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Ticker Tape September 2023

International Ticker September 2023

Ramkrishna Forgings Expands its Footprint into the South American Market with Rs.74 Crores Contract Win

Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged, and machined products is pleased to announce a significant milestone as it penetrates further into the South American market. Strengthening its foothold in the region, the Company has been awarded a substantial business contract worth 8.25 Million Euros (approx. Rs.73.65 Crores) by a prominent European OEM & Tier 1 supplier. This momentous agreement underscores the Company’s commitment to excellence and innovation in the automotive components space.

Under the terms of this agreement, the Company will be supplying front and rear axle components for the next 5 (five) years. This contract reflects a commitment of 1.65 Million Euros per year, a testament to the enduring partnership between the Company and these industry leaders.

This contract underscores the Company’s unwavering dedication to technological advancement, precision engineering, and unparalleled customer service. This achievement not only demonstrates the Company’s exceptional product quality and reliability but also showcases the commitment to establishing itself as a key player in the South American automotive landscape.

Lalit Kumar Khetan, Whole Time Director & CFO, Ramkrishna Forgings Limited said, “This contract represents a significant step in our journey to expand and diversify our operations in the South American market. We are honoured to be chosen for this partnership which signifies not only our prowess in providing high-quality components but also solidifies our commitment to fostering innovation and excellence. This partnership exemplifies our dedication to enhance mobility solutions and driving impactful growth in the dynamic Brazilian market.”

With this partnership, the Company anticipates not only solidifying its presence in South America but also continuing its tradition of delivering high-quality automotive components that drive innovation and performance.

GMR vies for airport projects in Greece, Kuwait.

GMR group has bid for airport development projects in Greece and Kuwait to add to its three overseas assets. Recently Srinivas Bommidala, group’s chairman in charge of international airports met Greek officials to discuss investment opportunities in the country. Bommidala was part of an industry delegation accompanying Prime Minister Narendra Modi on his maiden Greece visit. GMR group already has an under construction airport project on the island of Crete in Greece and has expressed interest in development of airport in Greek city of Kalamata. In June, the group qualified to participate in a tender to operate and maintain Kuwait international airport’s terminal 2. “Greece, under its current leadership, is actively inviting foreign investment and GMR is actively looking for investment opportunities in the country including Kalamata airport,” a GMR Airports spokesperson said “Progress at the Heraklion airport in Crete has been commendable. Construction has advanced to about 25 per cent and is aligned with project’s timeline. Ongoing efforts include terminal building concreting, external access road development, runway and taxiway construction,” the spokesperson added.

L&T wins ‘significant’ order to build Australia’s largest urea plant

Diversified group L&T has secured a “significant” order from Perdaman Chemicals & Fertilisers to build a 2.3 million tonne urea plant in Australia. On completion, this facility will be the largest urea plant in Australia and one of the largest in the world, the company said.

Without disclosing the deal value, L&T said it was a “a significant order”. Generally, significant order indicates a value between Rs.1,000 and Rs.2,500 crore.

“We’ve adopted a policy to not reveal commercial details of contracts as the value can change by the time of completion,” L&T Group Chairman and Managing Director-Designate,
SN Subrahmanyan said.

The contract has been awarded by Italian firm Saipem & Clough — the Engineering, Procurement, and Construction (EPC) contractor of Perdaman, which is an Indian-owned company.

Engineers India teams up with Australia’s Sunrise CSP group for energy projects

Engineers India Ltd has signed a preliminary agreement with Australia’s Sunrise CSP group for developing energy projects in India and abroad. The agreement will “facilitate an exclusive partnership in concentrated solar thermal power” for oil and gas as well as other energy projects, the Australian Trade and Investment Commission said in a statement. “Together we aim to deliver the clean heat of the sun to industrial production at all scales and all temperatures – from heating and cooling a major cancer hospital as we are in Gujarat today, to making vital chemicals like hydrogen & ammonia, to national-scale power solutions delivering electricity on-demand,” Artur Zawadski, CEO of
Sunrise CSP, said. Engineers India provides consultancy as well as engineering, procurement, and construction (EPC) services to the oil and gas industry as well as other segments of the energy sector.

Essar to source pellets for Saudi plant from Bahrain Steel.

Essar Group has signed an agreement with Foulath subsidiary, Bahrain Steel, for supply of high-grade iron-ore pellets for its greenfield steel plant, Green Steel Arabia, being set up in Saudi Arabia. Bahrain Steel will deliver 4 million tonnes per annum (mtpa) of DR-grade pellets to Essar Group.

It is the only GCC-owned pellet producer and leading supplier of high-quality DR grade pellets to all integrated steel producers in the region. Dilip George, Group CEO, Foulath Holding, said Bahrain Steel’s deal with Essar is a testament to the company’s commitment to meet the growing demand for DR pellets in the GCC. “We are proud to collaborate with Essar Group to support the first green steel project in Saudi Arabia,” he said.

Naushad Ansari, Country Head for Essar Group in KSA, said it is looking to invest about $4.5 billion in setting up an integrated steel plant in Ras Al Khair, Saudi Arabia.

This LOI, post final contracts being agreed and signed, will secure 50 per cent raw material supply of iron ore pellets for the Saudi steel plant. If all goes as planned, commercial production is expected to begin in 2027, he said. The Essar project, the region’s first green steel project, will aim to set the global benchmark in the reduction of CO2.

The project will have a direct reduced iron (DRI) capacity of 5 mtpa, comprising two modules of 2.50 mtpa each, 4 mtpa hot strip capacity, and 1 million tonnes of cold rolling capacity, along with galvanizing and tin plate lines.

In line with the Kingdom’s ongoing demand for steel products and the targets set by Vision 2030, the facility will cater to all major steel consuming industries, including construction, oil & gas, automotive, packaging and general engineering.

Reliance And Oberoi Hotel Collaborate For Two Luxury Hotels In India And UK

Reliance Industries has reached an agreement with The Oberoi Hotels and Resorts (Oberoi) to jointly operate three locations in India and the United Kingdom.

The future Anant Vilas Hotel in Mumbai’s Bandra Kurla Complex (BKC), the historic Stoke Park in the United Kingdom, and another project in Gujarat are among them. At the Travel & Leisure, USA World’s Best Awards, 2022, Oberoi Hotels was named the World’s Best Hotel Brand.

Anant Vilas was intended as the first metro-centric resort in Oberoi’s legendary luxury ‘Vilas’ portfolio. Anant Vilas is located in Mumbai’s bustling business neighborhood of Bandra Kurla Complex, which is quickly becoming a mixed-use attraction with business, hotel, shopping, F&B, arts and culture, educational, and residential purposes, as well as a high footfall of locals and visitors.

Anant Vilas aims to augment the business district’s hotel footprint with a distinctive experience for exceptional tourists.

Oberoi will collaborate with RIL to update the facilities and transform it into an iconic world-class resort, providing guests with an unparalleled experience.

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