Top 5 Morning & Current Affairs Updates for May 4th, 2023

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Top 5 Morning & Current Affairs Updates for May 4th, 2023
Keep up to date with the latest Updates and events with our top 5 morning and current affairs updates for May 4th, 2023, covering everything from Rail Vikas Nigam Limited being granted Navratna status to NTPC’s first overseas capacity addition.

In today’s fast-paced world, it’s important to stay up to date with the latest news and events. Our top 5 morning and current affairs updates provide a concise summary of the most important developments of the day, ensuring you are always in the know. Conclusion: We hope you found our morning and current affairs updates informative and useful. To stay up to date with the latest news, be sure to subscribe and follow us on our social media channels.

1. Rail Vikas Nigam Limited (RVNL) granted Navratna Status

RVNL is a PSU (Central Public Sector Enterprise) of the Ministry of Railways, which was incorporated on January 24, 2003, with the goal of implementing railway infrastructure projects quickly and augmenting rail capacity. In September 2013, the company was granted Mini-Ratna status, and as of today, it has been granted Navratna status. The company has an authorized share capital of Rs. 3000 Crore, and its paid-up share capital is Rs. 2085 crore. RVNL is responsible for undertaking the full project life cycle of project development and execution, as well as creating project-specific SPVs for individual works, if necessary. When an RVNL railway project is finished, the relevant Zonal Railway takes over its operation and maintenance. With the Navratna status, RVNL will receive more operational freedom and financial autonomy, which will help with its progress as it expands its footprint beyond railways and into foreign projects.

2. REC Limited lists its Green Bonds of USD 750 Million at GIFT IFSC Stock Exchanges

REC Limited has listed its recently issued Green Bonds of USD 750 million under its Global Medium Term Program of USD 7 billion at GIFT IFSC Stock Exchanges. This is the first green bond issuance by an Indian company after India’s G20 Presidency, and it is the largest ever senior USD tranche by an Indian NBFC. Investors from all around the world have shown interest, with Asia Pacific accounting for 42%, Europe, Middle East & Africa (EMEA) accounting for 26%, and the US accounting for 32% of the investment. The issue was oversubscribed about 3.5 times by 161 investors, with active participation from quality accounts. Over 87% of the transaction in the issue has been allocated to Fund Managers, Asset Managers and Insurance Companies. The event was attended by many senior officials of India INX and NSE IFSC, and Mr. Injeti Srinivas, Chairperson, IFSCA, said that this listing had brought the cumulative ESG labelled bonds listed on IFSC Exchanges to over USD 10 billion. Finally, Mr. V. Balasubramaniam, MD and CEO, NSE International Exchange, expressed his pleasure at the listing and said that his goal was to make GIFT IFSC a sustainable finance global hub.

3. CCI Approves Indirect Acquisition of Magma HDI by Mr. Sanjay Chamria (SC)

The Competition Commission of India (CCI) has approved the acquisition by Mr. Sanjay Chamria (SC) of certain equity shares of Jaguar Advisory Services Private Limited (Jaguar), resulting in an indirect acquisition of certain equity shares of Magma HDI General Insurance Company Limited (Magma HDI) by SC. The proposed combination is in the nature of an acquisition by Mr. Sanjay Chamria of 11,500 equity shares of Jaguar held by Poonawalla Fincorp Limited (PFL) and HDI Global SE (HDI), constituting 51.11% of the total equity share capital of Jaguar, resulting in an indirect acquisition by SC of approximately 5.44% of the equity share capital of Magma HDI. SC is engaged in investing directly and through entities owned by him in various listed and unlisted enterprises, while Jaguar is engaged in the business of provision of manpower supply services and Magma HDI is engaged in the business of general / non-life insurance in India.

4. Acquisition of Shareholding of Tower Vision India by Ascend Telecom Infrastructure and GIP EM Ascend 2

The Competition Commission of India (CCI) has approved the acquisition of 100 percent of the shareholding of Tower Vision India Private Limited (Target) by Ascend Telecom Infrastructure Private Limited and GIP EM Ascend 2 Pte. Ltd. The Acquirers are entirely owned by funds/investment vehicles managed by entities that are ultimately controlled by Global Infrastructure Management LLC (GIM LLC). Ascend is engaged in providing passive telecommunication infrastructure services through towers in India while GIP EM is presently not engaged in any business operations. The Target is controlled by Tower Vision Mauritius Limited and is engaged in the provision of passive telecommunication infrastructure services through towers in India.

5. NTPC’s First Overseas Capacity Addition with Bangladesh’s Power Plant

NTPC has marked its first overseas capacity addition by adding Unit-1, a 660 MW capacity, of the 1320 MW (2×660) Maitree Super Thermal Power Plant (MSTPP) located in Rampal, Mongla, Bagerhat, Bangladesh. The new addition takes the Installed Capacity of NTPC to 72304 MW, demonstrating the company’s global reach and commitment to providing reliable and sustainable power. The project was executed in collaboration with the Bangladesh-India Friendship Power Company Pvt Ltd. (BIFPCL), a foreign joint venture company of NTPC Ltd. After obtaining the required norms and approvals, Unit 1 of MSTPP has been included in the installed and commercial capacity of NTPC Group. The successful completion of the project underscores NTPC’s commitment to innovation and excellence in every project it undertakes.

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