Sunday, July 14, 2024

Ticker Tape June 20224

International Ticker June 2024

Propel Industries, a leader in the Indian Crushing and Screening market, has forged a strategic partnership with Omega Crushing and Screening, a pioneer in zero emission mobile crushing and screening in European and American markets to deliver innovative and sustainable solutions to the global crushing and screening market. By harnessing their combined strengths, Propel and Omega are poised to deliver superior products and services to their customers worldwide.
Sharing details about the mammoth step forward, Senthil Kumar Varadharajan, Managing Director, Propel Industries said, “We are thrilled to join hands with Omega in this strategic partnership. This collaboration marks a significant milestone for us as we combine our strengths to drive innovation and growth in the global crushing and screening industry. Together, we aim to set new benchmarks in product quality and customer satisfaction,”
The partnership is poised to enhance product development and accelerate the introduction of the state-of-the-art crushing and screening solutions by uniting the technical expertise and market knowledge of both companies. Advanced manufacturing facilities in both regions will be utilized, ensuring high-quality production standards and efficient distribution channels to meet the growing demand. The joint efforts will focus on developing a new range of products that incorporate latest technologies in crushing and screening, including eco-friendly and energy-efficient solutions tailored to meet the evolving needs of the industry.
Speaking about the collaboration, Colin Daly, Sales Director, Omega Crushing and Screening said, “This partnership represents a perfect synergy of our capabilities and ambitions. By working closely with Propel, we are confident in our ability to deliver exceptional value to our customers worldwide. Our combined efforts will not only enhance our product offerings but also expand our global footprint.”
The extensive distribution networks of Propel and Omega will be leveraged to expand the market reach of both brands, facilitate better access to emerging markets and strengthen the presence in the established ones. The Northern Ireland factory facility of Omega will serve as a parts hub serving the European & American markets for both Propel and Omega brands. This will provide customers with reliable maintenance and quick access to replacement parts, ensuring the longevity and optimal performance of their equipment. A key aspect of this collaboration is a shared commitment to sustainability.

Welspun Corp Limited’s associate company, East Pipes Integrated Company for Industry (EPIC), a leading manufacturer of HSAW Pipes in Saudi Arabia, has signed multiple contracts with Saudi Arabian Oil Co. (Aramco). The total value of these contracts exceeds SAR 1.65 Billion (`3,670 crores), inclusive of value-added tax, for the manufacturing and supply of steel pipes. The duration of the contracts spans 19 months.
The financial impact of these contracts will be reflected from the 4th Quarter of the financial year 2024/2025 to the 4th Quarter of the financial year 2025/2026.
EPIC’s stature as Saudi Arabia’s top manufacturer of Helical Submerged Arc Welded (HSAW) pipes, along with its fully integrated manufacturing facilities and proven track record in executing large-scale orders, underscores its ability to secure significant projects in both the Water and Oil & Gas sectors. The company’s commitment to quality and customer satisfaction positions it well to support Saudi Arabia’s strategic objectives under Vision 2030.

The Adani Group is set to establish two wind power projects in Sri Lanka with a combined capacity of 484 MW, offering the country’s cheapest tariff at 8.25 cents per unit (LKR 24.75). This rate is significantly lower than the tariffs from Sri Lanka’s existing renewable and traditional energy sources, which range from 8.75 cents to 26.99 cents per unit.
With an investment of over $1 billion, these wind projects will be the largest of their kind in Sri Lanka. The Adani Group has received approval from the Sri Lankan cabinet, and power purchase agreements are currently being finalized. Construction is expected to begin shortly thereafter, with project completion anticipated within two years.
Located in the northern part of Sri Lanka near the Indian mainland, the projects are strategically significant for both nations. They will support Sri Lanka’s goal of achieving 70% renewable energy generation by 2030 and reaching carbon neutrality by 2050. Currently, fossil fuel-based power plants account for over half of Sri Lanka’s total power generation, while solar and wind contribute less than 8%, and hydro power 31%.
As Sri Lanka’s power demand is projected to grow by around 5% annually over the next 25 years, an additional 7,000 MW of renewable energy will be needed, primarily from solar (4,700 MW) and wind (1,800 MW). The Adani wind projects will displace over $270 million worth of fossil fuels annually, saving valuable foreign exchange and providing much-needed foreign direct investment following the country’s recent economic crisis.
These projects will not only reduce Sri Lanka’s fossil fuel import bill but also support the country’s transition to sustainable energy.

Adani Ports and Special Economic Zone (APSEZ) announced its entry into the international ports sector for the third time by taking over the operations of Container Terminal 2 at the Dar es Salaam Port in Tanzania. This move is facilitated through its subsidiary, Adani International Ports Holdings Pte Ltd. The company disclosed this development on Friday, revealing that it has signed a 30-year concession agreement with the Tanzania Ports Authority.
In a strategic move, APSEZ, India’s largest port operator, formed a joint venture last year with Abu Dhabi Ports Group and East Harbour Terminals Ltd. Through this venture, it acquired the Hong Kong-based special purpose vehicle (SPV), which operates the terminal, for $39.5 million.
The acquisition involved East Africa Gateway Ltd (EAGL) purchasing a 95% stake in Tanzania International Container Terminal Services Limited (TICTS) from Hutchison Port Holdings Limited and Harbours Investment Limited. TICTS, the current owner of port handling equipment and manpower, will now operate Container Terminal 2 under Adani’s management.
Container Terminal 2, boasting four berths, has an annual cargo handling capacity of 1 million TEUs (twenty-foot equivalent units) and managed 0.82 million TEUs of containers in 2023, accounting for 83% of Tanzania’s total container volumes.
APSEZ highlighted that the Dar es Salaam Port serves as a crucial gateway port with a well-connected network of roadways and railways, facilitating efficient logistics operations.
The turnover of TICTS in 2023 was reported to be $43.7 million, according to APSEZ’s disclosure to stock exchanges.
EAGL, formed as a joint venture between APSEZ’s international ports arm, AD Ports Group, and East Harbour Terminals Limited, will see APSEZ as the controlling shareholder, consolidating EAGL on its books.
Karan Adani, Managing Director of APSEZ, expressed confidence in the venture’s potential, stating, “The signing of the concession for Container Terminal 2 at Dar es Salaam Port is in line with APSEZ’s ambition of becoming one of the largest port operators globally by 2030. We are confident that with our expertise and network in ports and logistics, we will be able to enhance trade volumes and economic cooperation between our ports and East Africa. We will strive to transform Dar es Salaam Port into a world-class port.”
APSEZ already operates an international port in Israel – the Haifa port – and is constructing a terminal in Sri Lanka. It had also acquired a port in Myanmar, which it eventually sold at a discount amid allegations of contributing to civil unrest in the country.

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