Cabinet approves Rs 30,600 crore govt guarantee for bad bank

The Union Cabinet has cleared a proposal to provide a Rs 30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company Ltd (or bad bank) as part of the resolution of bad loans. NARCL will aggregate the non-performing assets (bad loans) from banks’ balance sheets and manage and dispose of them professionally. The bad bank will pay up to 15% of the agreed value for the bad loans in cash, and the remaining 85% would be government-guaranteed security receipts. Nearly 90,000 crore worth of NPAs will be transferred to NARCL in the first phase.

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BHEL commissions India’s largest floating solar PV plant

Bharat Heavy Electricals Ltd (BHEL) has commissioned India’s largest floating solar photovoltaic (PV) plant in Andhra Pradesh. Located at NTPC Simhadri, the 25 megawatt (MW) floating SPV project covers an area of 100 acres. BHEL’s scope of work in the project included design, engineering, procurement, and construction of the solar project. The project will help in saving valuable land resources and conserving water by reducing evaporation. 

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Easy Trip Planners to expand presence to Philippines, Thailand, and the US

Easy Trip Planners has expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States. The company has forayed into these countries as part of the second phase of a global expansion strategy. They are anticipating a huge pent-up global demand for the travel and tourism sector in the coming months. The new subsidiaries will replicate the cost-effective operating model that EaseMyTrip has successfully adopted in India for over 13 years. 

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Dilip Buildcon secures order worth Rs 1,060 crore from NHAI

Dilip Buildcon Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Andhra Pradesh. The scope of work includes the construction of a four-lane Bangalore-Chennai Expressway from Bangarupalem to Gudipala section in Andhra Pradesh. The bid project cost is Rs 1,060 crore. Dilip Buildcon has to complete the project within two years.

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NCLT approves amalgamation of Lincoln Pharma and Lincoln Parenteral

The National Company Law Tribunal (NCLT)-Ahmedabad Bench has approved the scheme of amalgamation of Lincoln Pharmaceuticals Ltd and Lincoln Parenteral Ltd. This move will boost synergies in terms of operational efficiency, enhance competitive strength, cost-effectiveness, and productivity for the combined entity. The scheme will be effective upon the filing of a certified copy of the order of NCLT with the Registrar of Companies, Gujarat.

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M&M Finance enters vehicle leasing, subscription business

Mahindra & Mahindra Financial Services Ltd has forayed into the vehicle leasing and subscription business. The new vertical will operate under the brand name ‘Quiklyz’. Consumers can pay a monthly fee to access the vehicle of their choice across all car brands at a lower price point when compared to regular car ownership. Mahindra Finance said Quiklyz will add substantial value to its existing business portfolio as it aspires to tap all emerging opportunities in the vehicle leasing space.

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Saregama India’s board approves raising up to Rs 750 crore

The Board of Directors of Saregama India Ltd has approved the raising of funds by issuing securities for an aggregate amount not exceeding Rs 750 crore. The securities will be issued by way of a private placement, preferential issue, or public issue. The board has also approved the appointment of Deepak Jain as interim Chief Financial Officer (CFO) of the company. Saregama India is India’s oldest music label owned by the RP-Sanjiv Goenka Group of companies. 

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Centre receives investment proposal of Rs 6,000 crore for PLI scheme for AC, LED lights

Nearly 52 companies have applied for availing production linked incentives (PLI) for white good makers, proposing an investment of ~Rs 6,000 crore in the manufacturing of components for ACs and LED lights. The Centre has received applications from firms such as Daikin, Blue Star, Panasonic, Dixon Tech, Amber Enterprises, and Lloyd. This PLI scheme will help save foreign currency, as a majority of the components in AC and LED lights are now imported from China and Taiwan. It will also create job opportunities in the country.

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Aptech enters edtech segment with ‘ProAlley.com’ 

Aptech Limited has entered the educational technology (edtech) segment with its latest brand— ‘ProAlley.com’. The brand intends to reach out to a new set of users that are self-paced learners who want to learn and make a career in the growing media & entertainment industry. ProAlley.com comes with hi-tech features and a quick, user-friendly interface. Mumbai-based Aptech is a pioneer in the non-formal vocational training business in India. 

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