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RIL buys majority stake in skyTran; invested in future tech, says Ambani

Billionaire Mukesh Ambani-led Reilance Industries' subsidiary Reliance Strategic Business Ventures Limited (RSBVL) on Sunday said that it has acquired additional equity stake in its investee company skyTran Inc. for a consideration of $26.76 million, increasing its shareholding to 54.46 per cent on a fully diluted basis.

JLR to take a write off of 1.5 bn pounds in Q4 as part of a restructuring

Jaguar Land Rover will take a one-time write off of 1.5 billion pounds (includes cash and non-cash) in the March quarter as part of a restructuring exercise under “Re-imagine” strategy, company’s management told investors on Friday. This will be the second biggest write-off by Tata Motors’ UK subsidiary as it seeks to change tack and turn profitable amid disruptions and heightening competition. JLR had taken a write-off of 3.1 billion pounds in the December quarter of FY19 due to a slowdown in China and Brexit uncertainties.

Indian Oil to expand Panipat refinery with capex of Rs 32,946 crore

Oil marketing firm IndianOil Corporation (IOC) is expanding its Panipat refinery's capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA at a cost of Rs 32,946 crore. The expansion will include installation of a polypropylene unit and a catalytic dewaxing unit. The project is expected to be commissioned by September 2024. The stateowned company's board of directors has accorded approval for capital investment. "The capacity expansion will improve operational flexibility of the refinery to meet domestic energy demand and also enhance the petrochemicals intensity," it said in a statement.

Airlines see 10-12% drop in bookings as states insist on Covid-19 test

Domestic airlines have seen a 10-12 per cent drop in bookings over the past seven days as state governments have reintroduced measures to prevent the spread of Covid-19. West Bengal joined Maharashtra and Karnataka in insisting on negative RT PCR tests for travellers from certain states, which has dampened sentiment. Passengers from Maharashtra and Karnataka will have to undergo seven days of home quarantine in Tamil Nadu under the state’s new rules. The Delhi government, too, is expected to insist on RT PCR tests for passengers from some states.

Vedanta Resources raises $1.2 bn ahead of open offer for Indian listed unit

Vedanta Resources on Friday said it has raised USD 1.2 billion in a bond offering that saw strong investor interest. The 8.95 per cent bonds due for March 2025 "will be guaranteed by the company and two wholly-owned indirect subsidiaries of the company, namely Twin Star Holding Ltd and Welter Trading Limited," it said in a statement. Vedanta said it will use the proceeds of the bonds for the acquisition of equity shares of the Indian subsidiary as well as servicing existing debt.

ICRA reaffirms AA-plus rating on United Spirits' financial instruments

ICRA has reaffirmed AA-plus rating with a stable outlook on United Spirits Ltd's (USL's) Rs 3,425 crore long-term, short-term and non-fund based financial instruments. It also reaffirmed A1-plus rating on USL's commercial paper and has withdrawn the rating on Rs 750 crore non-convertible debentures at the company's request as there was no outstanding against the facility. ICRA said the ratings continue to factor in USL's strong operational and financial flexibility besides robust corporate governance and compliance practices by virtue of being a 55.94 per cent subsidiary of Diageo Plc.

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