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Jindal Stainless to invest โน700 crore towards renewables, sustainability projects
Thehindubusinessline
ยท
1y ago
Medial
Jindal Stainless Ltd (JSL) is planning to invest โน700 crore over the next three years in sustainability projects, including renewable energy, to reduce its carbon footprint. The company aims to have 300-350 MW of renewable power sources available across its manufacturing units in India, with plans to be net carbon zero by 2050 and reduce emissions by 50% by 2035. The major renewable projects consist of two 100 MW RE-RTC (renewable energy โ round the clock) projects, a 34.5 MW peak rooftop and floating solar project, and green hydrogen plants at two locations.
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Jindal Stainless to invest $647 mn for expansion
VCCircle
ยท
1y ago
Medial
Indian stainless steel producer, Jindal Stainless, has announced plans to invest $646.6 million in acquisitions and capacity expansion. The company will acquire a 54% stake in Chromeni Steels, as well as enter into a joint venture for a stainless steel melt shop in Indonesia. The investments will increase Jindal Stainless' melting capacity by more than 40% and expand its downstream lines in Odisha state.
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Jindal Stainless invests $18 Mn in Amazon-backed M1xchange
Entrackr
ยท
4m ago
Medial
Jindal Stainless invests $18 Mn in Amazon-backed M1xchange Following this investment, M1xchange will provide working capital access to MSMEs and corporates, contributing to the growth of the digital supply chain financing ecosystem in India. Jindal Stainless, along with its wholly-owned subsidiary Jindal Stainless Steelway Limited, has acquired a 9.62% stake in M1xchange, a platform that facilitates digital invoicing and discounting for MSMEs, corporates, and financiers. The deal included primary capital and a secondary purchase of shares from existing shareholders, the company said in a press release. According to Jindal Stainless, the cost of acquiring a 5.03% stake is approximately Rs 102.7 crore ($12 million). The total cost for acquiring a 9.62% stake, including the stake acquired by JSSL, is around Rs 154 crore ($18 million). The partnership will help Jindal Stainless digitize financing operations, streamline payment processes, accelerate digitalization efforts, and reduce the working capital cycle. Founded in 2017, M1xchange is a digital invoicing and discounting platform that ensures working capital requirements are met without the need for extensive bank processes. The company generates revenue through professional fees for these services. Since its inception, M1xchange claims to have onboarded more than 65 banks, 2,000 corporates, and over 48,000 MSMEs and has facilitated the discounting of invoices worth more than Rs 160,000 crore. M1xchange has raised over $19 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore.
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Jindal Stainless supplies tempered-grade steel for Vande Bharat sleeper coaches | Mint
Livemint
ยท
11m ago
Medial
Jindal Stainless has supplied the stainless steel needed to build the sleeper coaches of the Vande Bharat train. The high-strength tempered 301L grade austenitic stainless steel provided by Jindal Stainless offers improved performance, durability, passenger safety, crash and fire resistance properties, and long-term durability due to its corrosion resistance. The use of this steel will reduce the weight of each coach by around 2 tonnes, leading to enhanced energy efficiency and a lower carbon footprint. The Vande Bharat sleeper train, offering mobility, comfort, and contemporary amenities, is set to be launched by the end of 2024.
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India Fashion Awards unveils Fashion Entrepreneur Fund website to foster innovation in the fashion industry
IndianStartupNews
ยท
1y ago
Medial
The India Fashion Awards (IFA) introduced the Fashion Entrepreneur Fund (FEF) website at an event in New Delhi. Created by entrepreneur Sanjay Nigam, FEF aims to provide financial assistance and guidance to fashion entrepreneurs. Prominent figures like Karan Johar and business leaders including Naveen Jindal support this initiative. Karan Johar launched the FEF website during the 'Alliance Dinner,' expressing enthusiasm for empowering the next generation of fashion entrepreneurs. FEF also plans to invest Rs 20 crore in promising fashion startups, fostering innovation and sustainability in the industry.
