Tata Power Solar bags Rs 945 cr 100 MW project from SECI
Tata Power has been awarded a project to build a 100 MW EPC solar project by Solar Energy Corp. This will be combined with a 120 MWh utility scale Battery Energy Storage System. In terms of value of contract, this will be the largest in this field at Rs.945 crore. The project is expected to be completed over next 18 months. Tata Power currently has an EPC order book of Rs.9,000 crore. The scope of the project includes engineering, design, supply, construction, erection, testing, O&M and commissioning of projects.
Nykaa looks to triple store count in retail expansion
Recently listed fashion platform, Nykaa, has announced plans to more than triple its brick-and-mortar stores to 300. This was confirmed by Falguni Nayar. Nykaa is looking to rapidly ramp up its physical presence to complement its digital franchise. Nykaa will target 100 cities, in addition to the 84 retail outlets it already operates across 40 cities. In the fashion and lifestyle business, touch-and-feel products are critical building block. Fashion market has potential of $70 billion and grows during wedding season.
Swiggy nears $700 mn raise at over $10 bn valuation
Swiggy, a close competitor to Zomato in the food delivery business, is about to close its $700 million funding at a potential valuation of $11 billion. Invesco will be the lead investor in this round and the deal is expected to be closed during the month. Swiggy is also in talks to acquire Dunzo, a hyperlocal delivery service. Currently Swiggy is backed by Softbank and Prosus. If this valuation works, it would be twice its last fund raising valuation. Swiggy has also diversified into pick-up-and-drop service with Swiggy Genie.
Raymond Ltd to list its subsidiary
Raymond Ltd plans to list its subsidiary, JK Files & Engineering, and mobilize Rs.800 crore through an initial public offer. However, Raymond group has confirmed that even after the IPO, JK Files & Engineering will continue to be a subsidiary of Raymond Ltd. The entire IPO will be an offer for sale (OFS) as per the filings made by the company to the stock exchanges. The IPO will allow Raymond to monetize some of its holdings in the subsidiary and help deleverage the group. Raymond is currently restructuring its business.
RedBus and IRCTC to join hands!
India’s largest online bus ticketing platform RedBus has announced a rail ticket booking service RedRail in collaboration with Indian Railway Catering and Tourism Corporation (IRCTC). Henceforth, Android users of RedBus will be able to book bus tickets as well as train tickets in a single mobile application. RedRail will not levy any service charges or payment gateway charges as an introductory offer.
Bharti Airtel looks to buy a majority stake in Dish TV
Bharti Airtel and Dish TV to have a combined market share of nearly 50% in the direct-to-home, or DTH, space in India. This deal that would give India’s second-largest telecom operator control of half of the country’s satellite television business. Bharti Airtel executives have had discussions with Essel Group founder Subhash Chandra for the transaction. Bharti Airtel has offered Rs 20 a share, a 16 percent premium to Wednesday’s closing price, to buy the 5.93 percent stake of Dish TV’s promoter group.
PNB to pick up 9.5% stake in Open Network for Digital Commerce
PNB has decided to invest as a promoter in Open Network for Digital Commerce by picking up over 9% stake in the company, which is yet to be incorporated. The lender said it would participate in buying a 9.5 percent of equity capital of ONDC Ltd or invest Rs 25 crore, whichever is lower. The investment would be done in one or more tranches but the timeline had not been finalised.