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solar

Corporate Investment In Global Solar Business Up By 55% From Jan-Sept: Report

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The sector’s resilience can be attributed to a strong global push to achieve energy transition objectives, as well as substantial demand created by the Inflation Reduction Act, which has helped the sector weather perils,” said Raj Prabhu, Group CEO, Mercom Capital

Corporate investment in the global solar business increased 55 per cent to USD28.9 billion between January and September 2023 primarily owing to pressure to satisfy energy transition goals, Mercom Capital said in its latest report. According to the latest estimate from the U.S.-based research agency, global corporate funding in the sector was USD 18.7 billion in the first nine months of 2022.

“The sector’s resilience can be attributed to a strong global push to achieve energy transition objectives, as well as substantial demand created by the Inflation Reduction Act, which has helped the sector weather perils,” said Raj Prabhu, Group CEO, Mercom Capital.

The report highlighted that Juniper Green Energy received a USD 350 million investment from AT Capital Group and Vitol in India’s venture capital segment to help it meet its aim of tripling its operational capacity to 2.5 GW by 2026 and move forward with its ambitious development plans. Furthermore, Waaree Energies has raised USD 120.8 million in a second round of equity funding headed by ValueQuest to assist boost its current manufacturing capacity by 6 GW.

In the debt funding category, Adani New Industries acquired a USD 394 million trade finance facility from Barclays PLC and Deutsche Bank AG to meet the company’s working capital needs.

Serentica Renewables completed the financing for its future hybrid renewable energy projects in Karnataka. REC Ltd, a power industry lender, has provided the total loan funding of USD 370.6 million. In addition, the company has reached financial close on another hybrid renewable energy project in Karnataka, with a total loan funding of USD 313.3 million acquired from power sector lender Power.

 

investment

Amazon May Invest Over $1 Bn In Microsoft 365 Cloud Tools In Landmark Deal: Report

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The deal, if confirmed, will span more than five years and see Amazon securing in excess of one million Microsoft 365 license seats

Amazon is reportedly set to invest over USD 1 billion in a multi-year deal with tech giant Microsoft. The reported agreement, which is yet to be officially confirmed by both parties, centres around Amazon’s commitment to adopt Microsoft’s 365 cloud productivity tools, according to an Insider report.

The substantial deal will span more than five years and see Amazon securing in excess of one million Microsoft 365 license seats. This investment underlines Amazon’s intent to leverage the power and efficiency of Microsoft’s cloud-based productivity suite, a significant shift from its current use of a local, on-premise version of Microsoft Office products.

While Microsoft has remained tight-lipped on the matter, the news has triggered a surge in its shares, with a nearly 1 per cent gain in extended trading. The implications of such a partnership between two tech giants of this caliber are substantial. Microsoft 365, a comprehensive suite of cloud-based applications, including Office tools, communication platforms, and collaboration software, is a cornerstone for businesses and organizations globally.

This deal, if confirmed, would not only represent a considerable financial windfall for Microsoft but also signifies Amazon’s commitment to modernising its operations by harnessing the power of cloud-based productivity. 

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Data Centre Investment To Exceed By $10 Bn In Next 3 Years: CII- Colliers

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The report projected that 60 per cent of the new additions will be housed by Mumbai and Chennai over the next three years along with tier two cities also expected to experience consistent growth as businesses and startups establish bases there

Investments in data centres is predicted to exceed by USD 10 billion over the next three years, according to the latest CII-Colliers report. This investment will be led by use of cloud computing, IoT and 5G as well as expanded internet access and government digitalisation programmes.

The report projected that 60 per cent of the new additions will be housed by Mumbai and Chennai over the next three years. Tier two cities will also experience consistent growth as businesses and startups establish bases there.

Investors are taking advantage of the data centre revolution brought on by national data localisation initiatives, attracted by the potential of steady returns and higher yields.

The report also highlighted that edge data centres offer a significant investment opportunity as the need for lower-latency computing increases. Due to India’s impending 5G adoption boom, major data centre providers are preparing to open a number of edge centres in the country.

This is likely to make edge data centres a top choice for investments, which will also help them gradually enter tier two cities. Since there is still a high demand for data centres in prime locations, developers are likely to adopt a land-banking strategy. They will be able to acquire land in key places for future projects thanks to this.

