Capitalstars Updates: Top Corporate News :- 20 Feb 2018

top corporate news
Top Headlines Of The Day:- 20 Feb 2018

JSW Energy Limited inks MoU with Government of Maharashtra for EVs
Cabinet approves method for auction of commercial coal mines to private sector
Suven Life announces securing two product patents
Fortis clarifies of no SFIO communication, Religare to raise Rs916cr
M&M steps up EV plans further, announces additional investment of Rs500cr in Maharashtra

JSW Energy Limited inks MoU with Government of Maharashtra for EVs
JSW Energy Limited entered into a Memorandum of Understanding (MoU) with the Government of Maharashtra for setting up facilities for manufacturing of electric vehicles (EVs) and energy storage systems. In September 2017, JSW Energy had inked MoU with Government of Gujarat for setting up a facility in Surendranagar district for making EVs. The company has committed Rs4, 000cr for the Gujarat plant. Financial commitment for its investment in Maharashtra is yet to be revealed. JSW Energy plans to launch its EV in the next three-four years and is looking at potential OEM partners for it.
JSW Energy, an integrated power company, generates and sells power in India. The company operates 4,531 MW of power generation facilities as of FY17. Its Vijayanagar and Ratnagiri plant has a capacity of 860 MW and 1,200 MW, respectively and utilizes imported thermal coal. JSW Energy generated 12,517mn units in 1HFY18.

Cabinet approves method for auction of commercial coal mines to private sector
The Cabinet Committee on Economic Affairs, chaired by Hon’ble Prime Minister Narendra Modi has approved the methodology for an auction of coal mines/blocks for sale of coal under the Coal Mines (Special Provisions) Act, 2015 and the Mines and Minerals (Development and Regulation) Act, 1957.
The opening up of commercial coal mining for the private sector is the most ambitious coal sector reform since the nationalization of this sector in 1973.
The Supreme Court of India vides its order dated September 24, 2014, cancelled 204 coal mines/blocks allocated to the various Government and Private Companies since 1993 under the provisions of Coal Mines (Nationalisation) Act, 1973.

Suven Life announces securing two product patents
Suven life has announced that it has been granted two product patents, one each from India and South Korea, corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases. These patents are valid through 2029 and 2033 respectively. These patents are being developed as therapeutic agents for major depressive disorders and for the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer’s disease, Attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Narcolepsy, Parkinson, and Schizophrenia respectively.
Suven has 4 clinical stage compounds, a SUVN-502 (Phase 2), SUVN-G3031 (Phase 2 ready), SUVN-D4010 (Phase 1 completed) and SUVN-911 (Phase 1).

Fortis clarifies of no SFIO communication, Religare to raise Rs916cr
Having been in media for all the wrong reasons in past few days such as fraud allegations, fund siphoning, corporate governance, etc. there is a bit of positive on Fortis Healthcare and Religare Enterprises today.
Fortis has clarified that it has not received any communication from Serious Fraud Investigation Office (SFIO). As per media, Fortis and Religare Enterprises were to be probed by India’s SFIO for alleged irregularities and the exchange had asked for clarification yesterday. Over the last one year, the stock has lost nearly a third of its value, most amongst its hospital sector peers.

M&M steps up EV plans further, announces additional investment of Rs500cr in Maharashtra
Mahindra and Mahindra (M&M) announced that it would invest an additional Rs500cr at its Chakan plant in Maharashtra for development of Electric Vehicles (EVs) and EV components. This investment will be in addition to the Rs6,500cr investment that is ongoing at the Chakan plant. The announcement was made at the “Magnetic Maharashtra Conference” currently underway in Mumbai.
M&M has lined two EV launches in India in CY2019. It plans to ramp up manufacturing from the current figure of 400 units per month to 1,500 units per month by September 2018 and 4,000 units per month by December 2019.

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