TVM Capital Healthcare Partners has appointed Sudhir Bahl as an Executive-in-Residence in Dubai and Director India. His appointment comes after TVM’s decision to expand beyond the Middle East and North Africa (MENA) region and its announcement of investing upto USD 100 million in India over the next three to five years. Sudhir has been assigned to contribute to the development of the portfolio companies in both regions and more specifically to build the firm’s presence in New Delhi. He will also be the first port of call for Indian entrepreneurs and management teams seeking growth financing from TVM Capital Healthcare.
SAIL To Double Rourkela Capacity
SAIL said that it is close to completing a Rs 12,000 crore expansion plan at its Rourkela Steel Plant in Odisha to 4.5 million tonnes per annum and will more than double capacity at the facility in the next phase. “We have ambitious plans for RSP’s further expansion to 10.8 million tonnes per annum as part of SAIL’s vision to attain a capacity of 50 million tonnes per annum hot metal by 2025,” Steel Authority of India (SAIL) said in a statement. SAIL’s statement comes after it started operating two major modernisation units – a basic oxygen furnace (BOF) and a plate mill – in the plant earlier in the day at a total cost of Rs 12,000 crore.
SHRIRAM Life Insurance Posts Rs 86 Crore Profit
Shriram Life Insurance Company have posted 4.87 per cent growth in profit to Rs 86 crore for 2013-14 financial year. The Chennai-based company had reported a profit after tax at Rs 82 crore during the previous fiscal, Shriram Life Insurance Company said in a statement. Total gross premium collected during the financial year ending March 31, 2014, stood at Rs 395 crore as against Rs 421 crore during the previous year. Observing that the company had sold 1.38 lakh polices during the year ending March 31, 2014 as against 1.54 lakh policies in the previous year, Shriram Life Insurance Company CEO Manoj Jain said: “We were largely focussing on Southern territories. However, we have made significant efforts in expanding to other geographies and have entered markets in North and West.”
Future Retail To Raise Rs 2,000 Cr
Future Retail is planning to raise Rs 2,000 crore by issuing shares to promoters and investors. The company’s debt stands at about Rs 5,500 crore. During the quarter ended March, it paid interest of Rs 155 crore, 98 per cent of its profit before interest and taxes for the quarter. The company said it would raise Rs 1,600 crore through a rights issue and an additional Rs 400 crore by issuing shares and warrants on a preferential basis to investors and promoters. It will issue 15.3 million shares of Rs 130 each on a preferential basis to Brand Equity Treaties, owned by Bennett Coleman & Co, aggregating Rs 199.9 crore.
LIC To Buy Stake In Central Bank
State-owned Central Bank of India proposes to raise an estimated Rs 540 crore by selling stake to Life Insurance Corporation of India (LIC). The board approved raising of additional capital by issuance and allotment of up to 7,10,75,753 equity shares of the face value of Rs 10 each to LIC on preferential basis, Central Bank of India said in a BSE filing. LIC currently holds 7,34,20,914 shares, or 5.44 per cent stake, in Central Bank of India.
Honda Motor Goes On Hiring
Honda Motor Company is planning to hire around 1,000 people in India. The company’s wholly-owned subsidiary Honda Cars India Ltd (HCIL) is targeting an almost 50 per cent jump in sales to 2 lakh units in 2014-15. “When we will start the second shift at the Tapukara facility, we will require more manpower. We think we will add 800-1,000 people in our overall headcount in India by the end of this fiscal,” HCIL Senior Vice President (Marketing and Sales) Jnaneswar Sen said in a statement. Honda Motor Company also plans to nearly double sourcing of auto components, including engine parts, from India to over Rs 800 crore during 2014-15.
Paradip Port Posts Rise In Profit
Paradip Port Trust (PPT), the only major port in Odisha, witnessed 24.2 per cent rise in revenue surplus after tax (net profit) in 2013-14, buoyed by better coal traffic. In the year ending March 31, the port earned Rs 233 crore surplus after tax, up from Rs 187.62 crore in the previous fiscal. During the period, its total revenue rose to Rs 1,068 crore, a 34 per cent surge from 2012-13. Officials attributed the better financial performance of the port to rising cargo traffic.