Era Infra Engineering Ltd said it has achieved financial closure for Rs1,951 crore Bareilly-Sitapur road project in Uttar Pradesh, awarded to it by the National Highways Authority of India (NHAI).
"The 151-km highways project has achieved commitments for the entire debt component of Rs1,350 crore-Rs675 crore each by State Bank of India and Union Bank of India," Era Group chief financial officer Joy Saxena said.
The financial closure documents have been submitted to NHAI for their final clearance, Saxena said.
The Delhi-based company had bagged the project for upgrading National Highways no 24 section last year.
The Rs290-crore equity for the project on engineering, procurement and construction (EPC) basis would be infused by the company, while the NHAI will be contributing Rs290 crore as grant, he said.
Construction on the project has commenced and it is likely to be completed by 2013, he added.
The company had received the contract for four laning (widening) of Bareilly-Sitapur section under National Highways Development Project Phase-III on Design, Build, Finance, Operate and Transfer (DBFOT) toll basis.
Apart from Rs1,350-crore projects in the road sector, including Gwalior bypass that are scheduled for completion by June this year, the company has recently bagged Rs1,659 crore order from NHAI for four laning of Muzaffarnagar-Haridwar and Haridwar-Dehradun sections of National Highway.
On Wednesday, Era Infra ended 0.62% up at Rs211.65 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.76% up at 19,534.10 points.
Farm equipment-to-software group Mahindra & Mahindra Ltd said it will invest Rs3,000 crore in Gujarat to step up presence in the hospitality and real estate sectors in the state.
"Our group companies have signed six MoUs with the Gujarat government totaling an investment of Rs3,000 crore," Mahindra & Mahindra vice-chairman and managing director Anand Mahindra said at the 5th Global Summit of Vibrant Gujarat.
He, however, did not specify the time frame for these investments.
Mahindra Lifespaces, the real estate development arm of $7.1 billion Mahindra Group, has signed two MoUs with the state government.
"Mahindra World City is developing a real estate project spread across 500 acres of land," he said.
On Wednesday, Mahindra & Mahindra ended 2.11% up at Rs751.05 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.76% up at 19,534.10 points.
Reliance Broadcast Network Ltd will acquire Imagine Showbiz Ltd (ISL) from Cinestar advertising for an undisclosed sum.
"The proposed acquisition will include a 100% purchase of ISL's shareholding along with other assets," Reliance Broadcast Network said in a statement.
As part of the acquisition, the company will be buying out ISL's intellectual property rights, music library, Bollywood content technical expertise and its distribution network, it added.
"This proposed acquisition is in line with the overall strategy to create ownership of multimedia consumer touch points. It will further strengthen our television portfolio from English space into the Hindi entertainment space," Reliance Broadcast Network chief executive officer Tarun Katial said.
The company said the acquisition will fit into its overall business strategy, leveraging synergies with its radio arm-92.7 BIG FM, its intellectual property arm-BIG Live and its integrated sales offering through BIG Connect.
"This business deal seems a natural choice, given the seamless business fit, spanning across our verticals of radio, intellectual properties and digital along with the Group synergies," Katial added.
RBNL is a part of the Anil Abmani-led Reliance Group, which operates in spaces of radio, experimental marketing, out of home and digital among others. The company recently forayed into the television space through a joint venture with US- based television broadcaster CBS Studios International.
On Wednesday, Reliance Broadcast Network ended 9.95% up at Rs84.50 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.76% up at 19,534.10 points.