of Vedanta Ltd and a member of the Promoter Group at an analysts’ meeting, reported PTI.
LIC Housing Finance: The company is strategizing to accumulate capital via green bonds in the forthcoming fiscal year, with an objective to fund eco-friendly housing projects. “In the upcoming year, we will explore green financing and utilize the funds for financing green housing projects,” said Tribhuwan Adhikari, Managing Director and CEO of LIC Housing Finance, reported PTI. The company has scheduled a board meeting on March 7 to discuss the borrowing strategy for the fiscal year 2024-2025. LICHFL hopes to hit the net profit of ₹5,000 crore milestone by the end of current financial year on the back of robust loan demand and expansion in non-core business, added Adhikari.
Signature Global: Real estate firm Signature Global announced on Sunday that it has sold over 1,000 apartments in its luxury housing project in Gurugram, generating more than ₹3,600 crore. This success is attributed to the robust demand for residential properties, particularly in the luxury segment. In a regulatory filing, the company disclosed that it has achieved pre-launch sales exceeding ₹3,600 crore for its latest premium residential development project, ‘DE LUXE-DXP’, located in Sector 37D of Gurugram.
Reliance Industries: The company, under the leadership of Mukesh Ambani, is planning to venture into pumped storage projects (PSP) for hydroelectric power, with a keen focus on clean energy, according to two individuals familiar with the plans. The company’s subsidiary, Reliance New Energy, is actively searching for suitable locations for these projects, people in the know said. “RIL is in the process of identifying potential PSP sites and intends to participate significantly in bidding for these projects,” said one of the two individuals.
Godrej Properties: The real estate developer has finalized agreements to construct a township project in North Bengaluru. The project, which spans across a 62-acre land parcel, will operate under a profit-sharing model. It is expected to provide 5.6 million square feet of saleable area and is projected to have a booking value of ₹5,000 crore. The company anticipates initiating the first phase of development on this land in the forthcoming fiscal year.
Coal India: Officials of Coal India expressed confidence in achieving their production target of 780 million tonnes for the fiscal year 2023-24, reported Businessline on Saturday. This assertion is particularly noteworthy in light of recent media speculation suggesting that the coal mining company may fall short of its target by 10 million tonnes. During a stakeholders meeting aimed at informing mining equipment manufacturers about the growing demand for their products, company representatives clarified that previous statements about potentially missing the target had been misinterpreted. Furthermore, the company has set an ambitious goal for the following year, aiming to produce 838 million tonnes, which is a 7.5% increase compared to the 2023-24 target.
SJVN: The state-owned power production company announced on Sunday that its subsidiary, SJVN Green Energy, has won a 200 MW solar project in an e-Reverse Auction held by Gujarat Urja Vikas Nigam. The project, which is to be developed on a build-own-and-operate basis, is estimated to cost ₹1,100 crore, according to a company statement. The statement revealed that SJVN secured the 200 MW capacity through tariff-based competitive bidding for the development of solar projects in the 1,125 MW Gujarat State Electricity Corporation Limited (GSECL) Solar Park located at Khavda, Gujarat.
Lupin: Lupin Digital Health (LDH), a platform specializing in digital therapeutics for cardiac rehabilitation, aims to increase its customer base by ten times in the coming year. This growth is expected as the company broadens its reach by entering new cities and partners with additional hospitals, according to Sidharth Srinivasan, CEO of Lupin Digital Health, in an interview with Mint. Srinivasan added, “Following the trial phase of the platform, we demonstrated that digital therapeutics can significantly improve patient outcomes, even for those with serious cardiac conditions, in the Indian context. Within nine months, we have successfully onboarded around 5,000 paying patients, with over 2,000 patients still in the trial period.”
Britannia Industries: Varun Berry, Vice-Chairman and MD of Britannia Industriessaid that the company is considering potential joint ventures to expand its portfolio into high-margin categories such as chocolates, fresh dairy, and salty snacks. The company, known for its Marie Gold and Good Day biscuit brands, has engaged the global consulting firm Bain & Co. to develop an aggressive ‘go-to-market’ strategy using data-driven approaches, according to Berry.
Tata Motors, Tata Steel: Tata Motors has introduced its new generation of commercial vehicles powered by green fuels. The lineup, which includes Prima tractors, tippers, and the Ultra EV bus, utilizes Liquefied Natural Gas (LNG) and battery electric technologies. These vehicles, unveiled during the Tata Group’s Founder’s Day celebrations in Jamshedpur and presided over by N Chandrasekaran, Chairman of Tata Sons, were handed over to Tata Steel’s delivery partners for transporting steel products and raw materials.
Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!