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JSW Energy To Acquire Jp’s Power Assets

Updated: October 15, 2014 2:11 pm

JSW Energy said it would acquire Jaiprakash Power Ventures’ 1,891-Mw power assets. The move comes a day after talks in this regard between Jaypee Group and Reliance Power collapsed and the Supreme Court cancelled the allocation of four coal blocks of Jaypee Group entities JP Associates and Jaiprakash Power Ventures. JSW Energy and Jaypee Group announced they had signed a memorandum of understanding for three operating plants – the 300-Mw Baspa stage-II plant, the 1,091-Mw Karcham Wangtoo plant (both hydro power plants) and the 500-Mw Bina thermal power plant. The deal was signed following a meeting between JSW Energy chief Sajjan Jindal and Jaypee Group chief Manoj Gaur. The companies didn’t disclose the deal size and the financing plan. Sources said the deal was estimated at about Rs 12,000 crore, the sum Reliance Power had offered for the three plants two months ago.



Gulf Petrochem Acquires Shell’s Bitumen Plant  


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UAE-based oil company Gulf Petrochem has acquired the Royal Dutch Shell’s bitumen plant in Gujarat to meet the increasing demand for road construction products in West and North India. The acquisition of the plant at Savli near Vadodara will complement the construction of a high capacity storage terminal for various petroleum products at Pipavav in Gujarat. The plant will be manned, operated and managed by the existing Shell team as it would also be upgraded to manufacture bitumen products that adhere to new specifications laid down by Indian Roads Congress. “It mirrors our growth strategy because we have enhanced our integration solution in India and consolidated our position as the only company in the region that is actively present in both conventional bitumen and speciality products.” Manan Goel, Group Director at Gulf Petrochem said.



Alstom Bharat Forge Power Signs Contract With NTPC


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Alstom Bharat Forge Power, the joint venture company between Alstom and Bharat Forge, has signed a contract worth approximately 130 million euros to supply equipment to NTPC. “Alstom Bharat Forge Power has signed a contract worth approximately Euros 130 million (Rs 1,136.5 crore) with NTPC to supply equipment for the Tanda coal power plant, in Uttar Pradesh,” the company said in a statement. The JV company’s scope of work involves engineering, manufacturing, testing, supply, erection and commissioning of the two 660 MW supercritical turbine islands and auxiliaries for the plant.



HCC Bags Contracts From BMC


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Engineering firm Hindustan Construction Company (HCC) has bagged two contracts worth Rs 208 crore from Brihan Mumbai Municipal Corporation (BMC) and a petrochemical company. “The Rs 208 crore contracts include laying 1.765-km MS pipeline for BMC and construction of off-gas cracker and linear low-density polyethylene ( LLDPE) process units for a petrochemical company,” a release issued here said. Beside these orders, HCC has secured L1 positions in nine tenders aggregating to Rs 3,092 crore in which the company’s share is pegged at Rs 2,964 crore.



IDFC Appoints A New Chief Digital And Data Officer


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Infrastructure financier, IDFC has appointed Sriraman Jagannathan as Chief Digital & Data officer. IDFC said that Jagannathan will be responsible for building the digital framework, embedding a digital culture and driving the digital transformation across all parts of the proposed IDFC bank covering all products, clients and employees. Prior to joining IDFC, he was with Airtel where he had spearheaded the launch of the first mobile payments platform. IDFC is expected to kickstart its banking operations from 1st October 2015.



A K Dubey Gets Extension As Acting CMD Of Coal India


State-owned Coal India (CIL) said the government has decided to extend the tenure of acting chairman A K Dubey for another three months. Dubey, who is Additional Secretary in the Coal Ministry, was given the additional charge of Chairman and Managing Director (CMD), after Narsing Rao resigned in May. The Coal Ministry has “conveyed the approval for extension of additional charge of CMD of the company to Dr A K Dubey, Additional Secretary, Ministry of Coal for a further period of three months from September 25, 2014 up to December 25, 2014 or till a regular appointment is made or until further order whichever is earlier,” CIL said in a BSE filing.



IFCI To Raise Rs 2,000 Cr


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Delhi-based government-owned finance company IFCI plans to raise up to Rs 2,000 crore through 10-year bonds to finance medium and long-term projects. IFCI has been incrementally raising funds mostly from banks at base rate plus a spread of 25 basis points, while the share of low-cost capital market borrowings in incremental funding has been low. Malay Mukherjee, CEO and managing director, IFCI, said it would be ready with resources when demand picks up in the second half. Although fresh project proposals are small in number, sanctioned credit is to the tune of Rs 3,600 crore. During FY14, IFCI reported a net profit of Rs 508 crore on a total income of Rs 2,951 crore. The total loan portfolio stood at Rs 18,635 crore as on March 31, 2014.



HCL Tech Appoints Matt Preschern As CMO


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IT services firm HCL Technologies announced the appointment of Matt Preschern as its Chief Marketing Officer (CMO) and Executive VP. Before joining HCL Technologies, Preschern was the Senior VP and Enterprise Chief Marketing Officer at Windstream where he led brand management, demand generation and digital content marketing, the Noida-based firm said in a release. He was also responsible for the product and solution marketing, pricing, channel and field marketing, PR and industry analyst relations at Windstream, it added. “His experience in building marketing muscle for next generation technology solutions and services makes him a perfect choice for playing a key role in enabling HCL’s growth blueprint based on new generation propositions,” HCL Technologies CEO Anant Gupta said.



AAI Participates In The 20th World Routes Conference & Exhibition


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Airports Authority of India (AAI), the mainstay of Civil Aviation in India, maintains 125 airports comprising of 21 International Airports (3 Civil Enclaves & 3 Joint Venture), 78 Domestic Airports, 7 Customs Airports (4 Civil enclaves) and 19 other Civil Enclaves. In addition, AAI also provides Air Navigation Services (ANS) at all civil airports in the country. Currently, Indian airports are handling about 122 million domestic and 47 million international passengers and are poised to handle 217 million domestic and 76 million international passengers by 2020.


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