Page 12 - The Hindu 2 March 2019 Ad Free
P. 12
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
14 BUSINESS SATURDAY, MARCH 2, 2019
DELHI THE HINDU
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
EverSource, NIIF, CDC to invest Skoda Auto aims to make
IN BRIEF
$330 mn in Ayana Renewable India its fifthlargest market
Plans dealer expansion, new product launches
Ayana eyeing prominent role in India’s renewable energy sector
Yuthika Bhargava will be a little bit turbulent
Special Correspondent achieved our early objective New Delhi because of the change from
Ola Electric mobilises MUMBAI to attract fresh capital and Czech firm Skoda Auto is BS IV to BS VI… It will cause
₹400 crore funding EverSource Capital along we are proud to partner with aiming to make India its some disruption to the mar
NEW DELHI with National Investment NIIF and EverSource Capi fifthlargest market, selling ket. Nevertheless, I would
Ridehailing major Ola on and Infrastructure Fund of tal,” said Srini Nagarajan, about 75,000 vehicles an still expect the market to
Friday said its electric vehicle India (NIIF) have partnered head of Asia, CDC. nually by 2023, driven by grow this year over the last
business — Ola Electric U.K. government’s CDC “Their domestic expertise dealer expansion and new year, and next year to grow
Mobility (OEM) — has raised
₹400 crore in a funding Group to invest $330 million will further strengthen Aya product launches. over this year.”
round led by Tiger Global in Ayana Renewable Power na and support its mission in “My personal target is to
and Matrix India. “OEM, a (Ayana), the renewable ener developing affordable and be the fifth biggest market Electric vehicles
company backed by Ola, has gy platform founded by CDC. accessible renewable energy for Skoda worldwide by Asked about electric vehi
raised a sum of ₹400 crore EverSource Capital, a across India. 2023,” Zac Hollis, director Zac Hollis cles, he said, “Now is not the
led by several of Ola’s early joint venture between Ever Powered by sun: Ayana is currently constructing 500MW of “This investment demon sales, service and market right time in my opinion be
investors, Tiger Global and stone Capital and Light solar generation capacity. * AP strates our commitment to ing, Skoda Auto India, told Skoda Auto India sold more cause customers need to see
Matrix India and others, as source BP, manages Green invest a further $1.7 billion in The Hindu. than 17,240 units. the infrastructure.
part of its first round of Growth Equity Fund (GGEF) across growth States in In projects, Ayana is well India and neighbouring “Currently, we are num Asked if the current slow “One of the biggest anxie
investment,” according to a that has NIIF and the U.K. go dia. It is currently construct placed to play an important countries over the next three ber 13… Presently, U.K. — down in the auto industry ties of customers in India is
statement. PTI vernment as anchor LPs (li ing 500MW of solar genera role in India’s ambition to years,” he added. which is my home country — would impact the compa where do I charge my car...
mited partners or investors). tion capacity with a strong build 175 GW of renewable CDC is looking for further is the fifth largest market,” ny’s plans, Mr. Hollis said, Once we get a clear direction
Nalco to pay ₹4.50 as future pipeline of renewable energy capacity,” said Ever investment opportunities in he said. “When you have an econo on infrastructure and clear
interim dividend Solar, wind projects energy opportunities. With a Source Capital, NIIF and power generation, power To become the fifth lar my like India, growing at timeline, then we can start
NEW DELHI “Ayana was launched to de management team that has a CDC Group in a joint transmission and distribu gest market, the company about 7%, the car industry planning. We will bring elec
Aluminium maker Nalco on velop utilityscale solar and track record of successful ex statement. tion, transport, the gas mid would need to sell about will continue to grow… I tric cars in India, the only
Friday declared an interim wind generation projects ecution of renewable energy “We are delighted we stream and the water sector. 75,000 cars a year. In 2018, think, the next two years question is when.”
