Vascon Engineers Receives LOA from MMRCL

Key Takeaways from the LOA 

• Vascon Engineers Limited has bagged a Letter of Acceptance issued by MMRCL for developing a commercial building project to rehabilitate the Metro PAPs.
• It is located in Kalbadevi, across several CS numbers in the Bhuleshwar Division, and shall take around 28 months to complete.
• The interest from the promoters/promoter groups is nil, hence complies fully with corporate governance.

Amounting to Rs. 57,22,65,512.75 (excluding GST), the acceptance is for the construction of a commercial building at Kalbadevi (K2) on CS Nos. 663, 664, 665, 1/665, 666, 667, 669, 671, and 774 in the Bhuleshwar Division, located in ‘C’ Ward, aimed at rehabilitating Metro Line 2/3 Project Affected Persons (PAPs) in the Kalbadevi Girgaon area. 

The project has been awarded on a percentage rate basis and must be completed within 28 months from the date of the receipt of the Letter of Acceptance, which was dated October 10, 2024, and received by the company on October 11, 2024. The company clarified that none of the promoters or promoter group members have any interest in this project, and it does not fall under the ambit of Related Party Transactions. 

About Vascon Engineers Limited 

Incorporated in 1986, Vascon Engineers Ltd. is a Pune-based company specialising in engineering, procurement, and construction (EPC), along with real estate construction and development. The company has successfully executed over 200 projects, covering a construction area of more than 50 million square feet. Notable landmark projects include Ruby Mills in Mumbai, Suzlon One Earth in Pune, Symbiosis College in Pune, and the IGI Airport Multilevel Car Parking.

Key Takeaways from Oriental Hotels Financial Performance:

• Oriental Hotels' consolidated net profit increased by 6.62% to Rs 8.38 crore in Q2 FY25, up from Rs 7.86 crore in Q2 FY24.
• Revenue from operations grew 13.48% year-on-year, reaching Rs 103.30 crore in the second quarter.
• Profit before tax rose 10.41% to Rs 12.62 crore, while total expenses increased by 11.59% to Rs 91.16 crore.
• For H1 FY25, net profit dropped 40.02% to Rs 10.01 crore, with revenue slightly up to Rs 185.27 crore compared to Rs 183.62 crore in H1 FY24.

Profit before tax also rose by 10.41%, reaching Rs 12.62 crore compared to Rs 11.43 crore a year earlier. However, total expenses increased by 11.59%, amounting to Rs 91.16 crore in Q2 FY25.

However, on a half-year basis, the company's consolidated net profit fell by 40.02% year-on-year to Rs 10.01 crore in H1 FY25. Revenue from operations for this period was Rs 185.27 crore, slightly higher than the Rs 183.62 crore reported in H1 FY24.

The cost of materials consumed was Rs 10.64 crore (up 11.3% YoY), employee benefits expense was Rs 23.94 crore (up 8.87% YoY), while another employee-related cost was Rs 4.51 crore (down 4.04% YoY).

About Oriental Hotels Limited:

Oriental Hotels Limited (OHL) was established in 1970 with the goal of creating and managing world-class hotels. The company's registered office is located at Taj Coromandel in Chennai, which was its first project and opened as a five-star luxury hotel in 1974. OHL's hospitality operations benefit from the technical and operational support of Indian Hotels Company Ltd (IHCL), part of the Tata Group, which operates the "Taj" brand both in India and internationally. Over the years, OHL has built a reputation as a reliable and steadily growing hotel company, currently operating seven hotels, primarily in southern India, especially Tamil Nadu. The company's shares are listed on both the BSE Ltd and the National Stock Exchange of India Ltd in Mumbai.

Key Takeaways from the Acquisition

• Indo Count has acquired Modern Home Textiles, Inc. to further extend its utility bedding business to the U.S. West Coast.
• The company's U.S. operations will manufacture 13 million pillows and 1.5 million quilts annually, in addition to the Phoenix facility.
• The acquisitions provide Indo Count with an efficient distribution network across both the Midwest and West Coast, supporting future growth.
• Indo Count's U.S. operations are projected to generate over USD 85 million in annual revenue at full capacity.
• These moves are part of Indo Count's larger vision to expand its footprint in the North American utility bedding market.

