Subhash Chandra's Essel to sell solar units to Adani
Subhash Chandra-led Essel Group has sealed a deal with Adani Green Energy Ltd (AGEL) to sell its solar units in Punjab, Karnataka and Uttar Pradesh for an enterprise value of Rs 1,300 crore.
 
"The Group has signed an agreement with Adani Green Energy Ltd (AGEL) to sell 205 MW operating solar assets of Essel Green Energy Private Ltd and Essel Infraprojects Ltd at an enterprise value of Rs 1,300 crore. The assets are located in Punjab, Karnataka and Uttar Pradesh," Essel Group said in a statement.
 
All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies.
 
The diversified group, which runs the Zee network of channels, said that it remains focused towards its commitment made to its lenders and is furthermore confident on completing the overall repayment process.
 
"The Group is also constantly working towards arriving at a closure on the divestment of the additional 480 MW solar assets portfolio," it said.
 
An Essel Group spokesperson noted that its asset divestment process is well within the purview of the agreed timelines with its lenders.
 
"The sale of the Group's solar assets to AGEL is yet another positive step taken in this direction," the executive said.
 
The proceeds from the solar asset sale are set to help promoters of Essel group to bring down its debt level.
 
The promoter's debt which was earlier Rs 11,000 crore got reduced by Rs 4,224 crore post Invesco Oppenheimer deal, bringing the figure down to Rs 6,776 crore.
 
US-based Invesco-Oppenheimer Developing Markets Fund had last month agreed to pick up 11 per cent stake in Zee Entertainment Enterprises Ltd (ZEEL), the flagship media company of Essel Group, for a total of up to Rs 4,224 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    New Joint Action Committee Aims To Bring Together All Players from Transport Business to Empower Drivers
    Three diverse organisations have come together to create a common platform for bringing all players from the transport business together to ease lives of highway drivers by sharing resources. 
     
    "A driver should be the most valued person (MVP) in the entire transport industry and yet there is no one to listen to his complaints and grievances. JAC is launching driver force (8698-24-7-365) - a 24x7, 365 driver helpline service for acting as a listening post and to listen, understand and counsel the drivers with their issues," the joint action committee (JAC) says in a statement.
     
    These organisations --All India Confederation of Goods Vehicles’ Owners Association (ACOGOA), Drivers Duniya magazine and Naya Manch Vikas Manch (NMVM) Foundation -- have set up a joint action committee (JAC) and aim to include every stakeholder in the transport business in order to bring about transformational change in the sector. ACOGOA is a national body of all goods vehicles’ owners, Drivers Duniya is India’s only quarterly magazine on truck drivers, while NMVM Foundation works to make truck driving a respectable profession, a profession of choice.
     
    Noted RTI activist Sanjay Shirodkar, who is part of the JAC says, the committee is a common platform for all drivers, including drivers of goods and passenger vehicles, vehicle owners and operators, transporters, logistic companies, corporate partners like consignor and consignee, transport associations and organisations to join, collaborate and unite their efforts. We believe in the joining of all these stakeholders to create a fist, a strength in unity, he says. 
     
    Over the years, truck drivers have been demanding proper parking facility for trucks and basic amenities at every 100kms on highways to ensure safety of drivers and goods from robberies. 
     
    Several logistics companies have set up pit stops and are using app-based relay systems to ensure that drivers get rest and a chance to return home for dinner. Even two years ago, responding to demand from highway commuters, the ministry of road transport and highways has decided to set up highway nest and highway villages for every 50kms. 
     
    However, “what these logistics companies are doing is for the benefit of their own drivers,” says, Rajan Agarwal, coordinator and organiser of JAC, adding, “We at the Committee want to bring all players together, including logistics companies. This will help us to share resources and provide better facilities and amenities to all highway drivers, irrespective of their employers or ownership.”
     
    This is why, Mr Shirodkar says the JAC has decided to undertake a road trip to get a real-time feel and on-the-road experience on various issues impacting drivers. The first such road trip is from Pune to Jaipur between 26th and 30 August 2019 covering over 1,200kms on one of the busiest routes. 
     
    The road trip will not be one-time event but rather a continuous and sustained effort to explore different routes every quarter, says Mr Shirodkar.
     
    During the roadtrip, JAC members hope to interact and engage at least 2,500 drivers during the trip by involving local transport associations, fuel outlets, highway dhabas, and state border check post in the effort.
     
    The JAC will also highlight roadside facilities, accident spots and amenities required to assure safe and smooth transportation on highways during its interaction with local transport and owners associations, drivers and government officials.  
     
    JAC members, who will undertake the road trip include industry veterans like Rajendra Agarwal, the vice-chairman of Agarwal Packers & Movers Ltd, Ashwni Kaushik, managing director of TR Finished Vehicles Logistics Solutions Ltd among others. They are also part of the first road trip being organised by the JAC.
     
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    COMMENTS

    Sudhir Mankodi

    2 months ago

    A real welcome step. condition of truck drivers and drivers of passengers bus operated by private players is pathetic to say the least. Hardly any rest, leave or health benefits.

    CG Power sends boss Gautam Thapar packing
    Days after revelation of fraud at CG Power, the company's board on Thursday sacked its Chairman Gautam Thapar with immediate effect.
     
    The company, in a regulatory filing, said that in cognizance of the current situation being faced by the company, the Board of Directors have decided to "remove Gautam Thapar as the Chairman of the Board with immediate effect". 
     
    The company was hit by a major corporate governance issue involving unauthorised transactions and understatement of liabilities which caused a massive loss in share value. 
     
    The company had disclosed the findings of its risk and audit committee (RAC), which revealed that the firm and the group together could have under-reported liabilities to the extent of over Rs 3,600 crore in FY17 and FY18. 
     
    They also understated the loans advanced to related and unrelated parties to the tune of about Rs 7,600 crore during the two financial years. 
     
    "Recoverability of such amounts along with any interest and other related amounts, from related and other unrelated parties, will be evaluated with appropriate legal inputs, after which necessary actions will be instituted," the company said in a regulatory filing to the BSE. 
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Ramesh Poapt

    2 months ago

    so.. it was well planed !!??

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