Cabinet approves PLI scheme worth Rs 12,195 crore for telecom sector

The Union Cabinet has approved a production-linked incentive (PLI) scheme worth Rs 12,195 crore for telecom and network equipment manufacturing. The scheme will cover core transmission equipment, 4G/5G next-generation radio access network and wireless equipment. It will also cover customer premise equipment (CPE), Internet of Things (IoT) access devices, and enterprise equipment such as switches and routers. The PLI scheme on telecom products will be implemented from April 1, 2021.

The government expects that the scheme will lead to enhanced production of more than Rs 2,44,200 crore of telecom equipment in India and exports worth Rs 1,95,360 crore. The latest PLI scheme is also expected to create 40,000 new jobs and generate around Rs 17,000 crore worth of tax revenue in the next 5 years.

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Bharti Airtel to acquire 20% stake from Warburg Pincus in its DTH arm for Rs 3,126 crore

Bharti Airtel Limited said it will acquire Warburg Pincus affiliate’s 20% equity stake in its DTH arm- Bharti Telemedia- for Rs 3,126 crore. The telecom company will issue 3.6 crore equity shares at Rs 600 per share and pay up to Rs 1,037.8 crore in cash to acquire the stake. The transaction is a part of Bharti Airtel’s strategy to align the shareholding of its customer-facing products, services, and businesses under the same holding group. 

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Power Grid declared successful bidder under TBCB for two projects

Power Grid Corporation of India has been declared as the successful bidder under Tariff Based Competitive Bidding (TBCB) to establish two projects on a build, own, and maintain basis. The first project includes the establishment of a 765kV D/C transmission line and associated substation extension works in Rajasthan and Uttar Pradesh. The second project includes the establishment of a 400/220kV Substation and substation extension works in Rajasthan.

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KEC International secures orders worth Rs 1,681 crore

KEC International Ltd has received orders worth Rs 1,681 crore across its various business segments. The company’s transmission & distribution (T&D) business has secured orders of Rs 1,287 crore for T&D projects from Power Grid Corporation (PGCIL) and other customers in India, SAARC, and the Americas. Its civil business has received an order of Rs 254 crore for infrastructure works in the water pipeline segment in India.

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GMM Pfaudler acquires majority stake in Pfaudler Group

GMM Pfauder announced that it has completed the transaction to acquire a majority stake of its parent company, the Pfaudler Group, from private equity firm Deutsche Beteiligungs AG Fund VI. With this acquisition, GMM has become the ultimate holding company of the Pfaudler Group. The entire business of Pfaudler will be consolidated into GMM. The combined revenue of the entity is estimated to be around Rs 2,000 crore.

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Dish TV India, promoters settle cases of alleged disclosure lapses

Dish TV India Limited and its promoters—  Direct Media Distribution Ventures Pvt Ltd (DMDVPL) and World Crest Advisors (WCA) LLP— have settled cases with SEBI regarding alleged disclosure lapses. The concerned entities have paid nearly Rs 45 lakh as settlement charges.

In other news, Dish TV India’s board has approved the raising of Rs 1,000 crore through the issue of securities. 

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Phillips Carbon Black commissions two specialty black lines in Gujarat

Phillips Carbon Black Ltd announced that it has commissioned two specialty black lines at Palej, Gujarat. The black lines will enable the production of a wide range of specialty black products totaling about 32,000 metric tonnes per annum (MTPA) to cater to the growing needs of its customers. [Carbon black is used as a reinforcing agent in tires. It is also used for printing, as coating for electric wires, etc]

Nureca IPO subscribed 40 times on final day of bidding

The Rs 100-crore initial public offering (IPO) of Nureca Ltd was subscribed 39.93 times on the final day of bidding. The issue has received bids for 5.59 crore equity shares, as against an offer size of 14.01 lakh shares. The portion reserved for retail investors was subscribed 166.65 times, while that of employees was subscribed 4.82 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 31.59 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 3.1 times.

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Finolex Cables launches RPVC conduits and fittings

Finolex Cables has launched a new range of RPVC (Rigid Polyvinyl Chloride) conduits and fittings. [A conduit is a tube used to protect and route electrical wiring in a building or structure] The conduits are made of high-impact-resistant materials, which make them safe to use across varied environmental conditions. It will be manufactured at the company’s Goa plant. Finolex will also offer commonly used fittings such as junction boxes, bends, and inspection bends.

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RailTel IPO subscribed 6.65 times on second day of bidding

The Rs 819-crore initial public offering (IPO) of RailTel Corporation of India was subscribed 6.65 times on the second day of bidding. The issue has received bids for 40.64 crore equity shares, as against an offer size of 6.11 crore shares. The portion reserved for retail investors was subscribed 10.54 times, while that of employees was subscribed 1.85 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 2.63 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 2.96 times.

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