Nirmal Lifestyle signs licensing deal with International Association of Athletics Federations

Nirmal Lifestyle will have an exclusive right to use IAAF logo and trademark for development of IAAF certified training facilities, academies and clubs in the country

Nirmal Lifestyle, one of India's leading real estate companies, has inked a 10-year licensing deal with International Association of Athletics Federations (IAAF), the governing body for athletics worldwide, to develop athletics in India and encourage greater participation in the sport.

Nirmal Lifestyle will have an exclusive right to use IAAF logo and trademark for development of IAAF certified training facilities, academies and clubs in the country. IAAF shall be providing technical and professional expertise, consultation, coaching and necessary training for establishing and running world class athletics infrastructure by way of designs, plans, specifications and technical inputs.

Nirmal Lifestyle will build the infrastructure (Training Academy) as per IAAF standards and IAAF through its development program will send coaches, lecturers and ambassador athletes like Mike Powell to train young promising athletes. This will not only contribute in improving sporting performances in India but will also positively impact India's position on the sports stage globally. Nirmal Lifestyle and IAAF will jointly work towards spreading awareness about athletics in India.

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Varun Group discovers 10 blocks of ilmenite in Madagascar

Varun Group through its overseas arm has discovered ten heavy mineral sand mining blocks covering an area of 62.5 sq km in Ankilimitraha, Belay and Analapatsy areas in Madagascar

Varun Industries has evolved from being India's leading steelware exporter to a highly proactive multi-dimensional global conglomerate with business interests that include steelware, agri products, oil and natural gas, wind energy, uranium, heavy mineral sand, gold mining, gems and jewellery.
 
Varun Group through its overseas arm has discovered ten heavy mineral sand (HMS) mining blocks covering an area of 62.5 sq km in Ankilimitraha, Belay and Analapatsy areas of Anosy region in Madagascar.

The total heavy mineral (THM) resources in these permit areas is about 266.8 million tons which contains 221 million tons of ilmenite, 1.84 million tons of rutile, 1.84 million tons of leucoxene, 9.2 million tons of monazite, 18.4 million tons zircon, 9.2 million tons of garnet, 2.76 million tons sillimanite and 9.2 million tons of spinel.

On Tuesday, Varun Industries ended 1.17% up at Rs225.10 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.37% to 18,744.56.

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India Inc raises $2.65 billion in May through ECBs, FCCBs

Around 60 companies raised almost $1.50 billion for various projects through the automatic route and another $1.15 billion were raised through the approval route, according to RBI data

Mumbai: India Inc raised over $2.65 billion from overseas markets in May through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), reports PTI quoting the Reserve Bank of India (RBI).

Around 60 companies raised almost $1.50 billion for various projects through the automatic route, which does not require RBI or the government approval.

Another $1.15 billion were raised through the approval route, according to the RBI data.

Private firm Hospira Healthcare India raised $250 million through ECBs for import of capital goods in May.

ERA Infra Engineering mopped up $220 million through ECBs during the month for its overseas acquisition and Jaiprakash Power Ventures raised $188.56 million for import of capital goods.

Corporates, registered under the Companies Act, 1956, can access ECBs up to $500 million in a financial year, under the automatic route. The ECBs, which are not covered by the automatic route, is considered under the approval route on a case-by-case basis by RBI.

ECBs are used as an additional source of funding by Indian corporates to augment resources available domestically.

Foreign Currency Convertible Bonds (FCCBs) are also governed by norms similar to ECBs.

Other major fund raisings in May using the automatic route came from Torrent Power which raised $60 million for import of capital goods while Ashok Leyland mopped up $50 million.

Under the approval route, Tata Teleservices raised a total of $750 million in two tranches for refinancing its rupee loans, while Bhushan Steel raised $259.91 million for import of capital goods during May.

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