Bharti Airtel to invest Rs 5,000 crore to triple data centre capacity by 2025

Bharti Airtel will invest Rs 5,000 crore over the next 3-4 years to scale up its data centre capacity in India to meet the surging demand from domestic and global customers. The telecom company has unveiled a refreshed brand identity— ‘Nxtra by Airtel’ for its data centre business. Nxtra has the largest network of data centres in India. It currently operates 10 large and 120 edge data centres located strategically across the country. As per Bharti Airtel’s estimates, the data center market in India will reach $4 billion (~Rs 29,600 crore) in the next 4 years. 

Read more here.

Tata Steel divests entire stake in NatSteel Holdings for Rs 1,275 crore

Tata Steel Ltd (TSL) has sold its entire stake in Singapore-based NatSteel Holdings Pte for $172 million (~Rs 1,275 crore). NatSteel Holdings is a steel-making unit under T S Global Holdings (TSGH) Singapore, a 100% indirect subsidiary of Tata Steel. TSL will use the consideration received from the stake sale for reducing its offshore debt.

Read more here.

TCS secures order from MCX to transform core trading systems

Multi Commodity Exchange of India (MCX) has selected Tata Consultancy Services (TCS) as the technology solution provider for its growth and transformation journey. TCS will help MCX build a new technology core and transform its trading and post-trading functions. The IT major will design and deploy a cutting-edge, ultra-low latency, and high-performance solution that integrates multiple systems to transform MCX’s end-to-end operations.

Read more here.

NTPC’s renewable arm signs green term loan of Rs 500 crore with Bank of India 

NTPC Renewable Energy Ltd (REL) has signed its first green term loan agreement for Rs 500 crore. The loan agreement is at a competitive rate with a tenure of 15 years with Bank of India for its 470 megawatts (MW) solar project in Rajasthan and 200 MW in Gujarat. NTPC REL currently has a renewable project portfolio of 3,450 MW, of which 820 MW is under construction. NTPC REL will construct India’s largest local solar power park of 4.75 gigawatts (GW) in Kutch, Gujarat.

Read more here.

Indel Money partners with IndusInd Bank to offer gold loans

Non-banking financial company Indel Money has entered into a co-lending partnership with IndusInd Bank to offer gold loans at competitive rates. Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. IndusInd Bank will take into its book 80% of the gold loan generated by the co-lending arrangement, while the remaining 20% will be funded by Indel Money.

Read more here.

JMC Projects secures orders worth Rs 1,849 crore

Civil engineering firm JMC Projects (India) Ltd has secured new orders worth Rs 1,849 crore. The projects include B&F projects in India of Rs 857 crore and social housing projects in the Maldives of Rs 992 crore. Currently, the company’s total order inflow stands at Rs 7,959 crore. JMC Projects is one of the leading civil construction and infrastructure EPC companies in India. It is a subsidiary of Kalpataru Power Transmission Ltd.

Read more here.

Sterling and Wilson Solar secures order worth Rs 1,500 crore

Sterling and Wilson Solar Ltd (SWSL) has received the first order for its waste-to-energy business from a leading developer of energy assets in the UK and Europe. The order is worth approximately Rs 1,500 crore. Last month, the company had announced the expansion of its renewable energy offerings to include hybrid energy, energy storage, and waste-to-energy solutions. SWSL’s facility will process 23.2 tonnes of non-recyclable solid municipal waste per hour. It will help divert over 185,600 tonnes of waste each year.

Read more here.

Centre hikes domestic natural gas prices by 62%

As per a notification from the Petroleum Planning and Analysis Cell (PPAC), the price of domestically produced natural gas would be $2.90 per million British thermal unit (mmBtu) from October 1, 2021, to March 31, 2022, from the current $1.79. Domestic gas prices have been hiked by 62% from the previous revision in April. The maximum sale price allowed for natural gas production from deepwater, ultra-deepwater, and high-pressure discoveries has been increased from $3.62 per mmBtu to $ 6.13 per mmBtu.

Read more here.

Maruti Suzuki warns of production hit for second month due to chip shortage

Maruti Suzuki India Ltd is expecting total vehicle production in October at two of its plants to be around 60% of normal levels due to the global chip shortage. Maruti’s Haryana plant and its contract manufacturing company, Suzuki Motor Gujarat Private, will see production curbs in October. The acute shortage of semiconductors is forcing car manufacturers to drastically cut production.

Read more here.

ABSL AMC IPO subscribed 1.08 times on second day of bidding

The Rs 2,768.26 crore initial public offering (IPO) of Aditya Birla Sun Life AMC was subscribed 1.08 times on the second day of bidding. Retail investors have subscribed 2 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 40% and 6.13%, respectively, against their reserved portions. 

To learn more about the IPO, click here.