After Facebook, Silver Lake invests Rs 5,656 cr in Mukesh Ambani's Reliance Jio

Agencies
May 4, 2020

Mumbai, May 4: Days after Facebook, private equity firm Silver Lake said it will invest 56.56 billion rupees ($746.74 million) in Reliance Industries's digital arm, giving it a valuation of 4.90 trillion rupees. Silver Lake on Monday agreed to pay Rs 5,655.75 crore to buy 1.15 per cent stake in the firm that houses billionaire Mukesh Ambani's telecom arm Jio.

The investment in Jio Platforms comes within days of Facebook investing USD 5.7 billion to buy a 9.99 per cent stake in Jio Platforms. The investment is at a premium of 12.5 per cent to the Facebook deal.

"This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22, 2020," Reliance said in a statement.

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News Network
January 28,2020

New Delhi, Jan 28: Kolkata Metro Rail Corp expects to complete its East-West project, which runs partly under the city’s iconic Hooghly river, by March 2022 after a delay of several years doubled costs.

The authority is awaiting a final installment of Rs 20 crore ($2.8 million) over the next two years from the Indian Railway Board, said Manas Sarkar, managing director at KMRC. A soft loan of Rs 4,160 crore from Japan International Cooperation Agency helps fund 48.5% of the project.

India’s oldest metro, which started in 1984 with a North-South service, was due to expand by 2014 but faced problems including squatters on the planned route. These issues have contributed to the total project cost rising to about Rs 8,600 crore for some 17 kilometers from Rs 4,900 crore for 14 km.

“About 40% of total transport demand will be tackled by these two metro services,” Sarkar said in an interview at his office in Kolkata. “It will be a relief for environmental pollution and the city should be much more decongested.”

The new line is expected to carry about 900,000 people daily, -- roughly 20% of the city’s population -- and will take less than a minute to cross a 520-meter underwater tunnel. Depending on the time of day, it takes some 20 minutes to use the ferry and anywhere upward of an hour to cross the Howrah bridge.

KMRC will repay the JICA loan over 30 years after an initial six-year moratorium. The interest rate is between 1.2% to 1.6%. The East-West metro project is 74% owned by the railway ministry and 26% by the ministry of housing and urban affairs.

“We don’t anticipate any further cost escalation now,” Sarkar said.

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News Network
July 22,2020

New Delhi, Jul 22: India is responding with utmost urgency to coronavirus from the very beginning and has been continuously strengthening preparedness and response measures, WHO Regional Director (South-East Asia) Poonam Khetrapal Singh said on Wednesday.

"India is responding with utmost urgency to COVID-19 from the start. It's been continuously strengthening preparedness and response measures, including ramping up testing capacities, readying more hospitals, arranging and stocking up medicines and essentials," Singh said at a virtual briefing.

"India took bold, decisive and early measures earlier in the outbreak. The country did not witness an exponential increase in cases like some other countries which reported their first few cases along with India. Like in any other country the transmission of COVID-19 is not homogenous in India. There are areas yet to see a confirmed case, some have sporadic cases, in some areas some small clusters while we are witnessing large clusters in some megacities from the densely populated areas," Singh said.
She said WHO was aware of varying capacities at sub-national levels.

"Not unusual in a country as big as India and its population size that measures taken may often not be uniformly sufficient across all areas. Scaling up capacities and response remains a constant need in India."

Replying on the question of what more needs to be done in controlling the spread of COVID-19, she said all countries including India must continue to implement core public health and social distancing measures.

"Local epidemiology to guide our response for finding hotspots and testing, detecting, isolating and providing care to the affected, promoting safe hygiene practices and respiratory etiquette, protecting health workers and increasing health system capacity is also key," she said.

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News Network
May 15,2020

Vishakhapatnam, May 15: LG Chem on Thursday said following the gas leak at its Visakhapatnam polymers plant, the company has started support measures and has begun the transportation of the Styrene Monomer inventory to South Korea to eliminate all risks factors.

The company would continue to work with government agencies to ensure all possible support for bereaved families and victims, LG Polymers, a step-down firm of LG Chem, said in a statement.

"We confirm the status-quo of the plant remains completely controlled by all measures. We have begun the transportation of the Styrene Monomer (SM) inventory within the plant as well as in the styrene tanks at the port by vessels to South Korea to prevent and eliminate all risks factors," the statement said.

The South Korean chemicals giant has sent an eight-member team from Seoul to investigate the Visakhapatnam gas leak incident and rehabilitate the victims of the tragedy that killed at least 11 people and forced the evacuation of thousands.

"The team of production, environment, and safety experts are currently investigating the cause of the incident and already supporting responsible rehabilitation which is their main objective," the statement said.

Furthermore, the team is working closely with related authorities to analyze the cause of the incident, prevent a recurrence, and support damage recovery in a prompt and expedient manner, it added.

On the support measures, the company said a special task force is currently supporting the bereaved victims and families and visiting them at the hospitals and their homes.

Besides, food and medical services have been organized for the returning residents. Various support activities such as supplying medical and household goods and sanitation of homes will be continued, it said.

"We assure everyone we will do our best to resolve the situation and prevent any incident in the future," the company said.

The company further said that "our teams will carry out mid-to-long-term Corporate Social Responsibility (CSR) projects that can contribute to the local community based on suggestions of the residents.

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