IGI Logo

Key News 

India's Hero Cycles to set up new global hub in London to expand footprint

India's Hero Motors Company (HMC) Group on Tuesday announced plans to set up a new international headquarters, Hero International (HIT), in London as part of a push towards expanding Hero Cycles' overseas business and strengthening its global presence. The company said HIT is aimed at bringing HMC's European businesses under one umbrella and giving its electric bike business a major boost worldwide. The new HQ will unify HMC-owned European businesses, including HNF GmbH in Germany and Insync Bikes in UK, as part of a long-term vision to grab an increasing share in the lucrative e-bike market growing at an exponential pace in Europe.

BPCL bullish on clean fuel, aims at raise CNG sale share to 15% in 4-5 yrs

Petroleum Corporation Ltd (BPCL) is aiming big to expand its footprint in clean fuel space and looking to set up an infrastructure to tap the growing market for electric and gas-based mobility, an official said on Tuesday. The oil retailer is planning to increase the share of clean fuel in its annual sales and also working on the installation of battery-swapping and charging stations for electric vehicles. "There is a shift towards clean gas usage. Sales of gas-based fuel account for 1.5 per cent but we aspire to take this to 15 per cent in the next four to five years," BPCL executive director (Retail) PS Ravi said. The company has already 5 CNG stations operational in West Bengal -one in Kolkata and four in Durgapur, he said.

Govt's 16.12% share sale in Tata Comm gets 'great response' on day 1

The government's share sale of 16.12 per cent stake in Tata Communications Ltd received "great response" from institutional investors, DIPAM Secretary Tuhin Kanta Pandey said on Tuesday. "Offer for Sale of Government shares in TCL got great response on Day 1. Issue subscribed 2.19 times of base size at a clearing price above the floor price by non-retail investors. Govt. has decided to exercise the green shoe option," Pandey tweeted. The issue will open for retail investors on Wednesday. Public sector firm VSNL was privatised in 2002 by disinvesting 25 per cent shareholding along with transfer of management control to strategic partner Panatone Finvest Ltd.

Kesoram's Rs 2063 cr debt raising via NCDs and OCDs at stiff coupon rates

BK Birla Group company, Kesoram Industries Ltd, on Tuesday said that it has completed raising close to Rs 2,063 crore through NCDs and OCDs to a private placement. This is apart from debt resolution with the bankers carried out recently where the ailing cement maker converted Rs 144 crore loan into equity, and also issued zero coupon optionally convertible redeemable preference shares to a loan of Rs 449 crore. The company informed bourses that it has also raised Rs 1,603 crore via NCDs with maturity in February 2026, and optionally convertible debentures amounting to Rs 459 crore.

Infra investment trust IndiGrid plans to raise up to Rs 5,300 cr

Infrastructure investment trust IndiGrid on Tuesday said its board of investment managers has approved a proposal to raise up to Rs 5,300 crore, including through term loans and issuance of debentures. A meeting of the board of directors of IndiGrid Investment Managers Ltd acting in the capacity of Investment Manager to IndiGrid was held on Tuesday. At the meeting, the board approved an "enabling resolution to raise funds up to Rs 5,300 crore in one or more tranches to be used for acquisitions, refinancing of existing borrowings and similar other purposes," a regulatory filing said.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer