Category Archives: Himachal Pradesh

Reliance Power Reaches Agreement with JP Group to Acquire Hydroelectric Business

Reliance Power has reached an agreement to acquire 1,800 mega watt hydropower assets of Jaypee Group. Reliance CleanGen, a unit of Reliance Power, will acquire 100 percent stake in the hydroelectric power business of Jaypee Group.

The financial terms of the deal have not been disclosed yet. After the deal, Reliance Power will become the largest private sector company in India in hydroelectric sector with combined capacity of 7,800 mega watts.

SBI Capital Markets has acted as the advisors to the group for the deal which marks the biggest deal in the power sector in India.

Jaypee Group had earlier offloaded its hydroelectric power projects in Himachal Pradesh to Abu Dhabi based energy major for Rs 10,500 crore. The deal could not be finalized.

Reliance Power was trading around Rs 93 in today’s market. The stock has touched 52-week high of Rs 112 and low of Rs 60.

Indian Market Closes Marginally Lower; Metal Stocks Shine

Indian Stock Market closed marginally lower after hovering in negative territory for the trading session. European markets closed marginally higher compared to previous closing. BSE Sensex was down by 22 points at 19453 during the closing bell.

USD gained further ground compared to Indian currency. USD-INR was trading at 54.85. Euro was also trading strong at 72.81. Euro is near its all time high compared to Indian currency.

Among major gainers in today’s session were metal stocks. Hindalco gained 2.35% to close at Rs 132. Jindal Steel gained 2.2%. Tata Steel was also higher by 1.77% at Rs 431.

Major losers included Ambuja Cements, Sun Pharma, BPCL and Jaiprakash Associates.

Among major companies, Reliance, ONGC, ITC and Coal India closed flat. TCS gained Rs 19.4 to close the day at Rs 1252.

The banking amendment bill received final approval in the parliament today. BJP has retained similar number of seats in Gujarat. Congress won 36 seats in Himachal Pradesh.

Ericsson Join Hands with Airtel

It has been reported that the Swedish firm Ericsson has finalized a deal with Airtel in order to handle more than 70% of Airtel’s network in India, whereas Nokia Siemens Networks (NSN) will be handling the rest of the parts, though the authorities have not disclosed the amount as of now.

“This unique multi-technology managed services partnership with Ericsson will help us focus on creating a compelling service proposition for our customers, as we look to ramp up our market access”, said that Airtel’s Chief Executive Officer for India and South Asia, Sanjay Kapoor, while briefing the contract. Under the spell of the contract, Ericsson will be liable for surplus 15 service areas such as managing Airtel’s networks in regions of Delhi, Haryana, Punjab, Himachal Pradesh, UP, Rajasthan, Jammu and Kashmir, Assam, the North East, Karnataka, Andhra Pradesh, Tamil Nadu, Chennai and Kerala.

In a statement, the company said that Bharti Airtel is one out of the leading global telecommunication companies that successfully delivers its services in around 19 countries across Asia as well as Africa. The service provider has refined its managed services agreement with Ericsson, especially for Indian operations.

In addition, the company authorities have also notified that the five-year contract will support multi-vendor and multi-technology, where Ericsson will be liable for operating maintaining as well as providing its services across 70% of Bharti Airtel’s network across India. Simultaneously, Ericsson will be employed to manage Bharti Airtel’s prepaid customer base.

Sanjay Kapoor has claimed that India can be observed as the third largest internet market with a noteworthy increase in the data traffic, higher number of smartphones as well as wireless networks. Ericsson is believed to have a significant role to create Airtel’s 3G networks in Indian service circles.