Mumbai:Changi Airports International Pte Ltd (CAI), a unit of the owner of Singapore’s main airport, has purchased a 26% stake in a new airport project in eastern India.
Changi Airports agreed to buy the stake in Bengal Aerotropolis Projects Ltd in September last year, West Bengal Industrial Development Corporation managing director Subrata Gupta said in a telephone interview on Tuesday. The airport project will cost about Rs10,000 crore, Gupta said. He declined to say how much Changi will pay for its stake.
‘The Economic Times’ reported the deal earlier on Tuesday.
—Bloomberg
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Syndicate Bank raises Rs339 cr through bonds
Mumbai: Public sector lender Syndicate Bank has raised Rs339 crore through private placement of bonds to shore up its capital base. The bonds, unsecured and non-convertible perpetual, will carry a coupon rate of 9.4%, which will be increased by 0.5% if the bondholder decides against redemption at the end of 10th year, the bank informed the Bombay Stock Exchange. The bank has come out with a Rs150 crore issue of these bonds, which opened on 2 January. However, it closed the issue on 3 January against the earlier scheduled date of 9 January. There was an unspecified greenshoe option in the issue, which means the bank had a choice to raise money beyond the issue size.
—PTI
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Soya bean meal exports rise as farmers harvest
Mumbai: Indian exports of animal feed produced from soya beans rose 21% in December after farmers started harvesting a bumper crop, the Soya bean Processors’ Association of India said.
Overseas sales climbed to 665,304 tonnes from 551,382 tonnes a year earlier, the Indore-based trade body said in emailed statement on Tuesday.
India’s soya bean production is forecast at 10.8 million tonnes (mt) in the year ending 30 June. Japan, China, Vietnam, South Korea and Thailand were among the biggest buyers of the Indian soya bean meal, the body said.
The South Asian nation exported 3.09mt of soya bean meal in the nine months to 31 December, 53% more than a year earlier, it said.
—Bloomberg
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HUL to license Lakme,Ayush beauty brands
New Delhi: The country’s biggest maker of households products, Hindustan Unilever Ltd (HUL), said it will license its beauty and wellness services brands, including Lakme salons and Ayush therapy centres, to a separate unit.
Lakme Lever Pvt. Ltd, the unit that will inherit the Lakme and Ayush brands, will develop the beauty and wellness services business, Mumbai-based HUL said in a statement to the Bombay Stock Exchange (BSE) on Tuesday.
HUL, the only stock in the country’s benchmark BSE Sensex index to gain last year, expects the new focus on the growing beauty and wellness segment in India will help it boost revenue in a business that now contributes to an insignificant proportion of the company’s sales and profit.