Royal Sundaram to inject Rs65 crore into business

Royal Sundaram has announced the infusion of Rs65 crore of additional capital (including premium)

Royal Sundaram Alliance Insurance Company Ltd, the first private sector general insurance company to be licensed in India, has announced the infusion of Rs65 crore of additional capital (including premium). This infusion will be completed by the end of the current financial year, taking the total paid up capital and premium to Rs275 crore.

Speaking on the occasion, managing director, Ajay Bimbhet said, "We have had a robust growth this year of nearly 25%. We will be closing the financial year with premium collection (GWP) more than Rs1,000 crore. This injection of the capital will support our plans of continued growth and expansion. Going forward, Royal Sundaram plans to continue keeping its focus on retail business."

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Air India to reintroduce Chennai-Colombo flight

National air carrier Air India will reintroduce flights connecting Chennai and Colombo from 27th March

National air carrier Air India will reintroduce flights connecting Chennai and Colombo from 27th March, the company said.

"Air India will be reintroducing its popular Chennai-Colombo flights from 27th March," Air India said in a statement. The flight would be operated on an Airbus A321 aircraft with a capacity of 20 seats in Business class and 152 seats in the Economy class, it said.

The flight would be operated on all days except Wednesdays, it said. Air India suspended its service in this sector in November 2010, the statement said.

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Usha Martin raises $125 million via ECB route

Usha Martin has raised $125 million through external commercial borrowing to part finance its expansion activities

Steel wire rope manufacturer Usha Martin said it has raised $125 million through external commercial borrowing (ECB) to part finance its expansion activities.

"The company has arranged $125 million via ECB from State Bank of India as sole mandated lead arranger and bookrunner with DBS Bank, State Bank of India (Canada) and The Bank of Tokyo-Mitsubishi UFJ as other participating lenders," the company said in a filing to the Bombay Stock Exchange (BSE).

It added that the money will be used to part finance its capital expenditure of Rs1,200 crore to strengthen its cost competitiveness in steel business and maintaining global leadership position in the wire and wire rope industry.

In January also, the company had raised Rs468.15 crore by selling 54.5 million shares to financial institutions at Rs85.90 each.

According to the company website, the Rs3,000 crore group is expanding its business to iron ore and coal mines, sinter plant, pellet plant, power plants, while also enhancing its steel making and value added products capacity.

On Friday, Usha Martin ended 5.46% up at Rs59.90 on the Bombay Stock Exchange, while the benchmark Sensex gained 2.53% to 18,815.64.

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