Page 52 - Investment

India to spend nearly Rs 143 trn on infra between FY24 and FY30: CRISIL

India will spend nearly Rs 143 lakh crore on infrastructure between fiscals 2024 and 2030, more than twice the Rs 67 lakh crore spent in the past seven financial years starting 2017, rating agency Crisil said on Tuesday. Of the total, Rs 36.6 lakh crore will be green investments, marking a five times rise compared with the amount spent during fiscals 2017-2023, it added. "India's infrastructure spending will double to Rs 143 lakh crore between fiscals 2024 and 2030, compared with 2017-2023," Crisil said in its Infrastructure Yearbook 2023. Crisil Ltd managing director and CEO Amish Mehta said the agency expects India's gross domestic product to grow at an average 6.7 per cent through fiscal 2031 to be the fastest-expanding large economy. "Per capita income is seen rising from USD 2,500 now to USD 4,500 by fiscal 2031, creating a middle-income country," he said, adding that this growth will be underpinned by massive all-round infrastructure development, with sharp focus on integrati

Vivriti Asset Management receives $200 million in three credit funds

Vivriti Asset Management (VAM) on Monday said it has received USD 200 million (about Rs 1,664 crore) in commitments in three alternate investment funds. VAM said the commitments have been raised for three credit funds, including Vivriti Wealth Optimizer Fund, Vivriti Emerging Corporate Bond Fund, and Vivriti Alpha Debt Fund - Enhanced. Under Diversified Bond Funds (DBF), VAM has invested over Rs 1,400 crore since January 2022 in 40 investees in sectors such as airports, clean energy, road construction, fertiliser manufacturing, thermal energy, financial services, logistics, software services and managed offices, as per an official statement. To date, the company has raised commitments of over USD 450 million, the statement said. The investments have supported the growth of these businesses, with end-use tied to capital expenditure, working capital improvement, product development, and last-mile contribution to infrastructure projects, it said. There are 570 contributors to the ...

AI startup Leucine gets $7 mn funding from Ecolab Inc, angel investors

Leucine's platform can be rolled out in as little as eight weeks, thanks to its proprietary AI-enabled digital process builder

Indian Oil to invest Rs 1,660 cr in JV with NTPC to set up power plants

Indian Oil Corporation, the nation's biggest oil firm, will invest Rs 1,660.15 crore as equity in a newly set up joint venture with energy major NTPC Ltd for setting up renewable power plants. In June, IOC and NTPC had formed a 50:50 joint venture company, IndianOil NTPC Green Energy Pvt Ltd, to set up renewable energy projects to meet round-the-clock power requirements of refineries of the oil company. In a stock exchanging filing, IOC said its Board in a meeting on October 13, "has accorded approval to the investment plan of the joint venture company for setting up of renewable energy power plants and approved the equity contribution of up to Rs 1,660.15 crore towards Indian Oil's share of 50 per cent in the equity share capital of the JVC." On June 2, IOC incorporated the joint venture company (JVC) with NTPC Green Energy Limited, (a wholly-owned subsidiary of NTPC Limited). "IndianQil NTPC Green Energy Private Limited will develop renewable energy-based power projects (viz. sol

Venture Highway gets 50x returns in secondary sale of stake in Meesho

Venture Highway, an early and long-term backer of Meesho, invested in the company's first seed round over eight years ago

Karnataka govt's US visit garners $3 bn worth of investment interest

The delegation held meetings with global companies like Applied Materials, AMD, Juniper, Global Foundries, Lam Research, Boeing, Krypton and Dell

Steel, cement industry need Rs 47 trn investment to meet net zero goals

The domestic steel and cement industry will require an additional Rs 47 lakh crore investment to meet net zero targets, according to a report. India is the second-largest producer of steel and cement in the world, and both are emission-intensive hard-to-abate industries. "India's existing steel and cement plants will require Rs 47 lakh crore (USD 627 billion) in additional capital expenditure (CAPEX) to achieve net-zero carbon emissions," the Council on Energy, Environment and Water (CEEW) report said. These two sectors will need Rs 1 lakh crore each year in additional operational expenditure (OPEX) to go net-zero, the report added. The CEEW analyses also found that an 825 per cent reduction in steel emissions and a 32 per cent reduction in cement emissions is possible without any price increase by adopting efficient technologies such as waste-heat recovery and energy-efficient drives and controls. Moreover, a 33 per cent reduction in the combined carbon emissions of the steel and

Sebi extends time for investment advisers to comply with qualification rule

Capital markets regulator Sebi on Wednesday extended the timeline by two years till September 2025 for compliance with enhanced qualification and experience requirements for investment advisers. At present, individual investment advisers, principal officers of non-individual investment advisers, and persons with investment advisers and associated with the work, were required to comply with enhanced qualification and experience requirements by September 30, 2023. "Based on representations received from various stakeholders and in view of the emerging landscape of the domain of investment advice... it is now specified that the timeline to comply with the enhanced qualification and experience requirements.. is extended to September 30, 2025," Sebi said on a circular. BSE Administration & Supervision Ltd (BASL), a wholly-owned subsidiary of BSE, has been directed to bring the provisions of this circular to the notice of its members and also disseminate the same on its website. The ...