Through its U.S. subsidiary, Indo Count Global, Inc. (ICG), this acquisition brings a manufacturing facility in Phoenix, Arizona, with an annual production capacity of 8 million pillows.

This acquisition follows the majority stake bought by ICG in Fluvitex USA, Inc., an Ohio-based pillow and quilt manufacturer. Fluvitex has a capacity to produce 5 million pillows and 1.5 million quilts per year. Combined, these acquisitions offer a great foundation for Indo Count's utility bedding business throughout North America with an integrated and efficient distribution platform both from the Midwest and the West Coast.

At capacity utilisation, the combined U.S. plants are expected to produce 13 million pillows and 1.5 million quilts per year, generating more than USD 85 million in revenues. The two acquisitions provide a non-overlapping customer base and open up considerable growth opportunities for Indo Count in utility bedding.

Commenting on the acquisition, Mr. Anil Kumar Jain, Executive Chairman, said, "We are delighted to have Modern Home Textiles in the ICIL Group. This strategic acquisition will not only accelerate Indo Count's ambition to grow the Utility Bedding segment but also significantly enhance its capabilities and market reach. Modern Home Textiles brings innovative sustainable solutions in the utility bedding segment allowing us to serve our customers better and enable us to further expand our US presence. Our investments over the last few months in the USA underscore our commitment to creating more employment opportunities and further strengthen our brand.”

About Indo Count Industries Limited (ICIL) 

Among the leading manufacturers of home textiles and bedding in the world, Indo Count Industries Limited (ICIL) is especially known for manufacturing and exporting bed sheets, bed linen, and quilts. Being the world's largest bed linen company, ICIL offers a high-line product portfolio including bed sheets, fashion bedding, utility bedding, and institutional bedding. Over the past few years, the company has invested ₹1,000 crores in order to improve its production capacities. Thus, it repositioned the company as a global leader in the Home Textile market.

Key Takeaways from the Agreement

• JSW Energy has signed a PPA with NTPC for 700 MW of ISTS/STU-connected solar capacity and is done with its strategic foray into renewables.
• The project will be commissioned by June 2026 and will be a part of the emerging renewable capacity.
• SW Energy has achieved a lock-in capacity of 18.2 GW and is targeting to achieve 20 GW by 2030 and reach Carbon Neutrality by 2050.

This agreement will provide power over 25 years at a tariff rate of ₹2.59 per kilowatt-hour (KWh). 

The project is anticipated to be commissioned by June 2026. Currently, JSW Energy has a solar pipeline capacity of 3.2 GW, with PPAs signed for 2.0 GW. The company’s total locked-in generation capacity stands at 18.2 GW, which includes 7.7 GW operational and 2.1 GW under construction across wind, thermal, and hydro sectors. 

Furthermore, JSW Energy has 16.2 GWh of locked-in energy storage capacity through both battery energy storage systems and hydro-pumped storage projects. The company aims to achieve 20 GW in generation capacity and 40 GWh of energy storage capacity by 2030, with a commitment to reach Carbon Neutrality by 2050.

About JSW Energy Limited  

JSW Energy Ltd., which forms part of the USD 24 billion JSW Group, is one of the leading private-sector power producers in India. The company belongs to the whole value chain of the power sector with a diversified portfolio in power generation as well as transmission. A 260 MW thermal power plant at Vijayanagar in Karnataka was the starting point for JSW Energy in the year 2000, from which it has expanded into the power generation business to an extent of 7,726 MW through 3,508 MW from its thermal sources, 2,152 MW from wind, 1,391 MW from hydro, and 675 MW from solar energy. Focused on sustainable growth, robust corporate governance, and strategic capital allocation, the company expands capacity with the building of 2.1 GW more power projects towards its target of 20 GW by the year 2030.

About NTPC Limited  

NTPC Ltd. stands amongst the topmost power generation companies in India actively engaged mainly in generating and selling bulk electricity to State Power Utilities. Apart from its primary business, NTPC, and its subsidiaries, associates, and joint ventures are engaged in various areas such as consultancy, project management and supervision, energy trading, oil and gas exploration, and coal mining. The company plays a critical role in meeting the energy needs of the country while at the same time diversifying its business portfolio across different sectors.