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<p>Sterlite Power Transmission Ltd (SPTL) announced on Thursday that its shareholders have approved the plan to demerge its transmission business. This restructuring will result in the transmission infrastructure being placed under a new entity, Sterlite Grid 5 Ltd, while SPTL will continue to manage the global products and specialized EPC services.</p> <p>The demerger proposal received overwhelming support across the board, with secured creditors unanimously in favor, 99.26% of unsecured creditors approving, and nearly all equity shareholders (99.99%) voting in favor. Non-fund-based lenders also gave their unanimous support.</p> <p>This strategic move is designed to streamline the company's structure, enabling each entity to attract investors that align with their specific financial needs. The transmission business, now under Sterlite Grid 5 Ltd, can appeal to long-term investors looking for stable cash flows. Meanwhile, SPTL, focusing on its Global Products & Services (GPS) division, can attract investors seeking higher returns, often those interested in pre-IPO or capital market opportunities.</p> <p>Pratik Agarwal, Managing Director of SPTL, highlighted the significance of the stakeholders' support, stating that it underscores the strategic rationale behind the demerger. He emphasized that this milestone is crucial for developing two distinct business units, each poised for independent growth.</p> <p>Sterlite Power is a prominent private sector developer in power transmission infrastructure and a provider of GPS services.</p>
<p>Waaree Energies Limited has secured a contract to supply 445 MW of its 540/545Wp dual glass bifacial solar modules for a major solar project in Bikaner, Rajasthan. Deliveries of these modules are scheduled from May to August 2024.</p> <p>The initiative aims to harness solar power to foster economic development and create jobs in the region. By using advanced bifacial technology, these modules can capture sunlight on both sides, enhancing efficiency and energy yield, which is particularly advantageous in Rajasthan's high-sunlight conditions.</p> <p>Hitesh Doshi, Chairman & Managing Director of Waaree Energies Limited, stated, "Our collaboration with Statkraft India is a crucial step towards advancing India's renewable energy agenda." He also highlighted that this project is not just about energy production but also about integrating sustainable practices into the local economy, supporting long-term environmental goals.</p> <p>The deployment of Waaree's bifacial modules is anticipated to significantly boost the area's renewable energy output, cut down carbon emissions, and support environmental sustainability. This project aligns with India's commitment to achieving 450 GW of renewable energy capacity by 2030, as part of its National Solar Mission.</p> <p>Furthermore, the Bikaner project is expected to generate substantial local employment, from the installation phase through to ongoing maintenance, providing a much-needed economic boost to the region. The project also serves as a model for future large-scale solar developments in India, showcasing the viability and benefits of cutting-edge solar technologies.</p> <p>Overall, this partnership between Waaree Energies and Statkraft India exemplifies a strategic move towards sustainable growth, energy security, and a cleaner, greener future for India.</p>
<p>Le Travenues Technology, the parent company behind the well-known travel platform ixigo, has received the green light from the Securities and Exchange Board of India (SEBI) to move forward with its initial public offering (IPO). This approval was disclosed by SEBI on Wednesday.</p> <p>Based in Gurugram, Le Travenues Technology first filed its IPO prospectus in February. The filing detailed plans to issue new shares valued at ₹120 crore and included an offer for sale (OFS) of 66.67 million shares by current investors. Among those selling shares are Elevation Capital (formerly Saif Partners), Peak XV Partners, and company founders Aloke Bajpai and Rajnish Kumar, as indicated in the draft red herring prospectus (DRHP).</p> <p>In February, ixigo resubmitted its DRHP to SEBI, reiterating its goal of raising ₹120 crore through new share issues and selling up to 66,677,674 equity shares.</p> <p>The funds generated from this IPO will be invested in technological enhancements, such as data science, cloud infrastructure, server hosting, artificial intelligence, and customer engagement improvements.</p> <p>Additionally, the proceeds from the issuance of new shares will be used to bolster working capital, finance potential acquisitions, advance technological projects, support strategic initiatives, and cover general corporate expenses.</p>
