AP govt waives distance norm to enable Aurobindo Realty pick stakes in 2 ports
March 11, 2021
Infra developer to hold 74% and 26% to be with GMR SEZ & Port Holding
The Andhra Pradesh government has allowed Aurobindo Realty and Infrastructure Pvt Ltd to acquire majority stakes in Kakinada Gateway Port Ltd (KGPL) and the nearby Kakinada Seaports Ltd by waiving a restriction in the concession agreement for KGPL that barred its developer and operator from holding over 25 per cent stake in another port located within 75 km. Since Kakinada Gateway Port and Kakinada Seaports Ltd are within the 75 km of each other, Aurobindo Realty could not have acquired controlling stake in the two ports without the waiver.
Bain Capital buys 30% stake in JM Baxi cargo terminal unit for ₹1,500 crore
February 23, 2021
International Cargo Terminals and Infrastructure, a unit of the JM Baxi group, runs container handling terminals at Visakhapatnam
International Cargo Terminals and Infrastructure, a unit of the JM Baxi group, runs container handling terminals at Visakhapatnam×
The logistics firm will use investment to pare debt, fund expansion
The US-based Bain Capital Private Equity has invested about ₹1,500 crore for a 30 per cent stake in International Cargo Terminals and Infrastructure Pvt Ltd, a unit of Mumbai-based JM Baxi Group, in one of the largest deals in the Indian port logistics business.
Here are the top stocks that are likely to be in focus today:
Adani Ports: The company said it has completed the acquisition of Dighi Port for Rs 705 crore and would invest over Rs 10,000 crore in developing it as an alternate gateway to JNPT.
L&T Finance Holdings: The company, last evening, informed exchanged that it has closed its rights issue and raised over Rs 2,998 crore. The rights issue was oversubscribed by approximately 15 per cent, it said in a release.
Nestle India: The company s profit after tax rose 0.2 per cent year-on-year to Rs 483.3 crore from Rs 472.6 crore in the corresponding quarter previous year.
Railway Officials Bribery Case: CBI Recovers Additional Rs 2.04 Crore Cash Hidden in South Delhi Hotel
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The CBI has seized an additional Rs 2.04 crore hidden in a private hotel in South Delhi by the executives of ABCI Infrastructure Pvt Ltd, accused in a bribery case involving senior officials of Northeast Frontier Railways, officials said Tuesday. In its biggest trap case, the agency had arrested Chief Administrative Officer Mahender Singh Chauhan of NFR on Sunday and other senior officials in the case involving a bribe of Rs one crore, they said.
So far, Rs 4.43 crore (approx) have been recovered, the CBI said. It was found during further searches at the premises of a private firm (allegedly involved in the said case) located at Kailash Colony, New Delhi that certain items were removed and concealed at another place in Delhi.