Qatar Investment Authority To Invest Rs 8,278 Crore In Reliance Retail

Reliance Industries on Wednesday announced that Qatar Investment Authority (QIA), through a wholly-owned subsidiary, will invest Rs 8,278 crore into its retail arm Reliance Retail Ventures Limited (RRVL).

"This investment values RRVL at a pre-money equity value of Rs 8.278 lakh crore," Reliance Industries said in a regulatory filing.

RRVL, through its subsidiaries and associates, operates India's largest, retail business with an integrated omni-channel network of over 18,500 stores.

"QIA's investment will translate into a minority equity stake of 0.99 per cent in RRVL on a fully-diluted basis," it added.

RRVL Director Isha Mukesh Ambani said, "We are delighted to welcome QIA as an investor in Reliance Retail Ventures Ltd. We look forward to benefitting from QIA's global experience and strong track record of value creation as we further develop Reliance Retail Ventures Limited into a world class institution, driving transformation of the Indian retail sector. The investment by QIA is a strong endorsement of a positive outlook towards Indian economy and Reliance's retail business model, strategy and execution capabilities."

Mansoor Ebrahim Al-Mahmoud, CEO, QIA, said, "QIA is committed to supporting innovative companies with high-growth potential in India's fast growing retail market. We are looking forward to Reliance Retail Ventures Limited, with its strong vision and impressive growth trajectory, joining our growing and diverse portfolio of investments in India."

RRVL, which is the leading retailer of the country, is aggressively expanding its business here by acquiring companies and getting franchise rights of leading international brands for the Indian market.

Its board had on July 4, 2023, approved a proposal in which shares held by such shareholders shall stand cancelled and extinguished as per the capital reduction plan.

In 2020, RRVL had raised Rs 47,265 crore (around USD 6.4 billion) from global private equity funds for a 10.09 per cent stake, valuing the company at more than Rs 4.2 lakh crore.

This was the largest fundraising exercise in the sector at that time.

The company had raised funds from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority, GIC, TPG, General Atlantic and Saudi Arabia's Public Investment Fund at a valuation of around USD 57 billion at that time.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Adani Group Posts Record Quarterly Profit In Boost To Liquidity

Adani Group posted record profit in the quarter that ended June on the back of its infrastructure and renewable energy businesses.

The ports-to-power conglomerate said June quarterly earnings before interest, tax, depreciation and amortization jumped 42% from the same period a year ago to Rs 235 billion ($2.8 billion), the highest the group has seen for a single quarter and nearly as much as the profit it earned for the full fiscal year of 2019.

The strong performance posted by its infrastructure and utility businesses across its flagship entity Adani Enterprises Ltd. as well as its green energy and cement arms "gives a high level of stability and multi-decadal earnings predictability and visibility," the company said in a statement.

The profitability also buoyed the company's liquidity, with cash balance at the end of June up 4.2% from the end of March, at 421 billion rupees.

The conglomerate is also in talks with international banks to refinance loans taken out last year to acquire Ambuja Cements Ltd.

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Adani Group Posts Record Quarterly Profit In Boost To Liquidity

Adani Group posted record profit in the quarter that ended June on the back of its infrastructure and renewable energy businesses.

The ports-to-power conglomerate said June quarterly earnings before interest, tax, depreciation and amortization jumped 42% from the same period a year ago to Rs 235 billion ($2.8 billion), the highest the group has seen for a single quarter and nearly as much as the profit it earned for the full fiscal year of 2019.

The strong performance posted by its infrastructure and utility businesses across its flagship entity Adani Enterprises Ltd. as well as its green energy and cement arms "gives a high level of stability and multi-decadal earnings predictability and visibility," the company said in a statement.

The profitability also buoyed the company's liquidity, with cash balance at the end of June up 4.2% from the end of March, at 421 billion rupees.

The conglomerate is also in talks with international banks to refinance loans taken out last year to acquire Ambuja Cements Ltd.

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Adani TotalEnergies E-Mobility Partners With Evera Cabs For Charging Hubs

Adani TotalEnergies E-Mobility Limited (ATEL) will set up EV charging infrastructure with all-electric cab aggregator, Prakriti E-Mobility (Evera), the company said on Tuesday.