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In Renewable Push, GPS Renewables Partners STEER Engineering To Build โMade In Indiaโ BioCNG Processors
Inc42
ยท
10m ago
Medial
STEER Engineering has partnered with GPW Renewables to develop bio processors with a capacity of 2.5 tons per hour for agro-residue and biomass feedstocks. This collaboration aims to optimize performance and minimize costs for biofuel projects. Cleantech startups in India are attracting investors as the country moves towards net-zero carbon emissions, with funding reaching $861 million across 57 deals last year.
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Amazon-backed M1xchange raises $10 Mn from Filter Capital
Entrackr
ยท
2m ago
Medial
M1xchange has raised Rs 84 crore ($10 million) from Filter Capital through a secondary transaction to support its digital supply chain finance operations targeting micro, small, and medium enterprises (MSMEs). The latest funding round comes two months after Jindal Stainless and its subsidiary, Jindal Stainless Steelway Limited, acquired a 9.62% stake in M1xchange. The firm has raised over $47 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. Founded by Sundeep Mohindru and Vivek Misra, M1xchange operates as a Trade Receivables Discounting System (TReDS) platform, facilitating invoice financing of approximately Rs 10,000 crore ($1.2 billion) monthly for MSMEs, corporates, and financiers. Since its inception in April 2017, the platform claims to have facilitated over Rs 1.75 lakh crore ($20 billion) in invoice discounting and onboarded 50,000 MSMEs, 2,800 corporates, and 66 financial institutions, including banks and NBFCs. The firm reported a 100% year-on-year growth in transaction volumes. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore. Filter Capital, a growth investment firm, focuses on technology-driven businesses in India, including fintech, SaaS, and logistics. Its portfolio includes Capillary Technologies, Chalo Mobility, LoadShare Networks, and THB.
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Grapevine: KKR to deploy bulk of infra fund in India, Hero Future eyes pre-IPO funding
VCCircle
ยท
1y ago
Medial
Global investment firm KKR plans to allocate a substantial portion of its $6.4 billion infrastructure fund towards projects in India. The company aims to diversify its portfolio in sectors including roads and renewables. Meanwhile, Hero Future Energies, a leading renewable energy producer, is looking to raise funds before its planned initial public offering (IPO), to fuel its growth plans in India's booming clean energy sector.
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JSLโs Hisar plant to be hub for green hydrogen production
Livemint
ยท
1y ago
Medial
Jindal Stainless Ltd is planning to upgrade its facilities in Hisar, Haryana to prepare for the implementation of the new European carbon tax in 2026. The company recently inaugurated India's first green hydrogen stainless steel plant in partnership with Hygenco India Pvt. Ltd. It has also started the process of setting up a 200MW renewable power facility in Jajpur, Odisha. The upgrades are aimed at reducing carbon emissions and achieving net-zero emissions by 2035. JSL is also in talks with automakers and other infrastructure companies for exporting steel manufactured from its green facilities.
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DRA Homes charts โน2000 cr plan for FY25
Thehindubusinessline
ยท
1y ago
Medial
DRA Homes, a real estate developer, has announced plans to invest โน2000 crore in new projects during the financial year 2024-25. The company has already committed โน500 crore towards the Chennai real estate market. It aims to focus on the mid-segment market, ranging from โน50 lakh to โน2 crore, and expand its offerings to include commercial development, villas, and layout stocks. The proposed investment will be financed through equity, internal accruals, family office investments, and structured debt. DRA Homes plans to launch multiple villa and apartment projects in various Chennai locations in the next 3-4 months.
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Meenakshi Groupโs alternatives arm rolls out debut real estate fund
VCCircle
ยท
2m ago
Medial
Meenakshi Group's new financial services arm, Meenakshi Alternates (M-Alts), has launched its debut real estate fund, the Meenakshi Real Assets Fund, with a target of Rs 700 crore, including a greenshoe option. The fund, focused on real estate investments in India's Tier I cities, aims to invest in six to eight projects over six years. M-Alts has secured early commitments and has deals under due diligence. Meenakshi Group operates in real estate and clean energy sectors.
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