India has more than 880 million internet users, nearly twice as many as the United States and approximately 12 times as many as the United Kingdom. In contrast to the developed markets, India has a substantially lower ratio of data centre space per million internet users. After the pandemic, the market for data centres in India grew remarkably, bringing in roughly USD 7.0 billion in investments since 2020.

reliance

ADIA To Invest Rs 4,966.80 Cr In Reliance Retail

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This investment by ADIA will translate into an equity stake of 0.59 per cent in RRVL on a fully-diluted basis

Reliance Retail Ventures (RRVL) on Friday said that a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 4,966.80 crore into RRVL, a subsidiary of Reliance Industries. 

This investment values RRVL at a pre-money equity value of Rs 8.381 lakh crore, making it among the country’s top four companies by equity value. This investment by ADIA will translate into an equity stake of 0.59 per cent in RRVL on a fully-diluted basis.

Isha Mukesh Ambani, Executive Director, Reliance Retail Ventures Limited, said, “We are pleased to further deepen our relationship with ADIA with their continued support as an investor in Reliance Retail Ventures Limited. Their long-standing experience of over decades of value creation globally will further benefit us in implementing our vision and driving transformation of the Indian retail sector. ADIA’s investment in RRVL is a further testament to their belief in the Indian economy and our business fundamentals, strategy and execution capabilities.”

RRVL, through its subsidiaries and associates, operates India’s largest, fastest growing, and most profitable retail business serving 267 million loyalty customers with an integrated omnichannel network of over 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion & lifestyle, and pharma consumption baskets.

Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department, ADIA, said, “Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace. This investment aligns with our strategy of supporting our portfolio companies that are transforming their respective end-markets. We are pleased to partner with the Reliance Group, and increase our exposure to India’s dynamic and fast-growing consumer sector.”

RRVL’s vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers, empowering micro, small and medium enterprises (MSMEs) and working closely with global and domestic companies as a preferred partner, to deliver immense benefits to Indian society, while protecting and generating employment for millions of Indians. RRVL, through its New Commerce business, has digitized more than 3 million small and unorganised merchants. This will enable these merchants to use technology tools and an efficient supply chain infrastructure to deliver a superior value proposition to their own customers.

The transaction is subject to customary approvals.

Morgan Stanley acted as financial advisor to Reliance Retail Ventures Limited and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels.

 

 

Illustration photo of an India Rupee note

Textile Sector Attracts Rs 1,536 Cr Investment Under PLI Scheme So Far: Govt

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The ministry in the statement said that Rs 621.41 crore subsidy was released in 3,159 cases under Amended Technology Upgradation Fund Scheme (ATUFS) and special campaigns

Investment to the tune of Rs 1,536 crore approximately made so far under the Production Linked Incentive (PLI) scheme, said the Ministry of Textiles, in its year-end- review of 2022 on Monday.  The ministry in the statement said that Rs 621.41 crore subsidy was released in 3,159 cases under Amended Technology Upgradation Fund Scheme (ATUFS) and special campaigns. 

It added, “74 research proposals valuing Rs 232 crore approved under National Technical Textile Mission (NTTM) for speciality fibre and technical textile.” Centre has launched the PLI scheme with an approved outlay of Rs.10,683 crore to promote the production of man-made fibre (MMF) apparel, MMF fabrics and products of technical textiles to enable the industry to achieve size and scale and to become competitive.

Talking about the cotton sector, the ministry said that its cultivation has increased by 5 per cent to 125.02 lakh hectare as against 119.10 lakh hectare during last year. Meanwhile, the total raw silk production was 28106 MT.

foreign funds

Macrotech Developers Raises Rs 3,547 Crore Through QIP Route

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Pursuant to the QIP, the company has raised approximately Rs 10,000 crore of equity in the last 20 months

To bring down the promoters stake in the company to 75 per cent and meet the minimum public shareholding norm of 25 per cent, Mumbai-based Macrotech Developers has raised Rs 3,547 crore by selling approximately 7.2 per cent of shares to institutional investors.

According to a regulatory filing on Monday, “The promoters and members of the promoter group of Macrotech Developers have raised approximately Rs 3,547 crores by selling approximately 7.2 per cent of the equity share capital of the company through a Qualified Institutional Placement (QIP) by way of offer for sale.” 

Macrotech Developers, which sells properties under the Lodha brand, opened the Qualified Institutional Placement (QIP) of equity shares on December 7, 2022 post market and closed on December 12, 2022. The issue was priced at Rs 1,026 as against the floor price of Rs 1,022.75.

