Indian Oil Corporation will invest Rs.9,028 crore to lay a new crude oil pipeline from Mundra in Gujarat to Panipat in Haryana. The pipeline will have a capacity of 17.5 MTPA and will move imported crude oil from Mundra Port to its refinery in Panipat. IOCL will build 9 crude oil tanks with 60,000 KL capacity each at Mundra. IOCL is currently expanding its capacity at Panipat from 15 MTPA to 25 MTPA coupled with the installation of polypropylene and Catalytic Dewaxing Unit. The new pipeline will meet the enhanced need.
RBI has decided to extend its card tokenisation deadline by 6 months to 30th June 2022. It is now only post-June 2022 that merchants will not be able to store card information of users. The representative body of merchants had sought another 6 months to implement new card data storage norms. Merchants also underlined to create awareness among consumers about the impact of this policy change. According to a CII estimate, online merchants may lose up to 20% to 40% of their revenues due to tokenization rules.
L&T Finance Holdings will sell L&T Investment Management to HSBC AMC for $425 million. HSBC AMC will acquire 100% equity of L&T Investment Management, the investment manager for L&T Mutual Fund. L&T as a group has been looking to exit non-core businesses to conserve cash and reallocate capital. Post the deal, all the existing schemes of L&T AMC will be managed by HSBC AMC. HSBC will merge the operations of LTIM with its existing asset management business in India. HSBC AMC has AUM of Rs.11,700 crore.
The year 2021 surely belonged to the IPOs. A total of 63 companies raised Rs.1.19 trillion so far, which more than 4 times the amount raised in 2020. It also creates the record for the best year so far in terms of IPO collections ever. Overall public fund raising including QIP, FPOs, REITs and INVITs stood at Rs.2.02 trillion for the full year. Average IPO size during the year was Rs.1,884 crore with Paytm being the largest at Rs.18,300 crore. The year 2022 is slated to raise over Rs.2 trillion including the mega LIC IPO issue.
It was not just the IPO market that was buoyant but even the new fund offering (NFO) market for mutual funds were buoyant collecting Rs.46,752 crore in calendar year 2021. Out of the 70 schemes raised so far, 13 schemes accounted for 75% of the total NFO offerings. On the equity side, the top NFOs were ICICI Pru Flexicap and ICICI Pru Business Cycle Fund which collected Rs.9,808 crore and Rs.4,185 crore respectively. The big NFO theme for the month was the Balanced Advantage Fund, with SBI collecting Rs.14,500 crore.
Macrotech Developers, formerly Lodha group, has partnered with Morgan Stanley Real Estate to develop a top-end premium warehousing project near Mumbai. This project will entail an investment of Rs.600 crore. It will develop 1.9 million SFT area at the Palava Industrial and Logistics Park and will develop Grade-A warehouses across 72 acres land parcel. Macrotech will act as the development manager for the project. The park is located close to JNPT, upcoming Navi Mumbai International Airport and Taloja Industrial MIDC.
GMR Infrastructure received approval from NCLT for demerger of its non-airport businesses. The scheme of arrangement to separate GMR Power and GMR Infrastructure will help the company better create value for shareholders. The plan to restructure its business verticals and list its airports business separately was finalized in August 2020. GMR airport portfolio has passenger capacity of 172 million including India’s busiest airport, IGIDR. The energy, urban infrastructure and EPC services will be moved to GMR Power.
IIFL Group announced plans to invest Rs.300 crore through IIFL Fintech Fund in fintech start-ups over next 2 years in the early stage. Till date, the IIFL Fintech Fund has invested in start-ups like Leegality, FinBox, Trendlyne and DataSutram. IIFL will look to back start-ups offering last-mile credit and is currently in negotiations with 10-more start-ups. This also fits into the group’s overall strategy of offering short-term business credit, affordable home loans, credit to microfinance units. IIFL will also offer mentoring support.
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