Reliance Industries, SBI and Power Grid to see some action today

Co-investors of Silver Lake are planning to invest an additional Rs 1,875 crore into Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries (RIL). This brings the aggregate investment by Silver Lake and its co-investors in RRVL to Rs 9,375 crore, which will translate into a 2.13% equity stake in RRVL on a fully diluted basis. This latest investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore.

State Bank of India’s (SBI) board has approved raising of additional tier-I (AT1) bonds to the extent of Rs 5,000 crore by way of issuance of Basel-III compliant debt instruments in rupees, within the overall capital plan earlier approved by the board for raising equity during FY21. The central board of the bank in a meeting held on September 30, 2020 has accorded the approval for the same.

Power Grid Corporation of India has signed Memorandum of Understanding (MoU) with the Ministry of Power, Government of India. The MoU includes targets related to various parameters such as Financial, Physical, Project execution, etc. to be achieved by Power Grid during the FY 2020-21.

Lupin has launched Lapatinib Tablets, 250 mg, after Lupin’s alliance partner Natco Pharma received final approval for its ANDA from the United States Food and Drug Administration (USFDA). Lapatinib Tablets, 250 mg, are the generic equivalent of Tykerb Tablets, 250 mg, of Novartis Pharmaceutical Corporation. Lapatinib Tablets (RLD: Tykerb) had annual sales of approximately $61 million in the U.S. (IQVIA MAT June 2020).

SJVN has signed a Memorandum of Understanding (MoU) with the Ministry of Power, Government of India for the year 2020-21. As per the targets set in the MoU, the company shall strive to achieve 9,680 million units of electricity generation during 2020-21 under ‘Excellent’ category. Further, it will have capital expenditure target of Rs 2,880 crore and turnover target of Rs 2,800 crore under ‘Excellent’ category along with other targets related to operational efficiency and project monitoring.

Ramco Systems has signed up an agreement with a Global Top 5 logistics major for modernizing and transforming its multi-country Payroll operations on Ramco’s Global Payroll platform. The logistics major will be unifying its payroll operations for 15 countries across Middle East & Africa. With this win, Ramco Global Payroll is now trusted by two of the top 10 third party logistics companies, globally.

Nelco has entered into a co-operation agreement with Telesat, a leading global satellite operator that has been addressing complex connectivity challenges for over 50 years. Nelco and Telesat will collaborate on terrestrial facilities, commercial distribution and regulatory frameworks to offer Telesat LEO satellite connectivity in India. Nelco, through its strategic relationship with Telesat, plans to serve new market segments and requirements for high-bandwidth, low latency applications with Telesat LEO connectivity.