<p>In a recent townhall, OYO's Founder Ritesh Agarwal revealed that private investors have shown interest in the travel tech company, potentially raising equity at a valuation ranging between $3 billion to $4 billion. This development comes as OYO, supported by Softbank, reported its first net profitable year with a profit after tax (PAT) of Rs 99.6 crore ($12 million) for the fiscal year 2023-24.</p> <p>The company recorded an adjusted EBITDA of Rs 888 crore ($107 million) for the same period, a significant increase from Rs 274 crore ($33 million) in FY23, according to sources who attended the townhall and reviewed the presentation.</p> <p>OYO, operated by Oravel Stays Ltd, plans to refile its initial public offering (IPO) documents with the Securities and Exchange Board of India (Sebi) following the refinancing of its $450 million Term Loan B (TLB) at a lower interest rate, as reported by PTI last week.</p> <p>During the townhall, Agarwal mentioned that OYO might consider a small equity round at Rs 38-45 per share to further reduce its debt. The fiscal year 2023-24 saw OYO adding approximately 5,000 hotels and 6,000 homes globally.</p> <p>The company’s gross booking value (GBV) per storefront per month for hotels was around Rs 3.32 lakh ($4,000). OYO's gross margins for FY24 increased to Rs 2,508 crore ($302 million) from Rs 2,350 crore ($283 million) in the previous year.</p> <p>Operational costs also saw improvement, dropping from 19 percent of GBV in FY23 to 14 percent in FY24. Agarwal attributed the profitability to enhanced operational performance, stable gross margins, cost efficiencies, and reduced interest costs after a partial prepayment of $195 million in debt during Q3 FY24.</p> <p>Looking ahead, Agarwal expressed confidence in growing both revenues and GBV for FY25 while maintaining the profit growth trajectory.</p>
<p>Hexaware Technologies, a leader in digital solutions, announced its acquisition of Softcrylic, a Minneapolis-based data consulting firm. This strategic move is intended to enhance Hexaware's data and analytics offerings, allowing the company to deliver a comprehensive suite of services aimed at improving marketing and customer journey initiatives through advanced data and technology integration. The financial terms of the acquisition were not disclosed.</p> <p>Hexaware stated that combining Softcrylic’s marketing technology and customer journey expertise with Hexaware’s strengths in engineering and artificial intelligence will significantly bolster the capabilities of chief marketing officers (CMOs) in driving business growth through efficient data utilization. The partnership is expected to extend the use of data beyond marketing to various business functions, enabling enterprises to customize their data journeys comprehensively.</p> <p>Girish Pai, Hexaware's Global Head of Data and AI, emphasized that the acquisition aligns with Hexaware's vision to become a premier partner for customer and marketing analytics solutions. He noted that Softcrylic’s profound data expertise and marketing analytics proficiency would empower Hexaware to help clients unlock the full potential of their data, leading to tangible business outcomes.</p> <p>Softcrylic specializes in resolving complex data issues, from data capture and validation to modeling and activation. Their services enable organizations to derive deeper insights and activate data effectively.</p> <p>John Flavin, CEO of Softcrylic, expressed enthusiasm about the acquisition, highlighting the potential for expanded reach and accelerated growth. He is confident that the merger will create a formidable entity in the data consulting industry.</p> <p>With its headquarters in Minneapolis and additional offices in Atlanta, Princeton, Chennai, and Canada, Softcrylic serves a global clientele across various sectors including travel and hospitality, food and beverage, retail, financial services, and sports and media.</p>
