Delta Corp injects Rs 990.99 mn into Peninsula Land

01 Dec 2023 CW Team

Delta Corp (Delta) has decided to invest Rs 990.99 million in Peninsula Land (PLL), a company engaged in the operation of casinos and hotels. The approval for this investment was granted by the board of directors of Delta Corp. The subscription includes equity shares with a face value of Rs 2 per share, issued at an issue price of Rs 44. The total cash consideration for these equity shares amounts to Rs 660 million. Additionally, 77,27,000 - 0% unsecured compulsory convertible debentures (CCDs) with a face value of Rs 44 each, convertible into one fully paid-up equity share of PLL with a face value of Rs. 2, will be issued. This transaction is set to take place on April 16, 2025.

In a media release, Delta Corp stated that due to the deferral of its flagship project in Dhargalim, Goa, and considering its free reserves and cash flows, the company sees a compelling opportunity for long-term growth in the sector. As the majority stakeholder, Delta Corp, through its joint venture, plans to undertake projects primarily in Mumbai and Goa, adhering to its philosophy of maintaining a debt-free company.

The allotment of equity shares and CCDs is anticipated to be completed on or before 30th January 2024. Following the preferential issue of equity shares, Delta Corp will hold 4.86% of the post-issue paid-up share capital of PLL. Additionally, after the conversion of CCDs, the company is expected to possess an additional 2.44% of the fully paid-up share capital of PLL.

Infrastructure Transport

07 Aug 2026

Government Plans Rs 450 bn Rail Investment Along Borders

The government plans to invest Rs 450 bn to upgrade railways along borders with China, Pakistan and Bangladesh, the press release said. The programme will run over 18 to 24 months and will finance new tracks, platforms and network strengthening across Punjab, West Bengal, Himachal Pradesh, Rajasthan, Assam and several northeastern states. That is about $4.7 bn. Officials indicated the initiative represents nearly 22 per cent of all railway infrastructure outlay planned over the next two years and is among the most significant strategic infrastructure pushes in recent years. The plan extends be..

Indian Railways Approves Daily Express Between Mumbai CSMT And Sawantwadi Road

Indian Railways has approved a new daily express service between Chhatrapati Shivaji Maharaj Terminus (CSMT), Mumbai, and Sawantwadi Road to boost rail connectivity across Maharashtra and the Konkan region. The service will operate over a 510-km route and will run daily as Train No. 15087 CSMT–Sawantwadi Road Express and Train No. 15088 Sawantwadi Road–CSMT Express. It is intended to provide direct and reliable rail connectivity for passengers travelling for tourism, education, employment and business. The Ministry of Railways said the move forms part of ongoing efforts to expand passenger..

SECR Invites Rs 4550.2 mn EPC Tender For Chhattisgarh Line

South East Central Railway (SECR) has invited bids for an engineering, procurement and construction (EPC) contract worth Rs 4550.2 mn for a section of the Dallirajhara-Rowghat-Jagdalpur New Railway Line in Chhattisgarh. The contract covers a nearly 30 km stretch between Kurkanar and Bhanpuri and forms part of the larger corridor linking the mineral-rich Bastar region with the state rail network. The authority has positioned the package as a key link to improve passenger and freight movement within the region. Tender documents carry tender number CAO-C-BSP-26-27-14 and an earnest money deposit ..