Latest news with #PurchaseAgreements
Business Upturn
10 hours ago
- Business
- Business Upturn
Rama Steel Tubes enters renewable energy sector with 10% stake in 225 MW solar power project under PM-KUSUM
Rama Steel Tubes Limited (RSTL), a prominent player in the steel tubes manufacturing space, has taken a strategic step into renewable energy by acquiring a 10% equity stake in a 225 MW solar power project under the PM-KUSUM scheme. The project is executed via a Special Purpose Vehicle (SPV), Onix IPP, and is spread across various locations in Maharashtra. As per the official release, Power Purchase Agreements (PPAs) have been signed with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) at a fixed tariff of ₹3.10/unit for 25 years. This ensures long-term revenue visibility and aligns with India's clean energy goals. RSTL is expected to generate annual revenue of ₹10.81 crore from this investment, translating to ₹270.28 crore over the PPA tenure. This investment marks Rama Steel's diversification beyond traditional manufacturing and into ESG-compliant, sustainability-linked revenue streams. The company's management stated that this initiative is in sync with India's net-zero ambitions and rural development focus. Updated stock details Shares of Rama Steel Tubes were last seen trading at ₹25.15, up 1.41% on Thursday. The company has a market capitalization of approximately ₹910 crore. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Time of India
6 days ago
- Business
- Time of India
Cube Highways Trust declares total distribution of ₹11 per Ordinary Unit for FY25
Cube Highways Trust ( Cube InvIT ) said its consolidated income grew 12.3 percent to ₹3,453 crore in FY25. Cube Highways Trust (Cube InvIT), managed by Cube Highways Fund Advisors Pvt Ltd, has approved a Distribution Per Unit (DPU) of ₹3.75 for the quarter, payable to ordinary unitholders. The total distribution for the quarter amounts to ₹500 crore. This distribution comprises ₹1.96 per unit as interest, ₹0.32 per unit as dividend, ₹1.46 per unit as repayment of SPV loan and ₹0.01 per unit as treasury income. The annual DPU of ₹11 declared for FY25 translated into ₹1,468 crore. The distribution comprises ₹5.71per unit as interest, ₹0.55 per unit as dividend, ₹4.71 per unit as repayment of SPV loan and ₹0.03 per unit as treasury income. The annual DPU for FY24 was ₹10.09. During the year, traffic volumes grew by 6.2 percent while the Asset Under Management (AUM) grew 25 percent to ₹32,266 crore as of March 31, 2025. The Net Debt to Enterprise Value ratio was maintained at 44.65 percent, offering ample headroom for growth. 'Our diversified highway portfolio continues to deliver strong and predictable traffic growth and continues to receive accolades for its O&M quality. We have successfully executed our strategy of deploying our debt capacity by acquiring seven road assets and, in addition, have executed binding Share Purchase Agreements (SPAs) for two additional acquisitions. These acquisitions are accretive to unitholder yields and value and will simultaneously de-risk the portfolio," Vinay Sekar , CEO of Cube InvIT, The record date for the distribution is June 2, 2025, and the distribution payout will be made on or before June 9, 2025. Cube Highways Trust is backed by I Squared Capital , a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Abu Dhabi's sovereign investor Mubadala Investment Company. The Trust operates and manages highway projects in association with the Central and state governments.
Yahoo
21-05-2025
- Business
- Yahoo
AES Teams Up with Meta to Provide 650 MW of Solar Power in Texas and Kansas
The AES Corporation (NYSE:AES) announced today that it has signed two long-term Power Purchase Agreements (PPAs) to supply Meta's data centers with 650 MW of solar energy from projects being developed in the Southwest Power Pool (SPP) region. The AES Corporation (NYSE:AES) is the largest American global power company, currently operating 32.7 GW of capacity, with an additional 12.3 GW of signed long-term PPAs and a development pipeline totaling 65 GW. Andrés Gluski, AES President and Chief Executive Officer, made the following statement regarding the company's partnership with Meta: "AES is proud to partner with Meta to deliver reliable and affordable renewable energy that supports their data center growth and ambitious sustainability goals. By providing energy solutions that offer fast time-to-power and low-cost electricity, we continue to be the partner of choice for companies, like Meta, at the forefront of artificial intelligence innovation." The AES Corporation (NYSE:AES) has secured 10.1 GW of contracts with major global hyperscalers, including 7.7 GW in long-term PPAs aimed at building renewable energy capacity to meet data center power demands. This solidifies AES's role as a leading energy provider for corporate clients worldwide. AES's leadership in this area has been recognized by Bloomberg New Energy Finance (BNEF), which has ranked the company as a top clean energy supplier to corporations for the third consecutive year in its 2024 Corporate Energy Market Outlook. The AES Corporation (NYSE:AES) started investing in wind and solar in 2002. It expanded into distributed solar by acquiring Mainstreet Power in 2015 and bought sPower, the largest US solar developer, in 2017 with AIMCo. In 2021, AES launched a robot to speed up solar construction. While we acknowledge the potential of AES to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AES and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Business Standard
20-05-2025
- Business
- Business Standard
Bajaj Group get CCI's nod to acquire Allianz's 26% stake in insurance JVs
