NIIF to invest up to Rs 6.75 billion in upcoming greenfield airport at Bhogapuram
GMR Airports Limited, a subsidiary of GMR Airports Infrastructure Limited, and the National Investment and Infrastructure Fund (NIIF) have entered into binding agreements for NIIF. As per the agreements, the NIIF will invest up to Rs 6.75 billion in GMR Visakhapatnam International Airport Limited (GVIAL), a special purpose vehicle for the development and operation of the greenfield Bhogapuram International Airport (BIA). This investment is part of the financial partnership announced on December 7, 2022 between the parties, in relation to investment by the NIIF in the equity capital of three airport projects of GMR Airports Limited. This marks the NIIF’s second airport investment, after its investment in GMR Goa International Airport Limited, which operates Manohar International Airport in Goa, in April 2023.
In 2020, GVIAL was awarded the concession to develop and operate the BIA to the north of Visakhapatnam under a 40-year design-build-finance-operate-transfer model. BIA, a part of the National Infrastructure Pipeline, is poised to become the largest airport in Andhra Pradesh with a capacity of up to 6 million passengers per annum (mppa) under Phase I and an ultimate capacity of up to 40 mppa. The transaction envisages a primary investment by the NIIF in the form of compulsory convertible debentures to be issued by GVIAL. The transaction is subject to customary completion of conditions precedent and necessary approvals.
Allcargo Group announces restructuring scheme; ISC to become independent businesses
The Allcargo Logistics Limited board and the Allcargo Gati Limited board have approved the composite scheme of arrangement for restructuring of businesses under Allcargo Limited and Allcargo Gati Limited (formerly Gati Limited). As per the scheme, the international supply chain (ISC) business will be demerged into a separate entity, Allcargo ECU Limited. This entity will include the India part of the ISC business and the international subsidiaries held under the ECU Worldwide NV.
The express business and contract logistics business will come under the resulting entity Allcargo Logistics (post ISC demerger), which will benefit from combined synergies. The shareholders of both Allcargo and Allcargo Gati will receive direct shareholding, eliminating the previously inefficient complex corporate structure.
As per the approved swap ratio, based on the recommendations of independent valuers, shareholders of Allcargo Gati will get 63 shares in the resulting Allcargo Logistics entity (post ISC demerger) for every 10 shares held in Allcargo Gati. Shareholders of Allcargo will get 1:1 shares in the demerged Allcargo ECU Limited and will retain their shares in Allcargo Logistics Limited, with the resulting entity directly holding the express and contract logistics businesses. This takes into account the recently approved 3:1 bonus shares for Allcargo Logistics by shareholders.
DP World Cochin launches two Mega Max quay cranes
The International Container Transhipment Terminal (ICTT), operated by DP World at Cochin, announced the launch of two state-of-the-art ship-to-shore Mega Max cranes at its terminal on December 9, 2023. This initiative aligns with the ICTT’s commitment to expansion and modernisation, reflecting its overarching objective to strengthen its position as the premier gateway for South India and a leading transshipment terminal for India.
The Mega Max cranes have a height of 51 metres under the spreader bar, with an outreach of 67 metres. The cranes can handle up to a width of 25 container rows. The commissioning of the two new quay cranes to the ICTT’s existing fleet will strengthen the terminal’s productivity with increased lift capacity and the ability to handle ultra-large container vessels.
Alleima completes state-of-the-art heat exchanger facility in Mehsana
Alleima, a leading manufacturer of high-value-added products in advanced stainless steel, special alloys and industrial heating, has completed the final phase of expansion of its Mehsana manufacturing facility in Gujarat, with the formal launch of a new heat exchanger tube factory. The expansion of the factory had started in 2019. This new facility will enhance the capacity and capabilities of the production unit to produce advanced alloys for tubing, such as heat exchanger tubes for critical applications in the chemical, petrochemical and renewable energy segments.
The new state-of-the-art heat exchanger facility will enable Alleima to locally manufacture advanced alloys for heat exchanger tubing, to meet the increasing demand for high-value-added tubes from India’s chemical and petrochemical, renewable and other industrial segments.