Manorama Industries Incorporates Wholly Owned Subsidiary in Ivory Coast

Key Takeaway from the Incorporation of Subsidiary

• Manorama Industries Limited has incorporated a wholly owned subsidiary, "MANORAMA AFRICA SAVANNA," in Ivory Coast as of October 10, 2024.
• The new entity will operate in the food and cosmetic industry, primarily focused on trading, as part of Manorama's expansion into African markets.
• The incorporation aims to expand Manorama’s global presence and diversify its business portfolio beyond India.

The new entity has an authorised and paid-up capital of CFA 20,00,000 and will operate in the food and cosmetic industry, with a focus on trading. This marks an important milestone in the company's international growth, positioning it to take advantage of emerging opportunities in the West African region.

According to the intimation, the incorporation aligns with the company’s broader objectives to diversify its business and increase its reach beyond the domestic market. The transaction is considered a related-party transaction as the new entity is a wholly owned subsidiary of Manorama Industries, and all dealings between the parent and subsidiary will be conducted at arm’s length.

The incorporation was completed following the legal framework of Ivory Coast, with the certificate of incorporation issued by the local regulatory authority on October 11, 2024. Manorama has committed 100% cash consideration to fully subscribe to the initial capital of the subsidiary.

About Manorama Industries  

Manorama Industries specialises in manufacturing speciality fats and butter derived from exotic seeds and nuts. The company is a global leader in producing Mango-based Cocoa Butter Equivalent (CBE), along with Sal and Shea-based CBE, and various speciality fats and butter. Recognised as a 'Star Export House' by the Government of India, Manorama holds multiple certifications and memberships with renowned organisations like FIEO, CII, SEDEX, RSPO, and more, showcasing its commitment to quality and sustainability in the industry.

Key Takeaways from the Acquisition

• Adani Ports has acquired 95% of Gopalpur Port Limited.
• For Adani, this acquisition constitutes a further step in expanding its logistics capacity at India's ports.
• So far, the company has been actively acquiring ports and upgrading infrastructure; stakes in both Dhamra Port and Mundra Port had already been acquired.
• Through the acquisition in GPL, Adani Ports hopes to gain operational capabilities to advance its service offerings and support regional economic development.

The completion of this acquisition follows a previous announcement made on March 26, 2024, and reinforces Adani's commitment to developing port infrastructure across the country. With this strategic move, Adani Ports aims to leverage GPL’s operational capabilities to bolster its position in the eastern region of India.

In recent years, Adani Ports has been on an aggressive expansion spree, acquiring several ports to strengthen its logistics network. The company has invested significantly in enhancing port capacities and improving operational efficiencies. Notably, Adani Ports acquired a majority stake in Dhamra Port in Odisha and has been involved in the development of Mundra Port, which is now one of the largest commercial ports in India. These acquisitions are part of Adani's broader vision to create a robust logistics ecosystem that supports India's growing trade needs.

Acquiring the Gopalpur Port will allow Adani Ports to provide better services with more efficient operations to foster the economy of the region. The Company remains committed to adopting integrated advanced technologies and sustainable practices within its operations to deliver on the evolving needs in the logistics sector

About Adani Ports and Special Economic Zone Limited (APSEZ) 

Adani Ports and Special Economic Zone Limited (APSEZ) is India's largest commercial port operator, responsible for nearly 25% of the nation's cargo movement. With operations across 13 domestic ports in seven maritime states—Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha—APSEZ has the most extensive national footprint and strong hinterland connectivity. The ports are equipped with state-of-the-art cargo-handling infrastructure, capable of managing diverse cargo types including dry, liquid, crude, and containers, as well as accommodating the largest vessels at Indian shores.

