IOC, Cosmo Films and Coal India to see some action today

Indian Oil Corporation’s (IOC) board has approved an investment of Rs 1,268 crore for setting up a needle coker unit at the firm's Paradip refinery in Odisha. The proposed unit will have a Calcined Needle Coke (CNC) production capacity of 56 kilo tonnes per annum. The estimated project cost is Rs 1,268 crore. With the production of CNC, the company shall enter this niche product segment for the first time. CNC is used to produce graphite electrodes for deployment in high temperature (2,800 degrees Centigrade) electric arc furnaces of steel industry.

Cosmo Films’ board approved resuming further investment into the new line for Specialized BOPET Film at Aurangabad, Maharasthra, India which was on hold since November 2018. The revised project cost will be Rs 300 crore and will be financed through a mix of internal accruals and loans. The commercial production will commence by Q2 FY2022-23. The Board of Directors of the company in its meeting held on September 1, 2020 has approved the same.

Coal India (CIL) is planning to invest over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonnes of fuel output target. Out of the proposed spend of over 1.22 lakh crore, the company has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure and Rs 29,461 crore on project development by 2023-24. The investment of Rs 1.22 lakh crore will be utilised to fund a total of 500 projects.

Sprinting ahead with the fourth consecutive month of growth in volume sales, Hero MotoCorp has continued to lead the revival of the automotive sector. Signaling a positive turn-around for the two-wheeler industry, which is a strong driver of the domestic economy, the company sold 584,456 units of motorcycles and scooters in the month of August 2020, a growth of 7.55% over the corresponding month of the previous year (August 2019) when it sold 543,406 units. Sequentially, this translates into a growth of 13% over the month of July 2020, when the company had sold 514,509 units.

ARSS Infrastructure Projects’ joint ventures has won a Rs 78 crore contract in Andhra Pradesh from Rail Vikas Nigam. The project pertains to construction of roadbed, bridge and general electrification for a track in the Waltair division of East Coast Railway, Andhra Pradesh.

Bharti Infratel’s board has decided to proceed with the scheme for a merger with Indus Towers, and that the cash consideration chosen by Vodafone Idea for its 11.15 percent stake in Indus Towers is expected to be about Rs 4,000 crore. Its board, in a meeting held on August 31, 2020, took note of the status of the scheme of arrangement between Indus Towers and Bharti Infratel and the related agreements.

Continuing with its mission to work together and support the nation in the current situation, InterGlobe Aviation (IndiGo) has operated its maiden passenger charter to Hanoi, capital of Vietnam and Vientiane, capital and largest city of Laos helping stranded nationals to get back home. The flight from India repatriated 106 Vietnamese, 1 Filipino and 29 Laos Nationals along with 89 Indian citizens. The return flight repatriated 139 Indian nationals from Hanoi and 50 Indian nationals from Vientiane. IndiGo operated these flights while adhering to all the precautionary measures, ensuring a safe and hassle free travel experience on-board a lean clean flying machine.