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Suzlon Energy Ltd, the world’s third largest wind turbine group, on Friday announced BSE that the company has completed the payment of its entire outstanding acquisition loan facility of about $780 million. The payment was made from the proceeds of a partial stake sale in Hansen Transmissions International NV in addition to a new five-year loan of $465 million from SBI. The process has also enabled the company to achieve a net reduction in overall debt by about $350 million. In addition, Suzlon has also achieved significant progress in the consolidation and refinancing of existing rupee denominated term loans and working capital loans through new debt facilities from a syndicate of banks.

Jindal Power on Friday said it will invest Rs 65,000 crore in new power projects and part of the financing for these would be done through its up to Rs 10,000-crore Initial Public Offer. The company, part of Jindal Steel and Power Ltd group, would create fresh thermal capacity of over 4,400 MW and hydel capacity of 6,100 MW, with the commissioning of projects starting from 2014. “We need internal financial of Rs 15,000 and the rest would come through debt for financing the projects. “All this IPO money will primarily go to our expansion programme and the balance would be funded from our internal accruals,” the Jindal Power Deputy Managing Director, Mr Sushil Maru, told PTI a day after the company’s board decided for the IPO. As of now, the company, with a net worth of over Rs 7,000 crore, is generating surplus funds of about Rs 1,500 crore, he said, adding “finances would not be a problem at all.” The company plans to fund the projects in the debt-equity ratio of 70:30. Besides, the c...

Suzlon Energy Ltd, the world’s third largest wind turbine maker with 12.3 per cent of global market share, announced BSE on Wednesday that the company has secured a seventh order for 31.5 MW capacity from Rajasthan State Mines and Minerals Ltd (R SMML). According to Suzlon, the 31.5-MW order is the biggest order for the S88-2.1 MW turbines for installation in Rajasthan, and the project once complete is estimated to generate enough electricity to power over 6,000 households. It will also increase RSMML’s total wind portfolio to 106 MW.

GVK Power has acquired 17% in Bangalore International Airport (BIAL) from Larsen & Toubro for Rs 686 crore. The stake was acquired through its subsidiary and the acquisition was priced at Rs 105 a share. With this acquisition, GVK will now hold 29% stake in BIAL. The deal values BIAL at around Rs 4,040 crore.

Belying predictions, the Indian economy grew by a significant 7.9 per cent in the second quarter of this fiscal, up from 6.1 per cent in the previous quarter, essentially due to a good showing by the industry and the services sector. The growth compares favourably with 7.7 per cent recorded in the July-September quarter in the previous year. Consequently, the economy rose 7 per cent in the first half ending September 30 of the current fiscal on the back of stimulus packages and revival of domestic demand, giving hopes that final figures for the year could be much higher. The Finance Minister, Mr Pranab Mukherjee, the Reserve Bank and the Planning Commission had predicted a growth of about 6-7 per cent, while global agencies and analysts forecast it to be even lower. Analysts were expecting a growth rate of 6.1-6.6 per cent in the second quarter. The economic growth of close to eight per cent in the second quarter is also remarkable in the context of just 0.9 per cent expansion in farm ...

Grasim Industries Ltd has informed BSE that the board of directors of Samruddhi Cement Ltd, an unlisted subsidiary of Grasim Industries, at its meeting held on November 15, has approved the merger of Samruddhi with UltraTech Cement, a listed subs idiary of the company. The merger is proposed to be undertaken through a scheme of amalgamation under Sections 391-394 of the Companies Act, 1956. As per the deal, Samruddhi shareholders will be entitled to receive four shares of UltraTech for every seven shares held in Samruddhi. On completion of the merger, Samruddhi shareholders will get direct participation in the largest domestic cement company. The merger will result in UltraTech emerging as the largest cement company in India and the tenth largest in the world. The merged entity will have a capacity of 48.8 million tonnes per annum of grey cement across 22 plants; 504-MW of captive thermal power plants; and 11.7-million cubic metres of ready mix concrete across 68 plants.

Suzlon Energy on Monday said its US-based arm Suzlon Wind Energy Corporation has received order for the supply of 10 wind turbines. A step-down wholly owned subsidiary of the company has bagged an order to supply 10 Suzlon S88 2.1 MW wind turbines that would generate 21 MW of energy for the Grant County Wind Farm, in Minnesota, USA, Suzlon said in a filing to the Bombay Stock Exchang e. However, the company has not disclosed the financial details of the project. Construction on the site has already begun and the wind farm is expected to be in commercial operation in the first quarter of 2010, the filing added.