Govt tweaks PLI white goods scheme norms for simplifying operation

The changes have been made on the basis of various suggestions received from the beneficiaries as well as industry association.

China saves billions of dollars from record-sanctioned oil imports

China's purchases are also a revenue lifeline for Moscow, Tehran and Caracas, whose economies are otherwise curtailed by Western sanctions and a decline in investment

Private equity investment fall by 65% to $1.81 bn in quarter ending Sept

Private equity (PE) investments in India fell 65.4 per cent to USD 1.81 billion in July-September 2023 as compared to the year-ago period, according to an industry report. In the year-ago period, PE investment was USD 5.23 billion. The number of deals also declined steeply by 50.1 per cent to 232 from 465 deals in Q3 2022, according to the data collated by Refinitiv, which is a London Stock Exchange Group (LSG) business. On a sequential basis, the number of deals fell 34.2 per cent from 353 in Q2 2023, and in value term it declined by 35.2 per cent from USD 2.79 billion. For the first nine months (January-September 2023), the Internet specific and computer software companies continued to attract maximum PE interest with USD 2.80 billion and USD 1.48 billion invested. But this is 63.2 per cent down from the year-ago period with the number of deals declining to 283 from 414 in the first nine month of 2022. PE investment in computer software was down 74.9 per cent, financial services

Telecom cos invest Rs 2,419 crore under PLI scheme till date: Vaishnaw

Investment by telecom companies under the production-linked incentive scheme has crossed the halfway mark of Rs 2,419 crore, resulting in the employment of 17,753 people, Telecom Minister Ashwini Vaishnaw said on Tuesday. The government shortlisted 42 companies in October 2022 that committed a total investment of Rs 4,115 crore and are likely to generate additional sales of Rs 2.45 lakh crore and employ over 44,000 people during the six-year scheme period ending 2025-26. "Today, in the telecom sector, we have crossed a major milestone where PLI-supported companies have already completed an investment of Rs 2,419 crore, where the sales are at Rs 34,516 crore, exports are Rs 7,600 crore, and employment is 17,753. This is a great milestone for the telecom industry," Vaishnaw said. He was speaking during the virtual inauguration of a production line to manufacture 4G and 5G connectivity modules and data cards for US-based Telit Cinterion by domestic firm VVDN. "Very complex manufacturi

Uttar Pradesh govt eyes Rs 30k cr pvt investment in data centre hubs

According to reports, India is poised to create a trillion-dollar economic value from the digital economy by 2025

Insurtech start-up Onsurity raises $24 million in series B funding round

The company said a portion of the latest funding will be allocated to the company's efforts to chart the path towards profitability

IIFL Fintech Funds marks first exit after selling stake in TrustCheckr

IIFL Fintech Fund was established in August 2021, with a corpus of Rs 210 crore and sponsorship from two group companies - IIFL Finance and IIFL Securities

Australia to be partner country at Tamil Nadu global investors meet in Jan

Australia sees 'scope to do more' with Tamil Nadu in education and research, advanced manufacturing, clean energy

Mahindra Last Mile Mobility gets Rs 300 crore investment from IFC

MLMML will prioritise expanding last-mile passenger and cargo transport solutions

Alternatives to China: Vietnam, India slug it out for semicon investments

Vietnam has garnered investments of over $5 billion in the semiconductor space, which have been publicly announced or are in various stages of implementation

Mukesh Ambani's Reliance Retail Ventures to raise $598 million from ADIA

The investment by ADIA at a valuation of $100.8 billion will translate into a stake of 0.59% in company, the retail unit of oil-to-retail conglomerate Reliance Industries said in a regulatory filing

Saint-Gobain India investing Rs 3,400 cr in Tamil Nadu across different biz

Saint-Gobain India, a leading glass maker and a player in the housing solutions business on Friday said it is investing Rs 3,400 crore in Tamil Nadu across different businesses. This is part of the Rs 8,000 crore investment, which Saint-Gobain has committed for Tamil Nadu over the next 4-5 years. This includes a series of green and brownfield investments in several manufacturing sectors in the state. "We are investing Rs 3,400 crore across different businesses -- glass wool, gypsum plasterboard, plaster, acoustic ceiling, float glass, solar glass, adhesives, sealants, mortars and ceramics in our next phase of expansion in Tamil Nadu," B Santhanam, CEO, Asia Pacific and India region and Chairman, Saint-Gobain India, said. The announcement was made after Saint-Gobain Global Board represented by Chairman Pierre-Andre de Chalendar, and CEO Benoit Bazin met Tamil Nadu Chief Minister M K Stalin and state government officials. Saint-Gobain India is a subsidiary of French glassmaker ...