NCC Infrastructure Holdings may go for equity dilution in the next six to nine months
NCC Infrastructure Holdings Ltd, a wholly-owned subsidiary of Nagarjuna Construction Company Ltd, may go for equity dilution to raise fund for its Krishnapatnam power project, a senior company official said.
Y Dakshina Murthy, executive vice president (finance) of NCC, however, did not specify what percentage of equity will be diluted to raise how much.
The NCC Infra, which has five road and three power projects under its belt may go for equity dilution in the next six to nine months.
The company has already invested Rs150 crore in the project so far and another Rs100 crore will be invested before the end of this fiscal to complete the procedure that would enable the company go for financial closure.
"Major fund requirement is for Krishnapatnam power project. It requires equity of Rs1,800 crore. We have 55% share and require Rs950 crore. For financial closure we require Rs250 crore. We have already put in Rs150 crore. Another Rs100 crore will be invested by the end of this fiscal. For balance requirement we are looking at possible equity dilution," YD Murthy said in a press conference.
On Monday, Nagarjuna Construction ended 1.36% up at Rs100.60 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.69% to 17,823.40
SRF new plant in South Africa, which will be its second overseas units, will have an annual capacity of 25,000 tonnes
Technical textile maker SRF Ltd plans to invest Rs665 crore on expansion projects, which includes a new plant in South Africa and another in Gujarat.
"While we are determined to expand operations in all our businesses to achieve and retain global leadership, the expansion in the chemicals and the packaging films businesses is part of our overall strategy and ongoing efforts to reduce our dependence on nylon tyre cord," SRF MD Ashish Bharat Ram said.
The new plant in South Africa, which will be its second overseas units, will have an annual capacity of 25,000 tonnes. It is being set at a total investment of around Rs250 crore and is expected to start commercial production in July 2013.
"The new South African plant will also mark SRF's maiden entry into the Biaxially Oriented Polypropylene (BOPP) space. Currently, SRF has an annual capacity to manufacture 59,500 tonnes of Bi-axially Oriented Poly Ethylene Terephthalate (BOPET) films per annum through two of its plants in India," he added.
Earlier in October 2010, the board had approved a joint venture to set up a Bi-axially Oriented Poly Ethylene Terephthalate (BOPET) film plant of 28,500 MT per annum in Bangladesh.
The company has also obtained board approval to set up its second HFC-134a (an ozone friendly refrigerant) plant with an annual capacity of 15,000 tonnes in its chemical complex in Dahej in Gujarat.
The project is expected to be commissioned at an estimated cost of Rs365 crore.
The capacity of the second HFC-134a plant is much higher than the company's existing 5,000 tonne capacity plant in Bhiwadi.
In order to meet the enhanced requirement of power and utilities for the new projects at Dahej site, the company's board has approved to set up a captive power generation capacity of 14 MW at an estimated cost of Rs50 crore.
Apart from technical textiles business, SRF is a domestic leader in refrigerants, engineering plastics and industrial yarns as well.
On Monday, SRF ended 2.11% down at Rs310.15 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.69% to 17,823.40.
Reliance Broadcast Network has already launched a general entertainment TV channel—Big CBS Prime—in partnership with CBS Studios International in India and two new channels —Love and Spark—are slated for launch next month
Reliance Broadcast Network Ltd (RBNL), a part of Anil Ambani-led ADA Group, is in the process of launching television channels in neighbouring countries such as Nepal, Bangladesh, Pakistan, Bhutan, Sri Lanka and Maldives.
The company has already launched a general entertainment TV channel-Big CBS Prime-in partnership with CBS Studios International in India and two new channels -Love and Spark-are slated for launch next month.
"We have already started the process to launch the CBS channels in our portfolio in neighbouring countries and applied for permissions for down-linking through our agents in the respective countries," Big Broadcasting, COO Ashutosh said. Big Broadcasting manages the broadcast business of RBNL.
He, however, did not specify the time-line for launching the channels as it would depend on official approvals from respective countries, but said the company was hopeful of doing so within this calendar year.
Ashutosh said in terms of revenues, the company expects to do better in the neighbouring countries immediately as in most of the locations RBNL will not have to pay carriage fee to air its channels, unlike in India.
Besides, expanding internationally, RBNL is also enhancing its distribution within India.
"We are currently reaching about 30 million homes in India and the viewership is growing fast. We are also getting very good response from advertisers," he said.
The channels are currently available in India through DTH service providers such as Videocon, Sun and cable operators.
"We have signed up with Airtel digital and are looking at Tata Sky and Dish TV. Even a lot of corporate enquiries are coming such as from hotels and offices," he added.
The company is also working on a plan to increase the number of channels in its bouquet.
"Going ahead there would be many more English programming, music and regional TV channels," he said.
Besides, the three CBS channels, RBNL is also set to re-launch Imagine Showbiz that it recently acquired.
In the radio business, the company has recently struck a marketing and sales alliance with the leading High FM of Bhutan to enter Siliguri and Bhutan.
The government has recently approved foreign investment proposal of Rs45.47 crore in RBNL for up to 20% of the total paid up capital of the company.
On Monday, RBNL ended 0.53% down at Rs66.05 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.69% to 17,823.40.