Latest news with #Rs17bn
Zawya
25-04-2025
- Business
- Zawya
India's Prestige Hospitality Ventures files for up to Rs27bn IPO: IFR
Indian hotel developer Prestige Hospitality Ventures has filed for an up to Rs27bn (US$317m) IPO comprising a primary portion of Rs17bn and secondary of Rs10bn. Controlling shareholder Prestige Estates Projects is the vendor, according to the draft prospectus. The company is also planning a pre-IPO placement of up to Rs3.4bn and, when completed, will reduce the primary component of the IPO. PHV operates hotels under brands such as Conrad, Sheraton Grand, JW Marriott and Angsana. Revenue in the nine months ended December was Rs10.1bn, up 47% from Rs6.89bn in the same period of 2023. Net profit was Rs679.8m, down 18% from Rs825.9m. CLSA, JM Financial, JP Morgan and Kotak are the lead managers.
Express Tribune
22-03-2025
- Business
- Express Tribune
Rs189b transmission line project faces 'ROW' challenge
Federal Minister for Energy Sardar Awais Ahmed Khan Leghari on Friday met with World Bank Country Director Najy Benhassine, World Bank Group experts and IFC Country Manager Zeeshan Sheikh and discussed the initial feasibility of the Matiari-Moro-Rahim Yar Khan transmission line project. The government has planned to construct the 500kV transmission line to link Matiari in Sindh with Rahim Yar Khan in Punjab. According to the Ministry of Planning and Development, the Rs189 billion project had been approved, with Rs17bn allocated in the budget for the fiscal year 2024-25. The transmission line is necessary to make up for the electricity differential from south to north. The issue, as per a wind power producers (WPPs) representative, is as the power generation in the country's southern region has rapidly increased "[it] outpaced the development of NTDC's grids that can carry electricity from south to north. This has resulted in transmission bottlenecks which, in turn, limit NTDC's ability to evacuate power". On its part, the NTDC claims the variation in electricity generation from WPPs — due to seasonal changes — makes its grid unstable. Leghari emphasized that, while the project has numerous benefits, its success depends on the effective resolution of the "right of way" issue. "Until the challenge is addressed, effective implementation of the project will not be possible." The right of way (ROW) is the legal permission required for the construction, conservation, expansion and protection of a piece of land or a commuting route. In other words, when an organisation, may it be a government or private entity, intends to build or improve the infrastructure of a city, district, or even a country, ROW is needed before any such work is initiated. The minister clarified that under any procurement model, the National Transmission and Dispatch Company (NTDC) must retain control over the transmission system and operations, while tariffs will be determined according to NEPRA regulations to ensure sustainability of the project. The project is a key component of Pakistan's energy infrastructure, designed to improve stability and performance of the national transmission network, said a press release issued here. Its goal is to improve voltage stability, ensure effective electricity transmission from north to south, and facilitate the integration of large-scale renewable energy sources. Additionally, various aspects of the project were discussed during the meeting. Minister of State Abdul Rehman Kanju also participated in the meeting.
