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Market corrects : Opening down
LIC likely to file DRHP with Sebi on Feb 11; IRDAI clears IPO: Likely in March 2022.BPCL off-load not now.
Reliance to invest $ 6 Tr. in Gujarat
LIC IPO news: Life Insurance Corporation of India’s much-awaited initial public offering (IPO) may just be around the corner with the state-owned insurance company expected to file its Draft Red Herring Prospectus (DRHP) on February 11.
Life Insurance Corporation of India’s much-awaited initial public offering (IPO) may just be around the corner with the state-owned insurance company expected to file its Draft Red Herring Prospectus (DRHP) on February 11.The quantum of divestment and EV numbers will be mentioned in the DRHP. The Insurance Regulatory and Development Authority (IRDAI) has cleared LIC’s IPO proposal,
Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech announced that Life Insurance Corporation of India’s (LIC) IPO is “expected shortly.” The government is planning to raise up to Rs 1 lakh crore through the sale of shares in the LIC IPO, which could be India’s biggest IPO to date.
Earlier in January, DIPAM Secretary Tuhin Kanta Pandey told that the government was targeting an early March date for the LIC IPO.
Pandey had said that the LIC IPO was very important and the government’s next big task.
“We are very sanguine on bringing the LIC IPO this quarter, in early March. We had had extensive consultations with IRDAI (The Insurance Regulatory and Development Authority of India) and SEBI (Securities and Exchange Board of India) on the LIC IPO,” Pandey had said.
Govt in a ‘wait and watch’ mode on BPCL privatisation; no call yet to reinvite EoIsAccording to government officials, out of the five to six expressions of interest that the government received for BPCL, only one bidder remains to be in the fray.
The finance ministry is in a ‘wait and watch’ mode on BPCL privatisation with the consortia that had submitted expressions of interest (EoIs) having cold feet.
Officials explain the reasons could be manifold, changing dynamics of the fossil fuel market, the deep pockets needed to buy a blue chip like BPCL and changes in the composition of various consortia that had initially shown interest.
According to government officials, out of the five to six expressions of interest that the government received, only one bidder remains to be in the fray.
Vedanta has issued a statement saying “the bid for BPCL is at EOI stage. In case the transaction culminates, Company may undertake management of the acquired business, through appropriate profit-sharing arrangement or on management fee model. A specific fund, with a strategic investor will be set up to fund the potential investment, without leveraging Vedanta Limited’s Balance Sheet.”
However, this has not convinced the government to reconsider the BPCL privatisation process at this stage, by calling for fresh EoIs, although the option is always there.
RIL to invest Rs 6 trillion in new energy projects in Gujarat to help state become carbon free
RIL said the investment — part of the Investment Promotion Activity for Vibrant Gujarat Summit, 2022 — in these projects will create 10 lakh direct/indirect employment opportunities in the state
Reliance Industries, India’s number one private sector company has signed a Memorandum of Understanding with the Gujarat state government for a total investment of Rs 5.955 trillion over the next 10-15 years as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022, the company said in a release.
To help Gujarat become net zero and carbon free, RIL said it plans to invest Rs 5 trillion to set up 100 GW renewable energy power plant and green hydrogen ecosystem development. RIL will develop an ecosystem for assisting Small and Medium Enterprises (SMEs) and encourage entrepreneurs to embrace new technologies and innovations leading to captive use of renewable energy and green hydrogen.
These projects will create around a million jobs directly or indirectly, the RIL release said, adding that the initiatives emanated from the vision of Prime Minister Narendra Modi.
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