Adani Ports incorporates JV with Gadot Chemical Terminals to buy Israel’s Haifa Port
Adani Ports & Special Economic Zone Ltd has incorporated a Joint Venture Company with Gadot Chemical Terminals (1985) Ltd. in Israel namely “Mediterranean International Ports A.D.G.D Ltd” on November 13, 2022. As per the regulatory filing, Mediterranean has been incorporated as a Joint Venture Company (“JVC”) with Gadot Chemical Terminals (1985) Ltd. for acquisition of Haifa Port Company (“HPC”), which currently operates Haifa Port in Israel.
Further, for acquisition of HPC, following approvals inter-alia are obtained/are in process in Israel, as per the extant regulations:
Approval of Competition Authority – Obtained
Approval of Ministers (Minister of Finance and Minister of Transportation) – In process
EIL bags Integrated NGL and CCGT power plant project in the Republic of Guyana
Engineers India Limited (EIL) has been entrusted by the Republic of Guyana to render the Project Management Consultancy Services for setting up an Integrated Natural Gas Liquids (NGL) Plant and 300 MW CCGT Power Plant project in Guyana with an estimated contract value of $22 Million, the company announced to the exchanges on Wednesday. As part of this assignment, EIL shall provide Consultancy Services for setting up the Integrated Plant and manage the Engineering, Procurement and Construction of the project on behalf of the Government of the Republic of Guyana. The stated project in the Republic of Guyana is another milestone achieved by EIL towards its commitment to go beyond national boundaries. EIL has already been active in providing services in the Middle East, Africa, Central and South East Asia and this project will further bolster EIL’s presence in the international market.
L&T Construction secures power transmission orders in Saudi Arabia
The Power Transmission & Distribution business of Larsen & Toubro has secured multiple EPC orders in the current quarter to build Transmission Lines and Substations in the Kingdom of Saudi Arabia. The business will undertake engineering, design, procurement and construction of more than 400KM of 380kV Overhead Transmission Lines and a new 230kV Gas Insulated Substation with associated automation and protection systems.
The transmission network strengthening augurs well for providing reliable, safe and efficient electricity supply as Saudi Arabia is embarked on an ambitious National Renewable Energy Program towards attaining optimal generation mix as envisaged in its strategic vision for 2030.
Cochin Shipyard gets Rs.1000 crore order from European client
A European client has placed a roughly Rs.1,000 crore order with Cochin Shipyard to build boats.The project will take 35 months to complete. CSL has received a global order for the construction of two Commissioning Service Operation Vessels (CSOV) from a European Client, with an option to build four more such vessels, which the Owner may exercise within a year. These boats are designed to assist with the commissioning and maintenance of offshore wind farm projects.
Mubadala, KKR to invest about $1 bln in Asia
KKR & Co and Abu Dhabi state fund Mubadala Investment Co have entered into an agreement to invest about $1 billion in Asia. The agreement will see the two firms investing across performing private credit opportunities in the Asia Pacific region.
Mudunuru receives order in Gabon, West Africa
Mudunuru Limited has received orders worth USD 355,395 in Project to implement SmartPort Solution for Mineral Port, Gabon (West Africa). The order was received from Owendo Mineral Port, S.A. (OMP) and the order is for Supply, Design, Development, Implementation, commissioning and maintenance of People and Resource Monitoring and Management system for Owendo Mineral Port and maintaining the project for 5 years, the company said.
Ramkrishna Forgings bags Rs.121.50 crore order from a major Swedish OEM
Ramkrishna Forgings Limited, a leading supplier of rolled, forged, and machined products, announced that a reputable Swedish OEM major has awarded a long-term supply contract worth Rs.121.50 crore for two components for an Electric Vehicle (EV). The company expects the supplies to be completed by 2030.
This purchase will be in phases, with supply ramping up until 2030. This order demonstrates not just Ramkrishne Forgings’ outstanding product development capabilities but also the faith that significant OEMs have in the company. The company is confident in its capacity to leverage this deal to further expand its position in the EV area in the future.
Samvardhana Motherson inaugurates new facility in Morocco
Samvardhana Motherson’s new facility at Tanger Med Industrial Platform, Morocco, was inaugurated by V. C. Sehgal, Chairman of Motherson,. Representatives from the Moroccan government and administration, Tanger Med Group, and significant participants in the automobile sector attended the opening event.
This new plant will create interior modules and components such as instrument panels and door panels for passenger vehicles and light commercial vehicles as part of Motherson’s Modules and Polymer Products business. This is Motherson’s newest facility in Morocco, replacing the previous Tétouan location, which opened in 2010. At peak production, the new 15,000 m2 facility (which is twice the size of the existing facility) will employ 300 people, with highly skilled capabilities focusing on plastic injection moulding and other cutting-edge processes such as high-precision robot-aided milling, plastic welding, and airbag integration solutions.
Motherson will be able to give additional employment and growth prospects in Tangier because of its better proximity to the client and greater capacity.
Motherson’s Tangier growth ambitions include the creation of in-house capabilities for high-quality soft-touch surfaces for car interior parts based on contemporary polymer-based finishes.
Motherson’s continued success in the area reinforces the company’s worldwide position as a leading automotive solutions supplier and a dependable long-term partner to its clients, contributing to their future production demands and growth.