🇮🇳 India Daybook: Power Mech Bags ₹549-Cr Order, Tata Steel Infuses ₹3,260 Cr in Arm

📍 ORDER WIN

• Power Mech Projects: Secured an operation and maintenance (O&M) contract valued at ₹549.37 crore from Adani Group's Moxie Power for its 2x600 MW thermal power plant in Tuticorin.
• STL Networks: Emerged as the L1 (lowest) bidder for a ₹250 crore contract from RailTel Corporation of India for cloud infrastructure deployment across RailTel data centres.
• JNK India: Bagged two domestic contracts valued at up to ₹100 crore for the supply and servicing of flare packages.
• Arisinfra Solutions: Subsidiary ArisUnitern RE Solutions secured a development project in Mumbai boasting an estimated Gross Development Value (GDV) of ₹400 crore.

📍 ACQUISITIONS & INVESTMENTS

• Tata Steel: Acquired 393 crore equity shares of subsidiary TSHP for an aggregate consideration of ₹3,260 crore, maintaining its controlling interest.
• Exide Industries: Infused nearly ₹100 crore in the equity capital of its wholly-owned arm, Exide Energy Solutions, to support expansion.
• Tube Investments of India: Entered into a subscription agreement alongside its subsidiary for preference shares worth ₹250 crore.
• Cosmo First: Inked a business transfer agreement to acquire pet clinic provider Prolife Speciality Vet Clinic LLP to strengthen its companion-animal pet care division.
• Godawari Power & Ispat: Invested ₹50 crore into its renewable energy arm, Godawari New Energy.

📍 FUNDRAISING & CAPITAL EXPANSION

• Punjab & Sind Bank: The board of directors approved fundraising of up to USD 1 billion through Foreign Currency Convertible Bonds (FCCBs) under its Medium-Term Note (MTN) Programme.
• Bharat Parenterals: Approved a preferential issue of 9.1 lakh equity shares at ₹1,522.85 apiece to raise approximately ₹139 crore.

📍 TAX & LEGAL UPDATES

• Tata Steel: Won an FY09 tax appeal concerning interest deduction, which reduces its outstanding tax liability by ₹427 crore, bringing it down to ₹1,259 crore from ₹1,686 crore.
• Kalpataru Projects International: The Delhi High Court upheld an arbitral award concerning the company; KPIL stated its joint venture plans to file a petition contesting the ruling.

📍 CORPORATE RESTRUCTURING & DIVESTMENTS

• Pidilite Industries: An arm of the company will transfer its entire stake in Finemake Technologies back to the original founders of the firm.
• Vedanta Iron and Steel (VISL): The newly listed entity enters key broad market indices, including the Nifty 500 and Nifty Smallcap 250, effective today.

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