Reliance Infrastructure Ltd is in talks with Singapore based-Cube Highways to sell its 4 road assets for an enterprise value of Rs 1,430 crore. The company will use the proceeds from the sale to cut down its debt.
Singapore-based Cube Highways is promoted by I Squared Capital, a wholly owned subsidiary of the Abu Dhabi Investment Authority, International Finance Corporation and a consortium of Japanese investors including Mitsubishi Corporation and Japan Overseas Infrastructure Investment Corporation.
According to sources close to the development, Cube Highways has shown interest in Reliance Infra’s four road assets viz, DS Toll Road Private Limited, NK Toll Road Private Limited, SU Toll Road Private Limited, in Tamil Nadu and JR Toll Road Private Limited, in Rajasthan.
With a total length of 283 kms, all four road assets are under operation with the balance available concession period of up to 12 years. Cube Highways has offered an Enterprise Value of Rs 1,430 crore and the proceeds would result in Reliance Infra’s debt reduction to that extent.
If this deal materialises, this would be the second transaction between Reliance Infra and Cube Highway. In January 2021, Reliance Infrastructure had successfully completed the sale of its 100 per cent stake in Delhi-Agra Toll Road to Cube Highways for an enterprise value over Rs 3,600.
Reliance Infra is on a debt reduction drive. Recently the company announced a fund raising of Rs 550 crore from the promoter group and VSFI Holding Pvt Ltd – an affiliate of Varde Investment Partners, LLP. The funds raised would be utilized for long term resources, for general corporate purposes, fund future growth and also to reduce debt.
The company’s consolidated debt was Rs 14,260 crore and standalone debt was Rs 3,808 crore as of March end. It aims to be debt free by the end of March 2022.
Reliance Infra has an EPC order book of over Rs 25,000 crore, power distribution business in Delhi serving 45 lakh customers and defence manufacturing business. The company has executed projects worth over Rs 2 Lakh crore in the past 20 years.
Google Play introduces UPI Autopay payment in India
Google announced on Tuesday that it is introducing UPI Autopay as a payment option for subscription-based purchases on Google Play in India.
Introduced under UPI 2.0 by NPCI (National Payments Corporation of India), UPI Autopay helps customers make recurring payments using any UPI application that supports the feature.
“With the introduction of UPI Autopay on the platform, we aim to extend the convenience of UPI to subscription-based purchases, helping many more people access helpful and delightful services – while enabling local developers to grow their subscription-based businesses on Google Play,” Saurabh Agarwal, Head of Google Play Retail & Payments Activation – India, Vietnam, Australia and New Zealand said in a statement.
Moreover, UPI Autopay makes setting up subscriptions easy.
Users need to simply tap on the payment method in the cart, select “Pay with UPI,” and then approve the purchase in their supported UPI app after selecting a subscription plan to purchase.
Google Play helps consumers transact safely and seamlessly in more than 170 markets, according to the report.
Also, the platform supports over 300 local payment methods in over 60 countries, removing complexities associated with finding and integrating local payments.
UPI is one such payment option, introduced on the Play Store in India in 2019.
In India, UPI has transformed the mobile payment framework, and on Google Play as well, many people are enjoying and using apps that take advantage of UPI-based transactions, the statement added.
Invest Karnataka 2022 paved way for Rs 9.82 lakh cr investment: CM Bommai
Karnataka Chief Minister Basavaraj Bommai announced at the concluding ceremony of the 3-day Global Investors Meet (GIM) in Bengaluru that “investments totaling about Rs 9.82 lakh have been committed in diverse sectors in the state.” Bommai thanked the participants in the event and investors.
Addressing the gathering, the CM said, “This GIM is different from other such Investor Meets as this has been organised during challenging times and has succeeded in showing us the way forward. What Karnataka thinks today, India thinks tomorrow. We will work with the investors shoulder to shoulder to make all these investments fructify on the ground.”
Thanking all the investors and delegates who participated in the GIM 2022, Karnataka Large and Medium Industries Minister, Murugesh Nirani, said “Invest Karnataka has laid a strong foundation for the development of Karnataka in the next five years. I am happy that we have met the core objective of this GIM, which is to bring in investments in diverse sectors and create jobs, and take industries beyond Bengaluru.”