<p>In the first quarter of 2024, Nayara Energy, a private fuel retailer, experienced a substantial 48% increase in petrol sales, reflecting a strategic shift towards fulfilling the rising domestic demand. During this period, the company reduced its fuel exports to accommodate the growing needs within India.</p> <p>Nayara’s Vadinar refinery in Gujarat saw 70% of its petroleum products being sold locally from January to March 2024, according to a company statement. The focus remains on serving India’s energy requirements through direct sales, partnerships with other oil companies, and its retail outlets.</p> <p>In detail, local petrol sales soared to 0.89 million tonnes in the first quarter of 2024, up from 0.60 million tonnes in the same period the previous year. Diesel sales remained steady at approximately 1.7 million tonnes.</p> <p>Emphasizing its role in supporting India’s energy consumption, Nayara Energy remarked, “We are committed to meeting India’s energy demands and will continue to be a reliable partner in this regard.”</p> <p>The company noted that the first quarter is pivotal due to increased economic activity linked to the harvest season. Despite India's limited crude oil production, which is crucial for making fuels like petrol and diesel, the country possesses a surplus refining capacity. Data from the Oil Ministry indicated that while domestic consumption was 233.3 million tonnes, production reached 276.1 million tonnes in the 2023-24 period.</p> <p>A notable shift was observed in Nayara’s gasoline export strategy. The percentage of gasoline exported dropped significantly from 37% in the first quarter of 2023 to 11% in the same period in 2024, underscoring the company’s commitment to prioritizing local demand.</p> <p>Nayara’s export destinations remain focused on Africa, Southeast Asia, and the Middle East, with no automotive fuels being exported to Europe. Out of the total 1.53 million tonnes exported, gasoil accounted for about 0.95 million tonnes. The company highlighted that over the past five years, exports to the European Union have been minimal.</p> <p>The domestic market for petrol and diesel in India grew by 5.3% from January to March 2024, with total consumption reaching 32.3 million tonnes compared to 30.7 million tonnes in the same period the previous year. This increase was driven by an 8.4% rise in petrol consumption and a 4.1% rise in diesel consumption.</p> <p>“Nayara Energy remains dedicated to supplying the energy that powers the aspirations of our customers, partners, communities, and employees,” the statement continued.</p> <p>Nayara Energy contributes significantly to India’s oil refining sector, producing around 8% of the country’s output with its 20 million tonnes per year Vadinar refinery.</p> <p>Alessandro des Dorides, CEO of Nayara Energy, affirmed the company’s ongoing commitment to supporting India’s growing energy needs by maintaining a strong presence in the domestic market.</p>
<p>Oravel Stays Ltd, the operator of the travel-tech company Oyo, is set to refile its initial public offering (IPO) documents with the Securities and Exchange Board of India (SEBI) following the refinancing of its $450 million Term Loan B (TLB) at a lower interest rate.</p> <p>Oyo is nearing the completion of its refinancing strategy, which involves raising $350-450 million (approximately Rs 2,908.5 crore to Rs 3,739.5 crore) through bond issuance, with an estimated interest rate of 9-10 percent per annum, as per sources reported by IANS on Saturday.</p> <p>This move aims to substantially reduce the current effective interest rate of 14 percent on the existing $450 million TLB, which has a seven-year repayment term. The anticipated refinancing is expected to deliver annual interest savings of $8-10 million (Rs 66.4-83.0 crore) in the first year, even after accounting for the bond issuance costs. According to sources, these savings could increase to $15-17 million (Rs 124.5 crore to Rs 141.1 crore) annually thereafter, which would significantly boost the company's net profits. The refinancing will lead to significant changes in Oyo's financial statements.</p> <p>Under current SEBI regulations, the company must update its filings with the regulator. JPMorgan is leading this refinancing initiative. Oyo has decided to delay pursuing IPO approval with its current financials due to the advanced stage of the refinancing decision.</p>
<p>Vikram Solar, a leading solar energy solutions provider in Unlisted Market, has made headlines with two major announcements that underscore its growing influence in India's solar manufacturing sector. On May 17, Vikram Solar revealed that it had secured a 397.7 megawatt peak (MWp) solar module supply order from NTPC Renewable Energy Ltd. for NTPC’s Khavda plant in Gujarat. This substantial order is part of the larger 1,255 MW Khavda Solar Project, a significant initiative that adheres to the Domestic Content Requirement (DCR), supporting India's push for domestic solar manufacturing.