· R-power wins five hydropower projects
· Essar prepays Rs. 4,230 cr.
· Entertainment media to grow at 13%
R-power wins five hydropower projects
Reliance Group Company Mumbai: Reliance Group Company Reliance Power Ltd (RPower) won five hydropower projects on competitive bidding in Himachal Pradesh, with a combined installed capacity of 672MW.
These projects include the largest hydropower project of 300MW in Himachal Pradesh at Purthi. The others won by Reliance Power include the 130MW Sumte Kothang, 104MW Lara Sumta, 94MW Teling and 44MW Shangling projects.
The company showed a willingness to supply 1% additional free power to the state over and above the mandatory free power, which the successful bidder has to supply to the state as per the bid document for the concession period-- the period for which RPower will own and operate the power plan--of 40 years.
Essar prepays Rs. 4,230 cr.
The Essar Group on Monday said it has prepaid `4,230 crore raised by subsidiary Essar Communications Holdings Ltd (ECHL) a year ago, a move that will give the Ruias a free hand to decide on the option for part sale of their stake in joint venture Vodafone Essar Ltd.
“Upon settlement of these bonds, the 10.97% equity stake in Vodafone Essar Ltd held by ECHL will be free from all encumbrances”, Essar said in a statement. Essar has exercised the issuer call option of the `4,230 crore rated, listed, zero coupon nonconvertible debentures. The bonds were raised in January 2010 in two series of `2,115 crore each, with maturity dates of 22 July 2011 and 7 December 2011, it said.
Essar holds 11% in Vodafone Essar through ECHL and 22% through overseas entities.
Entertainment media to grow at 13%
The Indian media and entertainment industry will grow 13% in 2011, and overall the industry is expected to register a compounded annual growth rate of 14% to `1.275 trillion by 2015, according to highlights of a report prepared by the Federation of Indian Chambers of Commerce and Industry (Ficci) and KPMG Advisory Services Pvt. Ltd. The report will be released at the inaugural session of Ficci Frames 2011 on Wednesday.
In 2010, the entertainment and media industry registered 11% growth over 2009 and touched `65,200 crore. The report highlights a strong recovery in advertising spends as a key driver for growth. Advertising spends grew 17% to $26,600 crore.