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SAIL aims to bring down borrowings to Rs 20,000 crore

Public sector steel major, Steel Authority of India Ltd (SAIL), is looking at bringing down its borrowings to Rs 20,000 crore by the end of the current financial year. Soma Mondal, chairman SAIL, said that by year-end the aim is to reduce total borrowings at a level of Rs 20,000 crore depending on steel prices and demand situation. She was speaking on the sidelines of an event to mark the inauguration of MSTC’s corporate office building in Kolkata. Booming steel prices, especially in the second half of last year, had led private and public sector companies to deleverage. However, the second Covid-wave dampened domestic demand over the past few months.

Megha Engineering hands over indigenously built oil rigs to ONGC

Megha Engineering and Infrastructure (MEIL) handed over an indigenously built oil and gas rig to Oil and Natural Gas Corporation (ONGC) on Thursday. This is part of a Rs 6,000 crore tender bagged by MEIL in 2019 to supply 47 rigs to ONGC. ONGC’s order of 47 rigs to MEIL comprises 20 workover rigs and 27 land drilling rigs. According to MEIL officials, the first such rig was handed over in April while the second rig was delivered on Thursday. By March 2022, it is going to deliver 23 rigs to ONGC. At present, 14 rigs are in transportation to different locations across the country.

11,000 offline stores in Maharashtra are now part of Amazon's 'Local Shops'

Over 11,000 offline retailers and neighbourhood stores from Maharashtra are now part of ‘Local Shops on Amazon’.With the upcoming festive season, e-commerce firm Amazon said it is focused on helping Local Shops sellers grow their business and recover from the recent economic disruption caused by the pandemic. “We are excited to see the rapid scaleup of the Local Shops on Amazon program across the country including Maharashtra,” said Vivek Somareddy, director of fulfilment channels at Amazon India. “In less than 18 months of launch, the program has over 11,000 local offline stores from the state who have registered as sellers and are benefiting from selling on Amazon.in.”

Afcons bags largest-ever infrastructure project in Maldives

Afcons, the infrastructure arm of Shapoorji Pallonji group, has signed a contract for the largest-ever infrastructure project in Maldives. The $530- million project is funded by the Exim Bank of India under the Indian grant and Line of Credit (LOC). It involves constructing the Male to Thilafushi Link project, popularly called Greater Male’ Connectivity Project (GMCP) over 32 months. The project includes a 6.7 Km bridge and causeway network connecting Male, Villingili, Gulhifalhu and Thilafushi islands. According to the government of Maldives, the bridge will be “a national economic engine and lifeline” connecting Hulhumale, Hulhule and Male with the proposed Gulhifalhu Port and the Thilafushi Industrial Zone.

BSNL union to hold demonstration against monetisation of telecom assets

State-run telecom firm BSNL's employees union on Thursday opposed the government's plan to monetise 2.86 lakh kms of optical fibre laid under the BharatNet project as well as 14,917 mobile towers owned by it and sister concern MTNL. BSNL Employees Union alleged that sale of mobile towers to corporates is the beginning of privatisation of BSNL and MTNL. If monetisation of these assets is allowed, then the government's next target will be to monetise 7 lakh route kilometre length of optic fibre, it added.

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