"The collaboration will feature an integration of 200 EV charging points super hub in Delhi. This strategic partnership will be scaled up pan-India to encourage decarbonized mobility," it said in a statement.

Adani TotalEnergies E-Mobility Limited (ATEL) is a wholly-owned subsidiary of Adani Total Gas Limited, the equal joint venture of Adani Group and French energy giant TotalEnergies.

ATEL is setting up EV charging ecosystem with a wide range of charging points catering to B2C and B2B customers.

The partnership with Evera comes at a time of rising EV demand, though charging infrastructure still remains scant.

It will "help catalyse India's 2030 decarbonization target, supported by a rising inclination towards electric vehicles in the cab-hailing segment," the statement said.

ATEL and Evera hope to bridge the existing EV infrastructural gaps in India, targeting key highways, workplaces, and other locations with convenient and fast-charging AC and DC solutions.

"We are excited to join hands with Evera in developing this prestigious project in the Delhi-NCR region, further strengthening our long-term strategic partnership. We are already engaged with Evera for operating its cluster hub at Okhla, Delhi.

"The upcoming hub is strategically located in close proximity to the Delhi International Airport and will support Evera to provide green rides to customers. The hub will include commissioning of approximately 200 EV charging points, which will be a combination of AC & DC chargers," said Suresh P Manglani, CEO, ATGL.

The large-sized EV charging station at Samalkha will allow use by other aggregators and individual EV owners to increase crossutilization and to improve the EV ecosystem in New Delhi. This model will then be replicated pan-India. ATEL and Evera will enable this infrastructure on a revenue-sharing model, which becomes strategically resourceful by championing the partners' individual expertise.

Commenting on the collaboration, Nimish Trivedi, Co-Founder & CEO, Evera, said, "This association will foster a user-friendly experience for Evera cab drivers as well as all electric vehicle owners by eliminating anxiety to travel farther distances.

"We are developing this with the aim to realize a sinewed mobility infrastructure that is green, climate-conscious, and sustainable. We could not be more excited to combine forces with ATEL to propel India's EV infrastructure that drives electric vehicle adoption among individuals, businesses, and cab aggregators." The upcoming charging station in the capital will not only eliminate range anxiety but also promote widespread adoption of electric vehicles, the statement added without giving out the number of EV charging stations the joint venture was planning to set up.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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Adani TotalEnergies E-Mobility Partners With Evera Cabs For Charging Hubs

Adani TotalEnergies E-Mobility Limited (ATEL) will set up EV charging infrastructure with all-electric cab aggregator, Prakriti E-Mobility (Evera), the company said on Tuesday.

"The collaboration will feature an integration of 200 EV charging points super hub in Delhi. This strategic partnership will be scaled up pan-India to encourage decarbonized mobility," it said in a statement.

Adani TotalEnergies E-Mobility Limited (ATEL) is a wholly-owned subsidiary of Adani Total Gas Limited, the equal joint venture of Adani Group and French energy giant TotalEnergies.

ATEL is setting up EV charging ecosystem with a wide range of charging points catering to B2C and B2B customers.

The partnership with Evera comes at a time of rising EV demand, though charging infrastructure still remains scant.

It will "help catalyse India's 2030 decarbonization target, supported by a rising inclination towards electric vehicles in the cab-hailing segment," the statement said.

ATEL and Evera hope to bridge the existing EV infrastructural gaps in India, targeting key highways, workplaces, and other locations with convenient and fast-charging AC and DC solutions.

"We are excited to join hands with Evera in developing this prestigious project in the Delhi-NCR region, further strengthening our long-term strategic partnership. We are already engaged with Evera for operating its cluster hub at Okhla, Delhi.

"The upcoming hub is strategically located in close proximity to the Delhi International Airport and will support Evera to provide green rides to customers. The hub will include commissioning of approximately 200 EV charging points, which will be a combination of AC & DC chargers," said Suresh P Manglani, CEO, ATGL.