The QIP consisted of an offer-for-sale (OFS) of shares by promoter group entities including Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt Ltd, Hightown Constructions Pvt Ltd and Homecraft Developers and Farms Pvt Ltd.

Abhishek Lodha, MD and CEO of Macrotech Developers, said that marquee long-only investors such as Capital Group, UBS, ADIA, NinetyOne (formerly Investec), Nomura, USS, William Blair, MSIM, Amundi and Nippon MF have participated in the share sale, joining other globally renowned investors in the company such as GIC, Ivanhoe Cambridge, Wellington, Platinum, and HDFC MF.

“As promoters, we were keen to see that new high quality shareholders become partners in this round of fund raising, enabling company to achieve the stipulated minimum public free float of 25 per cent,” Lodha added.

Pursuant to the QIP, the company and promoters have so far raised approximately Rs 10,000 crore of equity in the last 20 months, Macrotech said.

“Promoters have informed that following this fund raise, their shareholding in the company will be made free of all encumbrances. Having achieved 25 per cent free float, the company in due course will be eligible for inclusion in various free float linked indices,” the filing further added.

airport

AAI, Private Entities To Invest Rs 98,000 Cr In Airport Infrastructures By 2027

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Government and other private entities are to spend up to 98,000 crores on the infrastructure development of airports over the next five years, the minister VK Singh said in a written reply to a question in Rajya Sabha on Monday.

According to the statement, To meet the challenges presented by the unprecedented growth in air traffic, the Airports Authority of India (AAI) is undertaking the development of infrastructure at the airports, depending upon the commercial viability, traffic demand, availability of land and others.

In order to boost the growth in the aviation sector, AAI and other private airport operators have taken up the development of new and existing airports with a projected capital expenditure of around Rs 98,000 crores over the next five years, the statement said. 

The government has also approved funding for the setting up of six greenfield airports namely, Dholera at the cost of Rs 1305 crore and Hirasar (1405 crore) in Gujarat, Dagadarthi (293 crore), Bhogapuram (2500 crore) and Oravakal (187 crore) in Andhra Pradesh and Donyi Polo (646 crore), Itanagar in Arunachal Pradesh during the last 7 years. Out of these, Oravakal and Donyi Polo airports have been operationalised.

The government also spent Rs 452 crore on the establishment of the new civil enclave at Chandigarh Airport, Rs 401 crore on the development of Deoghar Airport, Rs 400 crore on the construction of a domestic passenger terminal building at Dehradun Airport and others.

However, during the last 5 years, AAI has also leased out its six airports including Lucknow, Ahmedabad, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram under Public Private Partnership to Adani Enterprises Limited.

According to the statement, AAI has received concession fees of Rs 710 crore from these airports as concessionaires. The largest concessionaires came from Lucknow airport which is Rs 602 crore.

economy

52 Global Industry Groups Say Yes to UP Investors Summit

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The GIS 2023 is one of the biggest events being planned by the Uttar Pradesh government through which the government aims at getting an investment worth Rs 10 lakh crores to UP and also, help in their goal of making UP a $ One Trillion economy

Following the roadshows and business networking meetings by the ministers and senior officers of Uttar Pradesh, the forthcoming Global Investors Summit is all set to be a gala affair. As many as 52 industry groups from different countries have given their official confirmation for investing in UP and participating in the Global Investors Summit, scheduled to be held in February 2023. 

These industry groups belong to sectors including pharmaceuticals, business chambers, business development, investment banks, capital markets, motor industry, technology, Research and development, telecom and food processing.

The GIS 2023 is one of the biggest events being planned by the Uttar Pradesh government. WIth this mega three day event, the Chief Minister Yogi Adityanath aims at getting an investment worth Rs 10 lakh crores to UP and also, help in their goal of making UP a $ One Trillion economy. It can be recalled that on 9 December, delegations sent by the CM, which included state ministers and senior rank officials, held roadshows in Frankfurt, Germany, Toronto, Canada, and Mexico as part of the first phase. 

These roadshows aim to realise Chief Minister Yogi’s ambitious goal of attracting investments worth Rs 10 lakh crores through the UP-GIS 23 to boost the state’s economy to $1 trillion. Through the initial round of roadshows and one-on-one business meetings, the state government delegations have invited all overseas investors to take part in UP-GIS which has shown fruitful results. 

After the first phase of the programme was completed, 52 industry groups have agreed to take part in the Global Investors Summit, which would be hosted in Lucknow. In addition to this, numerous additional organisations have assured to send representatives, whose final consent will be given later. 