The valedictory session was also attended by Bhagwanth Khuba, Union Minister of State for New and Renewable Energy, Chemicals & Fertilizers.
Inaugurated by Prime Minister Narendra Modi virtually on Wednesday, the event culminated on Friday with the valedictory session in which Chief Minister Basavaraj Bommai re-assured investors from all across the world of sustained support by his government.
Among top industrialists, Chairman of Jindal Group, Sajjan Jindal; Vice Chairman of Toyota Kirloskar Motor Pvt Ltd, Vikram S. Kirloskar; Chairman, Wipro, Rishad Premji; Vice Chairman, Bharti Enterprises, Rajan Bharti Mittal; CEO, Adani Ports and SEZ, Karan Adani and MD, Sterlite Power, Pratik Agarwal shared their experience in Karnataka and expressed continued interest in the state.
The Global Investors Meet witnessed 30+ immersive sessions spread across three days. These sessions were a mix of innovative formats such as panel discussions, fireside chats, and TED-style talks.
In addition to the speaker sessions, a number of networking events, cultural performances, business exhibitions (with 300+ exhibitors), and country sessions ran parallelly across the 3 days. The country sessions were hosted by partner countries — France, Germany, Netherlands, South Korea, Japan and Australia.
Unfortunately, there is no choice: Musk on Twitter layoffs
Elon Musk on Saturday said that there is no choice other than brutally firing half of Twitter’s workforce as the company is losing over $4 million a day.
After axing nearly 3,800 employees across the globe, including in India, the new Twitter CEO said that he has given three months of severance to everyone who has been asked to go.
“Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” Musk tweeted.
“Everyone exited was offered 3 months of severance, which is 50 per cent more than legally required,” he added.
Musk has laid off people across the departments at Twitter, eliminating several teams across the globe.
He also said that Twitter has seen a massive drop in revenue as activist groups are putting undue pressure on its advertisers.
“Again, to be crystal clear, Twitter’s strong commitment to content moderation remains absolutely unchanged. In fact, we have actually seen hateful speech at times this week decline below our prior norms, contrary to what you may read in the press,” he posted.
“Twitter will not censor accurate information about anything,” said Musk.
On charging $8 for the Blue subscription service, he said: “Trash me all day, but it’ll cost $8.”
The company lost $270 million in the April-June period after revenue slipped 1 per cent to $1.18 billion, reflecting advertising industry headwinds.
Mumbai: BEST announces Super Saver plans for Chalo App and Chalo card consumers
After Delhi HC order, Telegram discloses details of users sharing infringing material
Why India must step up its global campaign to nail Pak-sponsored terror
BJP claims better performance than UPA govt in economic domain
Mumbai: Raj Thackeray’s MNS to contest BMC elections solo
Authorities ban usage of 9 Jamaat-e-Islami properties in J&K’s Shopian
Mehrauli Murder: Aftab used Shraddha’s Insta till June
SC agrees to examine plea challenging electoral roll, Aadhaar linking
Dawood set up unit to target bizmen & politicians, says NIA charge sheet
$4,97,000 seized from passengers’ saree, shoes at Mumbai Airport
Entertainment1 year ago
Targeted in Sandalwood drugs case for being a woman: Actress Ragini Dwivedi
Crime4 months ago
Class 10 student jumps to death in Jaipur
Crime7 months ago
‘You must stop this’, SC expresses concern on hate speeches made at Dharam Sansads
Maharashtra1 year ago
Corona third wave knocked in Maharashtra!
Bollywood6 months ago
Anushka Sharma starts shooting for her ‘Chakda Xpress’
Uncategorized4 months ago
Sufi conference in J&K’s Bandipora hosts a sizeable gathering
Business5 months ago
IT department finds pharma group gave freebies worth Rs 1000 cr to health professionals
National News1 year ago
IAF aircraft carrying Rajnath Singh and Nitin Gadkari lands at NH in Rajasthan