Fair trade regulator CCI on Tuesday cleared Bajaj Group's proposed acquisition of a 26 per cent stake each in its insurance joint ventures, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, from its partner Allianz SE for a total of Rs 24,180 crore. "The proposed combination involves acquisition of 26 per cent paid-up equity share capital of Bajaj Allianz Life Insurance Company Ltd (BALIC) and Bajaj Allianz General Insurance Company Ltd (BAGIC) by Bajaj Finserv Ltd (BFS), Bajaj Holdings & Investment Ltd (BHIL) and Jamnalal Sons Pvt Ltd (JSPL) from Allianz SE," the regulator said in a release. BFS is engaged in the provision of financial services, including consumer and SME finance, housing finance, general insurance, and JSPL is a private limited company incorporated under the provisions of the Companies Act, 1913. BHIL is a RBI-registered as a non-banking financial company - investment and credit company and BALIC and BAGIC are joint ventures between Bajaj Finserv and Allianz, where BFS currently holds 74 per cent stake each and the rest with Allianz SE. The competition watchdog also granted its nod for the proposed combination involving the acquisition of 50 per cent paid-up equity share capital of Bajaj Allianz Financial Distributors Limited (BAFDL) by BFS from Allianz. BAFDL is a 50:50 joint venture between BFS and Allianz. "CCI approves the proposed combination involving acquisition of stake in Bajaj Allianz Life Insurance Company, Bajaj Allianz General Insurance Company and Bajaj Allianz Financial Distributors by Bajaj Finserv, Bajaj Holdings & Investment and Jamnalal Sons," the Competition Commission of India (CCI) said in a post on X. In March this year, financial services firm Bajaj Finserv announced that it has signed share purchase agreements for the acquisition of a 26 per cent stake owned by Allianz SE of Germany in its insurance businesses Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. The execution of the Share Purchase Agreements (SPAs) marks the end of a 24-year relationship and also the culmination of constructive and amicable discussions to ensure a seamless transfer of the stake of Allianz. The acquisition of Allianz SE's stake will increase Bajaj Group's ownership in Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC) to 100 per cent from the current 74 per cent. The agreed consideration for 26 per cent stake in BAGIC and BALIC is Rs 13,780 crore and Rs 10,400 crore, respectively. In a separate release on Tuesday, CCI cleared the proposed combination involving acquisition of Batlivala & Karani Securities Pvt Ltd and Batlivala & Karani Finserv Pvt Ltd by asset and wealth management firm 360 ONE. Batlivala & Karani Securities is engaged in the business of equity broking, distribution of financial products, investment banking and research analysis and Batlivala & Karani Finserv is engaged in the business of distribution of financial products. Deals beyond a certain threshold require approval from the regulator, which keep a tab on unfair business practices as well as promotes fair competition in the marketplace.
Time of India
20-05-2025
- Business
- Time of India
Bajaj Group get CCI's nod to acquire Allianz's 26 pc stake in insurance JVs for Rs 24,180 cr
The Competition Commission of India (CCI) has approved Bajaj Group's acquisition of a 26% stake each in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance from Allianz SE for Rs 24,180 crore. This deal will increase Bajaj Group's ownership to 100%. CCI also approved Bajaj Finserv's acquisition of 50% stake in Bajaj Allianz Financial Distributors from Allianz. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Fair trade regulator CCI on Tuesday cleared Bajaj Group 's proposed acquisition of a 26 per cent stake each in its insurance joint ventures Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance , from its partner Allianz SE for a total of Rs 24,180 crore. "The proposed combination involves acquisition of 26 per cent paid-up equity share capital of Bajaj Allianz Life Insurance Company Ltd (BALIC) and Bajaj Allianz General Insurance Company Ltd (BAGIC) by Bajaj Finserv Ltd (BFS), Bajaj Holdings & Investment Ltd (BHIL) and Jamnalal Sons Pvt Ltd (JSPL) from Allianz SE," the regulator said in a is engaged in the provision of financial services , including consumer and SME finance, housing finance, general insurance, and JSPL is a private limited company incorporated under the provisions of the Companies Act, is a RBI-registered as a non-banking financial company - investment and credit company and BALIC and BAGIC are joint ventures between Bajaj Finserv and Allianz, where BFS currently holds 74 per cent stake each and the rest with Allianz competition watchdog also granted its nod for the proposed combination involving the acquisition of 50 per cent paid-up equity share capital of Bajaj Allianz Financial Distributors Limited (BAFDL) by BFS from is a 50:50 joint venture between BFS and Allianz."CCI approves the proposed combination involving acquisition of stake in Bajaj Allianz Life Insurance Company, Bajaj Allianz General Insurance Company and Bajaj Allianz Financial Distributors by Bajaj Finserv, Bajaj Holdings & Investment and Jamnalal Sons," the Competition Commission of India (CCI) said in a post on March this year, financial services firm Bajaj Finserv announced that it has signed share purchase agreements for the acquisition of a 26 per cent stake owned by Allianz SE of Germany in its insurance businesses Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance execution of the Share Purchase Agreements (SPAs) marks the end of a 24-year relationship and also the culmination of constructive and amicable discussions to ensure a seamless transfer of the stake of acquisition of Allianz SE's stake will increase Bajaj Group's ownership in Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC) to 100 per cent from the current 74 per agreed consideration for 26 per cent stake in BAGIC and BALIC is Rs 13,780 crore and Rs 10,400 crore, a separate release on Tuesday, CCI cleared the proposed combination involving acquisition of Batlivala & Karani Securities Pvt Ltd and Batlivala & Karani Finserv Pvt Ltd by asset and wealth management firm 360 & Karani Securities is engaged in the business of equity broking, distribution of financial products, investment banking and research analysis and Batlivala & Karani Finserv is engaged in the business of distribution of financial beyond a certain threshold require approval from the regulator, which keep a tab on unfair business practices as well as promotes fair competition in the marketplace.