The large-sized EV charging station at Samalkha will allow use by other aggregators and individual EV owners to increase crossutilization and to improve the EV ecosystem in New Delhi. This model will then be replicated pan-India. ATEL and Evera will enable this infrastructure on a revenue-sharing model, which becomes strategically resourceful by championing the partners' individual expertise.

Commenting on the collaboration, Nimish Trivedi, Co-Founder & CEO, Evera, said, "This association will foster a user-friendly experience for Evera cab drivers as well as all electric vehicle owners by eliminating anxiety to travel farther distances.

"We are developing this with the aim to realize a sinewed mobility infrastructure that is green, climate-conscious, and sustainable. We could not be more excited to combine forces with ATEL to propel India's EV infrastructure that drives electric vehicle adoption among individuals, businesses, and cab aggregators." The upcoming charging station in the capital will not only eliminate range anxiety but also promote widespread adoption of electric vehicles, the statement added without giving out the number of EV charging stations the joint venture was planning to set up.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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Tata Power Shares In Focus As Subsidiary Signs Deal With Tata Motors For Solar Project

Tata Power Ltd shares are under the radar, on Tuesday, after its renewable energy arm entered into an agreement with Tata Motors for a solar power project.

In a stock exchange filing on Monday, the company said that its subsidiary Tata Power Renewable Energy Ltd (TPREL) has signed a Power Purchase Agreement (PPA) with Tata Motors Ltd Pantnagar plant in the state of Uttarakhand, for an on-campus solar plant having a capacity of 9MWp.

The said facility will be the largest on-campus solar plant at a single location in Uttarakhand. Also, the installation of the said plant will lead to a reduction in carbon emissions of an estimated 25 tonnes of CO2/kWp in the northern state, the company said.

The project is slated to be commissioned in six months from the execution date of the power purchase agreement.

With this new project, the combined solar capacity of Tata Motors Pantnagar plant now stands at 16 MWp.

The Tata Group company's operational capacity stands at an impressive 4,132MW, including 3,139MW solar and 993MW.

“The 9MWp solar power installation resonates our commitment to fostering the widespread adoption of eco-friendly clean energy solutions across industries,” said CEO of TPREL, Ashish Khanna.

This is not the first time the two companies are working in partnership.

Tata Power said that TPREL and Tata Motors have successfully put in place a solar project of 7 MWp capacity in the manufacturing facility of Pantnagar, under an earlier partnership.

Shares of Tata Power were trading 0.56 per cent higher at Rs 240.70 per piece on the BSE at 1:01 pm.

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Tata Power Shares In Focus As Subsidiary Signs Deal With Tata Motors For Solar Project

Tata Power Ltd shares are under the radar, on Tuesday, after its renewable energy arm entered into an agreement with Tata Motors for a solar power project.

In a stock exchange filing on Monday, the company said that its subsidiary Tata Power Renewable Energy Ltd (TPREL) has signed a Power Purchase Agreement (PPA) with Tata Motors Ltd Pantnagar plant in the state of Uttarakhand, for an on-campus solar plant having a capacity of 9MWp.

The said facility will be the largest on-campus solar plant at a single location in Uttarakhand. Also, the installation of the said plant will lead to a reduction in carbon emissions of an estimated 25 tonnes of CO2/kWp in the northern state, the company said.

The project is slated to be commissioned in six months from the execution date of the power purchase agreement.

With this new project, the combined solar capacity of Tata Motors Pantnagar plant now stands at 16 MWp.

The Tata Group company's operational capacity stands at an impressive 4,132MW, including 3,139MW solar and 993MW.

“The 9MWp solar power installation resonates our commitment to fostering the widespread adoption of eco-friendly clean energy solutions across industries,” said CEO of TPREL, Ashish Khanna.

This is not the first time the two companies are working in partnership.

Tata Power said that TPREL and Tata Motors have successfully put in place a solar project of 7 MWp capacity in the manufacturing facility of Pantnagar, under an earlier partnership.

Shares of Tata Power were trading 0.56 per cent higher at Rs 240.70 per piece on the BSE at 1:01 pm.

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