</p> <p>In addition to this, on May 2, Vikram Solar secured a 250 MW order from Gujarat Industries Power Company Limited (GIPCL) for high-efficiency bifacial photovoltaic (PV) modules. These orders not only highlight Vikram Solar’s industry prominence but also its alignment with the "Make in India" initiative and its focus on innovation and advanced technology.</p> <p><strong>What is DCR?</strong></p> <p>The Domestic Content Requirement (DCR) is a policy mechanism used to support and promote local manufacturing industries. In the context of solar energy projects in India, the DCR mandates that certain components, particularly solar cells and modules, must be sourced domestically. This requirement aims to boost the domestic solar manufacturing industry, reduce dependency on imports, and foster the growth of local businesses.</p> <p><strong>Key Highlights</strong></p> <p><strong>1. Major Supply Order for NTPC’s Khavda Project:</strong></p> <p>Vikram Solar's 397.7 MWp supply order from NTPC Renewable Energy Ltd. is a testament to the company's capabilities in delivering large-scale solar solutions. The Khavda project, with a total capacity of 1,255 MW, is a critical component of India's renewable energy expansion.</p> <p><strong>2. Compliance with Domestic Content Requirement (DCR):</strong></p> <p>The adherence to the DCR demonstrates Vikram Solar’s commitment to boosting domestic manufacturing. This requirement ensures that a significant portion of the project’s components are sourced from within India, fostering local industry growth and reducing dependency on imports.</p> <p><strong>3. Significant Order from Gujarat Industries Power Company Limited:</strong></p> <p>The 250 MW order from GIPCL involves high-efficiency bifacial PV modules, which are known for their ability to capture sunlight on both sides, thus increasing overall efficiency and energy yield. These modules range in capacity from 540Wp to 570Wp, highlighting the technological advancements that Vikram Solar brings to the table.</p> <p><strong>4. Strategic Alignment with National Initiatives:</strong></p> <p>Both orders align with the "Make in India" initiative, which aims to enhance indigenous manufacturing capabilities. By focusing on domestic production and innovative technologies, Vikram Solar is playing a crucial role in achieving India’s renewable energy targets.</p> <p><strong>Industry Impact and Future Outlook</strong></p> <p>These recent developments position Vikram Solar as a key player in India’s solar manufacturing industry. The company’s ability to secure large-scale orders from prominent organizations like NTPC and GIPCL underscores its reliability and the trust it has built within the industry. Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar, emphasized the strong partnership with NTPC, citing a shared commitment to excellence.</p> <p>The orders not only reflect Vikram Solar’s strategic focus on innovation but also its commitment to supporting local manufacturing. The estimated value of the 397.7 MWp supply order for NTPC's Khavda project stands at $200 million, indicating the significant economic impact of such projects.</p> <p><strong>Technological Advancements</strong></p> <p>The use of bifacial PV modules in the GIPCL order showcases Vikram Solar’s dedication to leveraging cutting-edge technology. These modules, approved under the Approved List of Models and Manufacturers (ALMM), ensure high standards and efficiency, contributing to cost-effective solar power solutions.</p> <p><strong>Contribution to Renewable Energy Goals</strong></p> <p>By securing these substantial orders, Vikram Solar is significantly contributing to India’s renewable energy goals. The company’s projects enhance solar energy capacity and support the country’s transition towards sustainable energy sources.</p> <p><strong>Conclusion</strong></p> <p>Vikram Solar’s recent achievements underscore its growing prominence in the solar manufacturing sector. The company's strategic alignment with national initiatives, focus on innovation, and commitment to excellence position it as a pivotal player in advancing India’s renewable energy landscape. These orders not only boost the domestic solar manufacturing industry but also pave the way for future technological advancements and economic growth.</p>