dividend of ₹4.50 per share
for the current fiscal. “The
board of directors of the
company have approved the The Carlyle Group picks ChPT to get Indian exporters need to tap African
payment of interim dividend
at the rate of ₹4.50 per share Kamarajar
on the paidup equity share up 9% stake in SBI Life
capital of ₹932.81 crore for Port stake countries more, says Exim Bank MD
the financial year 201819,”
Nalco said in a regulatory SBI remains majority shareholder
filing. The payment shall be Special Correspondent The dark continent has an almost ‘unlimited market,’ says David Rasquinha
made on or before March 31, SPECIAL CORRESPONDENT the company, respectively, CHENNAI
2019 to all eligible Mumbai while SBI remains the ma The Centre has decided to Special Correspondent from 7.5% in 200910 to 8% nance, he said that the bank
shareholders, Nalco said. PTI Private equity fund The Car jority shareholder with a divest its stake in the Kama KOLKATA in 201718. Of the 54 African ing sector’s health was now
lyle Group has picked up 9% 62.1% stake. rajar Port Ltd. (KPL) to Indian exporters need to in countries, there was signifi improving through various
Union Bank reduces stake in the life insurance “The life insurance indus Chennai Port Trust (ChPT) creasingly tap African coun cant trade with 47. Many of measures, especially
lending rates by 10 bps arm of State Bank of India — try in India has strong in a single process through tries that have an almost these countries ranked high through the Insolvency and
SBI Life Insurance — for an growth potential thanks to strategic sale. “unlimited market,” said Da in terms of ease of business. Bankruptcy Code. He shared
MUMBAI
Staterun lender Union Bank undisclosed amount, Car favourable demographics The Cabinet Committee vid Rasquinha, MD, Export his concern on LIBOR as a
of India on Friday said it had lyle said in a statement. and an increasing focus on of Economic Affairs (CCEA) Import Bank of India. Facing competition benchmark rate, noting that
reduced marginal cost of “Carlyle’s equity for this financial savings…SBI Life, chaired by the Prime Minis Pointing out that expand On the issue of the competi its trustworthiness had now
fundsbased lending rate investment came from CA led by a strong management ter gave its inprinciple ap ing geographical range and tion being faced by Indian come under the scanner.
(MCLR) by 10 basis points
across all tenors. Emerald Investments, an af team, is well positioned to proval for strategic disin product diversification were textile exporters from Ban While a new benchmark
The lender has reduced its filiated entity of Carlyle Asia further benefit from indus vestment of 100% equity critical for Indian exporters, gladesh and Vietnam, he dollar interest rate had been
oneyear MCLR or the Partners V, Carlyle’s flagship try trends,” said Sunil Kaul, shares of KPL to ChPT in a he said in 201819, exports David Rasquinha highlighted the need to scale created (Secured Overnight
minimum lending rate, $6.55 billion fund focused MD of the Carlyle Asia single stage process by fol were expected to surpass the up business to combat cost Financing Rate), the change
against which most of the on buyout and strategic in Buyout advisory team. lowing ‘arm’s length’ $304billion figure of 2017 the rising concerns of the In pressures. from LIBOR is not easy as it
consumer loans are vestments across a range of Dinesh Kumar Khara, principles. 18. Delivering the keynote dian textile exporters and “We grow cotton, others is tied to all kinds of financial
benchmarked, to 8.60% sectors in Asia Pacific,” it MD, global banking and sub Presently, the Central address at an international the challenges being faced do not. We have to leverage instruments
from 8.70% earlier. The bank said. Following this transac sidiaries, SBI, said “We look Government holds 67% of trade conclave arranged by by exporters. our strengths,” he said, ad He said that the bank may
has set the new sixmonth tion, BNP Paribas Cardif and forward to Carlyle’s support shares and Chennai Port the Bengal Chamber of Com Referring to Africa, he ding India also needed to clock 10% growth, with its
MCLR at 8.50% and two CA Emerald Investments to SBI Life in bolstering its Trust 33% shares in Kama merce and Industry here, on said that India’s exports to move towards textile blends. business likely to touch ₹1
now own 12.8% and 9% of franchise in the country.” rajar Port Ltd. Friday, he also highlighted this continent had increased On the changing role of fi lakh crore this fiscal.
year at 8.70%. pti
#398299