Foreign investors who have given their consent to invest in Uttar Pradesh and come to UPGIS include Dhaval Patel from Pharmaceuticals, Arne Aertbelien from Invest Asia, Jeroen Maudens from Corporate Finance, Aditya Sharma from Chamber of Luxembourg, Elena Suárez from Business Europe , Specialist Wim Bosman from Credendo, MD Pascal Kerneis from ESF Indian Association, Selvaraj Alagumalai from Luxembourg,Baron Philippe Vlerick from Chairman BICC&I and a representative from Eurochambres.

Also CEO of IMEC, BIO EIBC, Malhar Fund, European Investment Bank, Diplomatic World, SME Connect, Industry & Space Mithra, Hyundai Motor Group, Incofin, India House Leuven, Leuven Mindgate, TCS, European Institute of Asian Studies, Nokia, Representatives from leading companies such as ELCC, VDMM, World Telecom Labs, Antwerp Emotec, Tag Factory, Agristo Massa, UCB Pharma and Deloitte Belgium will also attend.

money

AP’s District Hospitals TO Be Upgraded With Rs 500 Cr Spending: CM

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Most of the district hospitals are equipped with face-lift, said the chief minister. The state government would be giving face-lifts to the CHCs across the state in the next phase, he said. The infant mortality rate has been reduced to 10 per cent and the human resources gap in the health sector came down from 33 per cent to 6 per cent

The chief minister of Arunachal Pradesh, Pema Khandu said that the pandemic was an eye-opener for all and stressed that the government is committed to improving health infrastructure in the state, on 25 November.

He inaugurated the outdoor patient department (OPD) at Kamba community health centre (CHC) in West Siang district. At the inaugural ceremony he said that around Rs 500 crore was being spent for the development of all the district hospitals of the state.

Khandu said that the pandemic has given the realisation of how ill-equipped we were in the health sector. Reviewing the health infrastructure and services during the pandemic, was shocking with regards to its condition. The government, however, then made commitment to revive and recondition the health delivery system which could cope with any kind of emergency.

Most of the district hospitals are equipped with face-lift, said the chief minister.

The Bankim Pertin General Hospital at Pasighat, being one of the oldest hospitals has the most footfalls and is now being converted into a 300-bed facility, he said.

The chief minister said that the efforts are bearing results. The infant mortality rate has been reduced to 10 per cent and the human resources gap in the health sector came down from 33 per cent to 6 per cent.

The state government would be giving face-lifts to the CHCs across the state in the next phase, he said.

Khandu said that the proposal has been submitted to the Centre for upgrading the ANM School in Aalo to a B.Sc nursing college. He assured that the upgradation work will start soon, as soon as it gets approval.

Later, he visited the Kargu Gamgi at Kamba and offered prayers to Almighty Donyi Polo and other indigenous deities. Followed by this, he also joined the prayers offered by the Nyibus (priests) for the eternal peace of Jambey Tashi, the MLA of Lumla who died recently.

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Samsung Plans Rs 400 Cr Investment In Tamil Nadu Unit

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Samsung is the latest global gear maker to come on board the government’s telecom equipment production-linked incentive (PLI) scheme. After, Reliance Jio Infocomm and Bharti Airtel rolled out 5G networks the demand for 5G equipment has surged

Samsung is planning to make an investment of 400 crore rupee to begin the manufacturing of 5G and 4G radio equipment at its facility in Tamil Nadu, reported a media house.

It is the latest global gear maker to come on board the government’s telecom equipment production-linked incentive (PLI) scheme. For the first time, such investment into telecom gear manufacturing will happen in India. It will be joined by global peers Nokia and Jabil (Ericsson) to make the 5G equipment locally.

After, Reliance Jio Infocomm and Bharti Airtel rolled out 5G networks the demand for 5G equipment has surged. The South Korean conglomerate too has bagged deals to supply 5G radios for select circles, from both Jio and Airtel.

Samsung is entering the ‘12,195-crore telecom equipment PLI scheme after missing it last year due to lack of opportunities in the equipment supply space. IT was due to Jio being only customer for 4G and 5G rollouts had not happened last year.

Along with the two major telcos rolling out 5G networks, it however has bagged deals from both. Samsung received the approval as a ‘trusted’ source from the National Security Council Secretariat (NSCS), earlier during this year. In order to get selected by telecom operators to install equipment on their network, getting such an approval is mandatory.

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