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Bharat Forge (BFL) today signed a Rs 425 crore contract with the Ministry of Defence (MoD), India, for the supply of Gas Turbine Generators (GTGs) to Indian Navy (IN) for onboard power generation on Kolkata class ships. The contract will be executed over a period of 5 years. Rated at 1.25 MW, the new GTGs will replace the lower capacity units currently in service onboard. Awarded under the Buy (Indian) category of the Defence Acquisition Procedure 2020 (DAP-2020), the contract marks BFL's entry into the marine gas turbine (GT) business — and will deliver the first indigenous GT-based power plant to operate aboard Indian Naval ships.
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Sumeet Industries has announced a rights issue for its eligible shareholders aimed at enhancing financial flexibility and supporting the Company's strategic business priorities. The board of Sumeet Industries has approved the terms of a rights issue aggregating to Rs 199.75 crore through the issuance of Rs 16.84 crore fully paid-up equity shares. The company proposes to deploy Rs 49 crore from the rights issue proceeds towards the acquisition and operationalisation of additional 140,000 Ton Per Annum Polyester Chips (CP) plant acquired from Nakoda in Surat, Gujarat. The project involves a total capital outlay of Rs 90 crore; with the balance Rs 41 crore being funded through internal accruals. Expected to be recommissioned in Q1 FY27 28, the facility will strengthen backward integration and support the company's downstream polyester manufacturing operations.
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Himadri Speciality Chemical (Himadri) has further strengthened its strategic partnership with International Battery Company, Inc. (IBC), a U.S. headquartered technology developer and manufacturer of chemistry-agnostic prismatic Lithium-ion (Li-ion) cells, through an additional investment of USD 0.66 million. Prior to this investment, Himadri had invested an aggregate of USD 5.43 million in IBC and held a 17.29% stake on a fully diluted basis. With the latest investment, Himadri's aggregated stake has increased to 20.47% on a fully diluted basis, comprising both common and preferred stock. The increased investment reflects the meaningful progress achieved through the partnership over the past year and Himadri's continued confidence in IBC's technology platform, commercialization roadmap, and long-term growth potential. This partnership marks a significant milestone for Himadri, supporting the commercial deployment of its Lithium Iron Phosphate (LFP) Cathode Active Materials and advanced Anode Materials. Through this alliance, Himadri gains strategic access to IBC's advanced battery technology capabilities, its R&D centre in California, manufacturing facility in South Korea, and the upcoming Gigafactory in Bengaluru, India.
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