<p>Carat India, part of the dentsu network, has been awarded the television media mandate for Waaree Energies Limited, with a mission to enhance the company’s brand visibility nationwide.</p> <p>In this partnership, Carat will exclusively manage Waaree Energies’ television media strategy across India. Additionally, Carat will offer strategic planning and purchasing services for other traditional media, including print, radio, and digital channels. Posterscope, dentsu’s specialist in out-of-home (OOH) advertising, will handle the OOH media tasks. Carat’s data-driven approach aims to significantly boost Waaree Energies’ presence across multiple media platforms.</p> <p>Nilesh Malani, Chief Marketing Officer of Waaree Energies Limited, highlighted the strategic rationale behind selecting Carat as their media partner. “Choosing Carat is integral to our objective of amplifying our brand’s influence and supporting sustainable progress in India. We are confident in Carat India’s capability to develop creative and visually impactful campaigns that will engage our target audience, furthering our commitment to advancing the clean energy transition and fostering a greener future.”</p> <p>Anita Kotwani, CEO of Media, South Asia at dentsu, shared her excitement about the new partnership. “We are privileged to collaborate with Waaree Energies Limited and contribute to their growth journey in India. This partnership represents a key alignment of our expertise with Waaree Energies Limited's vision and ambition. Together, we aim to reach significant milestones and drive growth, emphasizing our dedication to excellence in every facet of our collaboration.”</p> <p>Sanchayeeta Verma, CEO of Carat India, also expressed her enthusiasm. “Waaree Energies Limited, as one of India’s top manufacturers of solar PV modules and a global leader, plays a vital role in India’s path to net zero emissions. At Carat, we are strongly committed to this mission, which aligns with dentsu’s Business to Business to Society (B2B2S) goals. We believe our expertise will be crucial in helping Waaree Energies realize its vision of delivering affordable sustainable energy solutions. We are thrilled to be appointed as ‘Partners on Record’ for Waaree Energies Limited.”</p> <p>This collaboration underscores Waaree Energies Limited’s dedication to sustainability and its mission to contribute to a cleaner, greener future.</p>
<p>Nayara Energy, backed by Russian energy giant Rosneft, is set to invest ₹600 crore in establishing two ethanol production plants in India. These plants will be located in Naidupeta, Andhra Pradesh, and Balaghat, Madhya Pradesh. Each plant will have a daily production capacity of 200,000 kilolitres and is expected to be operational by 2026. The facilities will use broken rice and maize as feedstock. Prasad Panicker, Nayara's executive chairman, stated the company's long-term goal to operate five ethanol plants to support India's aim of achieving 20% ethanol blending by 2025.</p> <p>Beyond ethanol, Nayara is significantly expanding its petrochemical and refining operations. At its Vadinar refinery in Gujarat, the company will launch a new polypropylene unit. Additionally, Nayara plans to invest ₹6,000 crore in a new petrochemical unit and ₹4,000 crore in modernizing the refinery, with all projects slated for completion by 2026. Nayara currently holds an 8% share in India's refining capacity and the domestic fuel retail market. It aims to expand its fuel retail network from 6,600 to 10,000 outlets within the next three to four years.</p> <p>Panicker emphasized Nayara's commitment to diversifying its product portfolio and exploring sustainable aviation fuel (SAF). He noted the economic potential of SAF, driven by policy support, and revealed that the company is studying SAF production from ethanol and used cooking oil, with the possibility of integrating SAF production into its existing refinery operations.</p> <p> </p> <p>Let us understand this News with QnA.</p> <p>Q: What is Nayara Energy planning to do? <br />A: Nayara Energy is planning to invest ₹600 crore to set up two ethanol manufacturing plants in India, aiming to enhance its renewable energy portfolio and support India's ethanol blending goals.</p> <p>Q: Where will the new ethanol plants be located? <br />A: The ethanol plants will be located in Naidupeta, Andhra Pradesh, and Balaghat, Madhya Pradesh, providing strategic locations to optimize production and distribution across India.</p> <p>Q: What is the production capacity of each plant? <br />A: Each ethanol plant will have a production capacity of 200,000 kilolitres per day, significantly contributing to India's ethanol supply and blending targets.</p> <p>Q: What feedstock will the ethanol plants use? <br />A: The ethanol plants will utilize broken rice and maize as feedstock, ensuring the use of sustainable and readily available agricultural resources.</p> <p>Q: What is Nayara's long-term plan for ethanol production? <br />A: Nayara Energy aims to eventually operate five ethanol plants, scaling up its renewable energy production to support India's 20% ethanol blending goal by 2025.