Reliance Infrastructure commissions 116km Solapur–Karad transmission line

Reliance Infrastructure Ltd said it has commissioned a 100% privately owned transmission line in India on build, own and operate basis. This line has been constructed between Solapur and Karad in the western regions of Maharashtra.  

The 116km long 400kV double circuit Solapur-Karad transmission line is the first line under the Western Regional System Strengthening Scheme (WRSSS) project having an outlay of about Rs1,400 crore and a total length of 1,500km. RInfra's wholly owned subsidiary company, Reliance Power Transmission Ltd was awarded the project through tariff based competitive bidding process.

After signing the power transmission agreement with the Western Region beneficiaries in March 2009 and subsequently achieving financial closure in 70 days, the company has completed the first line in a record time of 15 months and is expected to commission the complete project by the Q2FY12.

Once commissioned, the project would facilitate the free flow of 4,000 MW from power rich Eastern region to the power starved Western region of the country and would benefit all regional utilities.

On Thursday, Reliance Infrastructure ended 0.21% down at Rs716.30 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.50% down at 18,684.43 points.

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Tata Hispano wins order of 500 buses from Spain’s Avanza Group

Tata Motors Ltd wholly owned subsidiary in Spain, Tata Hispano Motors Carrocera SA, has won an order for supplying around 500 buses in the next three years to the Avanza Group, a private passenger transportation group in Spain. No financial details were provided.

The order includes Intea Premium and Intea Low Entry models for medium and suburban routes, Xerus model for long distances routes and Area and Habit models for urban transportation routes. The buses for medium and long distances routes include air conditioning, LED day light, heating system, audio video system, multiplex system and door safety systems, among others. The Area and Habit models are in addition equipped with wheelchair ramps and other features to make the vehicles easily accessible for individuals with physical challenges.

On Thursday, Tata Motors ended 2.48% up at Rs1,194.25 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.50% down at 18,684.43 points.

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Tribhovandas Bhimji Zaveri files DRHP for IPO

Tribhovandas Bhimji Zaveri Ltd has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company plans to raise funds through initial public offer (IPO) by issuing 1.66 crore shares. The issue constitutes 25% post issue paid up capital of the company.

The IPO proceeds will be used for setting up new showrooms and for working capital needs. IDFC Capital Ltd and Avendus Capital are the book running lead managers to the issue.

Tribhovandas Bhimji Zaveri primarily sells gold jewellery and diamond-studded jewellery; additionally also sells other products, including platinum jewellery, jadau jewellery and silverware. It has 14 showrooms in nine cities across five states, which have a total carpet area of approximately 44,000 sq ft. Its flagship showroom in Zaveri Bazaar, Mumbai, was established in 1864.

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