Reliance Industries (RIL) said it has tied up Export Credit Agency (ECA) facility of up to $550 million co-financed by Japan Bank for International Cooperation (JBIC) and a group of other Japanese banks backed by Nippon Export and Investment Insurance (NEXI) to part finance the proposed expansion of its petrochemical plants and setting up new gasification plant and refinery off-gas cracker over the next two to three years.
JBIC will provide direct financing of up to $330 million and Japanese banks, supported by a 95% NEXI insurance cover, will finance up to $220 million. The participating banks include The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and three regional Japanese banks namely The Gunma Bank, The Hachijuni Bank, and The Chiba Bank, RIL said in a statement.
This facility will have a door-to-door tenor of twelve years and will be used to finance contracts for imports of goods & services signed with more than 20 Japanese suppliers, including some SMEs and MMEs, RIL said.
With this facility, NEXI has established a new insurance program that extends support to Japanese regional banks' for financing such overseas projects. In addition to the aforesaid six Japanese banks, some more banks (Japanese regional banks) are expected to participate through a partial assignment of the contractual rights and obligations of NEXI covered portion.
The deal is significant since JBIC is financing a buyers' credit facility with more than 20 Japanese suppliers including SMEs and MMEs. NEXI cover is not only provided for regional Japanese banks participating as the primary lenders but also for the regional Japanese banks joining the deal through syndication process, the company said.
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Tech Mahindra announced after market hours on Tuesday, 22 April 2014 that it has been chosen by New Hampshire's Division of Motor Vehicles (DMV) to implement its Motor Vehicle Enterprise System (MOVES), a configurable Microsoft Dynamics CRM-based solution. The solution will replace and modernize New Hampshire DMV's existing legacy system.
The new DMV solution for New Hampshire, based on MOVES, will digitally manage all Driver Licenses, Financials, Financial Responsibility, Hearings, Inventory, Dealers, and Inspection Stations. This is a multi-million deal, and the system will be implemented over a span of 22 months.
Tech Mahindra worked closely with Microsoft in developing the Dynamics CRM-based MOVES solution. This flexible and highly configurable solution, specially designed for Motor Vehicle agencies, will allow the DMV to provide superior customer service, compliance checks, performance measures, and fraud prevention mechanisms. MOVES is built on the premise that in today's world, business process areas are highly interdependent and individuals interact with the DMV jurisdictions in more than one role and using more than one channel of access.
Rick Bailey, Director, Division of Motor Vehicles, State of New Hampshire said: "We were looking for an innovative solution that enables us to be more efficient as an organization. We believe Tech Mahindra's MOVES solution gives us a framework that we could customize to fit our needs and that Tech Mahindra's technical and domain expertise will be vital for a smooth implementation."
Arvind Malhotra, Head - Strategic Accounts, Tech Mahindra said: "We are delighted to be selected by New Hampshire for this project, and we're confident that our technology coupled with the past projects experience will support and enable them to be more efficient than ever. We are hoping this partnership is indicative of the innovations possible for other motor vehicle agencies."
Andy Pitman, eGovernment Solutions Director, Microsoft Corporation said: We're pleased that New Hampshire is adopting it. We believe that this commercial off the shelf software centric approach to DMV modernization can reduce implementation risks and result in a more maintainable solution for the State.
Tech Mahindra's focus continues to be providing the best possible solutions to our Government clients. Our Public Sector Practice is helping our customers save costs, improve business process quality, significantly increase productivity, and create satisfying experiences for citizens and staff. The Tech Mahindra Public Sector team has formed deep customer relationships with governments in many states and provinces, which Tech Mahindra supports with software and services in the areas of Motor Vehicles, Public Budgeting, Grants Management, SAP solutions and Document Management Solutions among others.
On a consolidated basis, Rallis India's net profit jumped 71.40% to Rs 19.30 crore on 16.35% increase in total income from operations (net) to Rs 331.46 crore in Q4 March 2014 over Q4 March 2013.
Net profit of VST Industries rose 49.37% to Rs 51.89 crore on 18.11% rise in net sales to Rs 188.98 crore in the quarter ended March 2014 over the quarter ended March 2013.
Seamec will be watched as HAL Offshore agreed to buy a 75% stake in Seamec from Coflexip Stena Offshore (Mauritius). HAL Offshore bought a 51% stake in Seamec from Coflexip Stena Offshore (Mauritius) and is looking to buy the remaining stake in an open offer. HAL Offshore has announced an open offer to acquire 88.14 lakh equity shares, or 26% stake, of Seamec at Rs 97 per share.
Kinetic Engineering announced after market hours on Tuesday, 22 April 2014 that Mr. Ajinkya A. Firodia has been appointed as Managing Director of the company from 22 April 2014. The appointment was made in the meeting of the board of directors held on 22 April 2014.
With reference to the earlier announcement dated 21 April 2014, PVP Ventures announced after market hours on Tuesday, 22 April 2014 that the Participation Agreement between PVP Ventures and Football Sports Development (an SPV formed by IMG Reliance; Star India and All India Football Federation) has been executed by the Parties. With the execution of this Agreement, now PVP Ventures has become eligible to own a football team and participate in the football league being organized by Football Sports Development and the first season of the Indian Super League (ISL) may commence in the month of September, 2014.
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