</p> <p>Q: Who is the executive chairman of Nayara Energy? <br />A: Prasad Panicker is the executive chairman of Nayara Energy, leading the company in its expansion and investment initiatives.</p> <p>Q: What is India's ethanol blending goal by 2025? <br />A: India's goal is to achieve 20% ethanol blending by 2025, a target Nayara Energy is committed to supporting through its new ethanol plants.</p> <p>Q: What refinery does Nayara Energy operate? <br />A: Nayara Energy operates a 20-million-metric-tonne oil refinery in Vadinar, Gujarat, one of the most complex refineries in India.</p> <p>Q: What new unit will Nayara launch at the Vadinar refinery? <br />A: Nayara will launch a polypropylene unit at the Vadinar refinery, enhancing its petrochemical production capabilities.</p> <p>Q: How much is Nayara investing in a petrochemical unit? <br />A: Nayara Energy is investing ₹6,000 crore in a new petrochemical unit to diversify its product offerings and increase production capacity.</p> <p>Q: What will be the annual capacity of the new petrochemical unit? <br />A: The new petrochemical unit will have an annual production capacity of 450,000 tonnes, contributing significantly to Nayara's petrochemical market share.</p> <p>Q: How much is Nayara investing in modernizing its refinery? <br />A: Nayara Energy is investing ₹4,000 crore in modernizing its Vadinar refinery to enhance its longevity, reliability, and operational efficiency.</p> <p>Q: When are these investments expected to be completed? <br />A: These investments in ethanol plants, petrochemical units, and refinery modernization are planned to be completed by 2026.</p> <p>Q: What share does Nayara hold in India's refining capacity? <br />A: Nayara Energy holds an 8% share in India's refining capacity, making it a significant player in the country's energy sector.</p> <p>Q: What share does Nayara hold in the domestic fuel retail market? <br />A: Nayara Energy holds an 8% share in the domestic fuel retail market, reflecting its strong presence in fuel distribution.</p> <p>Q: What share does Nayara hold in the petrochemical market? <br />A: Nayara Energy holds a 7% share in India's petrochemical market, indicating its growing influence in the industry.</p> <p>Q: How many fuel retail outlets does Nayara currently have? <br />A: Nayara Energy currently operates 6,600 fuel retail outlets across India, serving a wide customer base.</p> <p>Q: To how many outlets does Nayara plan to expand its fuel retail network? <br />A: Nayara plans to expand its fuel retail network to 10,000 outlets within the next three to four years, enhancing its market reach.</p> <p>Q: Over what timeframe does Nayara plan to expand its retail network? <br />A: Nayara Energy aims to expand its fuel retail network from 6,600 to 10,000 outlets within three to four years.</p> <p>Q: What is Nayara's approach to diversifying its product portfolio? <br />A: Nayara Energy is committed to diversifying its product portfolio, focusing on expanding its petrochemical and renewable energy offerings to meet growing market demands.</p> <p>Q: What clean fuel is Nayara exploring? <br />A: Nayara Energy is exploring the potential of sustainable aviation fuel (SAF), which is economically attractive and likely to be driven by policy incentives.</p> <p>Q: What makes SAF economically attractive? <br />A: SAF is economically attractive due to potential policy incentives and its contribution to reducing carbon emissions in the aviation sector.</p> <p>Q: What conditions are required for Nayara to enter the SAF field? <br />A: Nayara Energy is interested in entering the SAF field, provided there is sufficient feedstock availability to ensure viable production.</p> <p>Q: What is a feasible way to integrate SAF production? <br />A: Integrating an SAF production unit with Nayara's existing refinery is considered feasible, though it depends on feedstock availability and economic viability.</p> <p>Q: What technologies are available for producing SAF? <br />A: Technologies for producing SAF from ethanol and used cooking oil are available, offering sustainable solutions for aviation fuel.</p> <p>Q: What is Nayara currently doing regarding SAF? <br />A: Nayara Energy is currently studying the sustainable aviation fuel (SAF) segment to develop effective strategies for entering the market.</p> <p>Q: Who is backing Nayara Energy? <br />A: Nayara Energy is backed by Russian energy giant Rosneft, providing strong financial and strategic support for its expansion plans.</p>
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