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Sterlite Power Receives Stakeholders’ Approval for Demerger of Transmission Business from SPTL

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Sterlite Power Transmission Limited (SPTL), a leading power transmission developer and global products and solutions provider in India and Brazil, announced it has received approval from its equity shareholders, secured creditors, unsecured creditors, and non-fund-based lenders for the demerger of its transmission business. The vote on the demerger proposal received 100% approval from secured creditors, 99.26% approval from unsecured creditors, 99.99% from equity shareholders present and voting, and 100% by the non-fund-based lenders.

The proposed demerger will empower both its businesses – the demerged Transmission Infrastructure (to be housed under Sterlite Grid 5 Limited) and Global Products & Specialised EPC Services (that will continue to remain under SPTL), to pursue independent growth strategies with greater agility and focus. The simplified structure will allow each entity to attract capital pool tailored to its requirements. The infrastructure business can target long-term, patient investors seeking predictable cash flow, while SPTL, focusing on the Global Products & Services (GPS) business, can attract capital seeking higher returns typically suited for pre-IPO or capital market investors.

Pratik Agarwal, Managing Director, Sterlite Power Transmission Limited, said, “This support from our stakeholders validates the strategic rationale behind the demerger. It is a significant milestone in our journey to create two future-ready businesses with distinct growth trajectories.”The GPS business capped off a successful FY 24 with cumulative order wins worth INR 7,000 crores. It represented a 35% year-on-year (YoY) increase as compared to FY23, underscoring the growing global and domestic demand for robust power transmission infrastructure, particularly to support the integration of renewable energy sources.

Sterlite Grid 5 is also well-positioned to capitalize on substantial growth in the transmission infrastructure business. A robust transmission pipeline of INR 100,000 crores, including large-scale HVDC and green energy corridor projects, has been approved and will be bid out in the coming years under competitive bidding process. The fast pace of developments at the inter-state and intra-state level is providing a healthy pipeline and will improve evacuation for renewable energy projects under development.

The demerger will be implemented through a National Company Law Tribunal (NCLT) scheme of arrangement. Upon completion of the demerger process, all SPTL shareholders will hold identical shareholdings in both companies.

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Adani Foundation inaugurates a Medical Centre at Sanghipuram on Chairman’s birthday

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Ambuja Cements, the cement and building material company of the diversified Adani Portfolio, along with the Adani Foundation, is proud to mark the birthday of Shri Gautam Adani, Chairman – Adani Group, with the inauguration of Adani Medical Centre at its Sanghipuram plant, Gujarat. The Centre is fully equipped to provide basic healthcare facilities to the residents of remote villages in Abdasa and Lakhpat blocks, who had never benefitted from access to such facilities until now.

The Medical Centre comes equipped with a team of doctors, dedicated paramedical staff, and features an emergency trauma room with all the necessary diagnostic facilities such as defibrillator, ECG machine, oxygen concentrators, male and female wards, and a laboratory for conducting various blood and lipid profile tests. It also keeps a stock of a variety of anti-venom injections, emergency treatment for snake bites – a common occurrence in the region.

Adani Foundation also distributed tricycles and wheelchairs to 15 disabled individuals, conducted a tree plantation drive at the Sanghipuram colony, along with a generous celebration at the Kamla Rani Public School.

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The Iconic Nokia 3210 makes comeback in the Indian markets with YouTube & YouTube Music

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HMD announced the relaunch of the legendary Nokia 3210, marking the 25 years’ anniversary of its original release. The iconic phone that defined a generation is back in the Indian markets, and is available in three bold and nostalgic colors: Scuba Blue, Grunge Black, and Y2K Gold.In a world where digital detoxing is becoming increasingly popular, the Nokia 3210 offers a perfect solution for those looking to disconnect from the endless stream of social media, internet, and apps. Additionally, the Nokia 3210 features a preloaded UPI application approved by the National Payments Corporation of India (NPCI), enabling seamless scan-and-pay functionality and replicating the familiar smartphone payment experience.

Nokia 3210 unlocks the world of YouTube, YouTube Music and in addition it has a comprehensive suite of eight apps, Weather, News, Sokoban, Cricket Score, 2048 Game, and Tetris, are also present in the phone. People who have already bought these devices would still be able to access YouTube Music starting 20th June.

Commenting on the development, Ravi Kunwar, VP, India & APAC, HMD said, “The Nokia 3210, a cultural icon, is back as consumers seek to balance screen time with a digital detox. Nokia 3210 isn’t just a phone; it’s 2024’s fun phone. The original Nokia 3210 holds a special place in many hearts as one of the best-selling mobile phones ever. The reimagined Nokia 220 4G also sports a large 2.8-inch IPS display and has UPI applications preloaded and approved by the National Payments Corporation of India (NPCI), replicating the smartphone experience for seamless transactions. The Type-C charging port offers effortless and universal charging, designed for durability to withstand frequent use making it a reliable companion for today’s users. Nokia 220 4G comes in Peach & Black Color.

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EverEnviro’s CSR Initiatives Uplifting Communities with a Focus on Education, Healthcare, and Sanitation

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EverEnviro Resource Management Pvt. Ltd., India’s leading compressed biogas/RNG developer, has launched significant community programs with initiatives focused on ensuring access to education, sanitation, and healthcare. Aiming to enhance the quality of life for less privileged communities across Punjab, Delhi, Uttar Pradesh, and Madhya Pradesh, EverEnviro’s CSR initiatives have touched upon over 3,500 lives so far.

Over the past few months, EverEnviro has conducted a series of health camps across its project locations in Burari & Ghazipur (Delhi), Indore (MP), Balrampur, and Kumbhi (UP), catering to individuals across all age groups. These camps provided essential services such as eye check-ups, monitoring of blood pressure and blood sugar levels, as well as ECG, cholesterol, and creatinine tests. The initiative resulted in 460 beneficiaries receiving crucial healthcare support.

Stressing the need to support rural communities to achieve a higher standard of living, Mr. KA Chowdary, Chief Project and Operations Officer, EverEnviro Resource Management Pvt. Ltd., said, “At EverEnviro, we believe in the ethos of giving back to the community and are committed to leaving a lasting impact on the communities we serve. Through our CSR programs focused on healthcare, education, and sanitation, we aim to improve the lives of school children, residents, and senior citizens.”

In another initiative, the team planted over 1,000 trees in schools and local parks across Balrampur and Indore. Moreover, to provide clean water access to less advantaged people, EverEnviro distributed water coolers and RO systems to government schools, old age homes, and temples, ensuring the well-being of the communities.

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