United Spirits, Hindustan Zinc and JTL Infra to see some action today

United Spirits (USL) has entered into a definitive agreement for sale of its entire shareholding in its wholly owned subsidiary Tern Distilleries to Sri Balaji Impex (SNG), Singapore for consideration of Rs 30 crore. Upon completion of the said sale, Tern Distilleries will cease to be a subsidiary of the company.

Hindustan Zinc has signed a Memorandum of Understanding (MoU) with Gujarat government to set up 300 KTPA (kilo tonnes per annum) greenfield zinc smelter at Doswada, GIDC (Gujarat Industrial Development Corporation). The project will entail an investment of up to Rs 10,000 crore. Spread over 415 acres, the facility will entail an investment of Rs 5000- 10,000 crore in phases, creating more than 5,000 direct and indirect jobs and will be operational by 2022. The new facility - the first for Hindustan Zinc in Gujarat - will be set up with zero discharge technology and will be among the lowest-cost smelters in the world.

JTL Infra has decided to purchase Manufacturing Assets of Jagan Industries, a promoter group entity, on WDV (for moveable fixed assets) and/or FMV (for immovable fixed assets), in order to increase the manufacturing capacities, capabilities of the company and to achieve the greater economies of scale, strengthen company’s bargain power and to further fortify in its position in existing markets. This ready to use manufacturing assets shall, post integration of its operation with company’s existing businesses, generate annual revenue of around Rs 200 crore and this will result in balance sheet going forward.

Power Finance Corporation (PFC) has introduced a facility for electricity distribution companies (discoms) to avail funds for paying their dues to power generation companies (gencos), a move that will help in avoiding late payment charges as well as earn rebates for timely payments. Mounting outstanding dues of discoms has been a perennial issue in the country.

Punjab National Bank (PNB) has raised Rs 1500 crore through unsecured, subordinated, non-convertible, fully paid-up, taxable, redeemable Basel III compliant tier II bonds in the nature of debentures (bonds) and allotted 15000 bonds having face value of Rs 10 lakh each, at a coupon of 7.25% p.a. on private placement basis.

ArcelorMittal Nippon Steel (AMNS) is looking to expand its offline retail network by adding 32 outlets by 2021. Currently, there are about 18 Hypermarts across various locations in India. The company is relaunching and expanding Hypermarts, its national network of retail outlets that serves the MSME segment. AMNS aims to expand the network to 50 outlets by the end of the next year. The company described its Hypermart model as an integrated platform for retail trade and last-mile sales of steel grades for micro, small and medium enterprises (MSMEs) across areas such as fabricators, engineering goods and auto components.

Infibeam Avenues and JPMorgan Chase Bank N.A., India (JPMC) have entered into definitive agreement to use flagship enterprise payment platform, CCAvenue for processing transactions of its enterprise clients.