The Nifty futures were trading higher around 17,160 level on the Singaporean Exchange at 8:30 IST. Asian markets are trading higher tracking positive US markets.
Source : Internet
Indian Oil Corporation will invest Rs.9,028 crore to lay a new crude oil pipeline
Indian Oil Corporation will invest Rs.9,028 crore to lay a new crude oil pipeline from Mundra in Gujarat to Panipat in Haryana. The pipeline will have a capacity of 17.5 MTPA and will move imported crude oil from Mundra Port to its refinery in Panipat. IOCL will build 9 crude oil tanks with 60,000 KL capacity each at Mundra. IOCL is currently expanding its capacity at Panipat from 15 MTPA to 25 MTPA coupled with the installation of polypropylene and Catalytic Dewaxing Unit. The new pipeline will meet the enhanced need.
L&T Finance Holdings will sell L&T Investment Management to HSBC AMC
L&T Finance Holdings will sell L&T Investment Management to HSBC AMC for $425 million. HSBC AMC will acquire 100% equity of L&T Investment Management, the investment manager for L&T Mutual Fund. L&T as a group has been looking to exit non-core businesses to conserve cash and reallocate capital. Post the deal, all the existing schemes of L&T AMC will be managed by HSBC AMC. HSBC will merge the operations of LTIM with its existing asset management business in India. HSBC AMC has AUM of Rs.11,700 crore.
Lodha group, has partnered with Morgan Stanley Real Estate
Macrotech Developers, formerly Lodha group, has partnered with Morgan Stanley Real Estate to develop a top-end premium warehousing project near Mumbai. This project will entail an investment of Rs.600 crore. It will develop 1.9 million SFT area at the Palava Industrial and Logistics Park and will develop Grade-A warehouses across 72 acres land parcel. Macrotech will act as the development manager for the project. The park is located close to JNPT, upcoming Navi Mumbai International Airport and Taloja Industrial MIDC.
GMR Infrastructure received approval from NCLT for the demerger
GMR Infrastructure received approval from NCLT for the demerger of its non-airport businesses. The scheme of arrangement to separate GMR Power and GMR Infrastructure will help the company better create value for shareholders. The plan to restructure its business verticals and list its airports business separately was finalized in August 2020. GMR airport portfolio has passenger capacity of 172 million including India’s busiest airport, IGIDR. The energy, urban infrastructure and EPC services will be moved to GMR Power.