Key Takeaways from Hathway Cable and Datacom Financial Performance:

• Hathway Cable & Datacom reported over 28% YoY net profit increase to Rs 25.8 crore for Q2 2024.
• Revenue from operations grew 6% to Rs 512.7 crore, up from Rs 484.8 crore in the same quarter last year.
• EBITDA rose 4.4% to Rs 86.3 crore, compared to Rs 82.7 crore in the previous fiscal's corresponding period.
• EBITDA margin slightly declined to 16.8%, down from 17.1% in the prior year's equivalent quarter.

In the same quarter of the previous fiscal year, Hathway recorded a net profit of Rs 20.1 crore. The company’s revenue from operations rose by 6% to Rs 512.7 crore, compared to Rs 484.8 crore in the corresponding period of the prior fiscal year. 

At the operational level, EBITDA (earnings before interest, tax, depreciation, and amortisation) increased by 4.4% to Rs 86.3 crore in this fiscal’s second quarter, up from Rs 82.7 crore in the same period last year. 

The EBITDA margin was at 16.8% in the reporting quarter, compared to 17.1% in the equivalent period of the previous fiscal.

About Hathway Cable & Datacom Limited:

Hathway Cable & Datacom Limited is one of India’s leading providers of cable broadband services and offers cable television through its wholly-owned subsidiary, Hathway Digital Private Limited, which is a major multisystem operator in the country. The company envisions becoming a one-stop access provider, delivering a unified experience of information, entertainment, and services to homes and workplaces. Hathway holds a PAN India ISP license and was the first cable television provider to launch high-speed cable broadband across 16 cities, including 4 metros and 3 mini-metros, with over 5.5 million homes passed and approximately 0.77 million subscribers as of Q1 FY19.

As one of India’s largest MSOs, Hathway operates an extensive network serving 7.2 million digital cable subscribers across 350 cities and major towns, transmitting services either to local cable operators (LCOs) or directly to subscribers. The company has received recognition for its quality services, being awarded the best MSO by the Indian Telly Awards nine times and the "Star News Brand Excellence Award" for its digital internet services in 2011. Additionally, a 2013 study by EUROMONEY named Hathway one of the best-managed media companies in Asia.

Key Takeaways from the Contract Win

• Gensol Engineering secures a contract worth AED 81.6 million (INR 186 crore) for a 23 MWp rooftop solar project in Dubai.
• The project supports Dubai’s sustainability targets by transitioning a major industrial facility to renewable energy.
• Gensol will handle the design, procurement, construction, and long-term operation and maintenance of the solar PV systems.
• The project is expected to be completed over a 20-month period, significantly contributing to the region’s clean energy transition.

The project, awarded by a prominent sustainable development company, will provide solar energy solutions for the facilities of a major aviation company in the region. 

With a total installed capacity of 23,178 kWp (23 MWp), the project emphasises Gensol’s dedication to promoting sustainability and supporting Dubai’s clean energy goals. 

This turnkey project will include the design, procurement, construction, testing, and long-term operation and maintenance of the solar PV systems. Set to be completed within 20 months, it represents a major step towards reducing the carbon footprint of a key industrial sector in the Middle East.

Commenting on the contract win, Kapil K Nirmal, CEO – Solar EPC (MENA), Gensol Engineering Ltd., said, "We are thrilled to partner with UAE’s leading sustainable development and clean energy development company on this landmark project, which reflects our ongoing commitment to delivering innovative and efficient solar EPC solutions in this region. This project further strengthens our presence in the Middle East and aligns with Dubai's vision of becoming a global leader in clean energy by 2050."

About Gensol Engineering Limited  

Founded in 2012, Gensol Engineering Limited is a core player in the renewable energy and electric mobility space. The company is a solar EPC service provider for engineering, procurement, and construction besides electric vehicle solutions. Gensol has executed over 770 MW of solar projects across India. It recently expanded its capabilities with the acquisition of Scorpius Trackers, one of the leading solar tracking providers. Gensol also makes electric vehicles from its Pune-based facility with an annual capacity of 30,000 units and offers leasing of electric vehicles to diverse customers. Gensol is also working on energy storage solutions and the green hydrogen infrastructure for a sustainable energy future in India.