Novelis Aims to Raise $750 Mn through 5-Year Bonds

13 Jan 2025 CW Team

Novelis Inc, a subsidiary of Hindalco Industries based in the United States, announced plans on Thursday to raise $750 million via bond issuance. The company aims to utilise the proceeds from this offering to repay $738 million of existing debt, with any remaining funds allocated to strengthening its balance sheet. The bond offering consists of $750 million in senior notes at an interest rate of 6.875 per cent, maturing in January 2030. This marks a $250 million increase from Novelis’ earlier announcement. As a leading provider of sustainable aluminium solutions, Novelis had reported a decline in net income, down 18 per cent to $128 million for the September quarter of the 2024-25 financial year, compared to $157 million in the same period the previous year.

Despite the fall in net income, Novelis’ second-quarter net sales saw a 4.5 per cent increase, reaching $4.295 billion, driven by higher aluminium prices and a 1 per cent rise in flat rolled product shipments to 945 kilotonnes.

Steve Fisher, President and CEO of Novelis, noted the company achieved record beverage packaging shipments during the quarter, helped by its global reach and overcoming the impact of a flooding-related disruption at its Sierre facility. Meanwhile, Devinder Ahuja, Executive VP and CFO, stressed the importance of prudent balance sheet management in the face of evolving market conditions.

Real Estate

17 Sep 2025

Indian REITs Offer 6-7.5 per cent Yield, Surpassing Many Global Markets

Indian Real Estate Investment Trusts (REITs) are delivering average yields of 6–7.5 per cent for unitholders, outperforming many mature markets, including the US, according to a report by Credai and Anarock.Credai, the apex body of Indian real estate developers, and property consultant Anarock released the report Indian REITs – A Gateway to Institutional Real Estate at an event in India.Currently, India has five listed REITs – Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and Knowledge Realty Trust. Nexus Select Trust pr..

Insolation Energy Wins 226 MW Solar Projects Under PM-KUSUM

Insolation Energy on Monday announced securing multiple solar projects totalling 226.45 MW, with an investment of Rs 7.5 billion, under the PM-KUSUM scheme. The orders were awarded to its wholly-owned subsidiary, Insolation Green Energy Pvt Ltd, by Jaipur Vidyut Vitran Nigam Limited for 20 sites and Ajmer Vidyut Vitran Nigam Limited for 115 sites, the company informed the exchanges.“The combined SPV solar power plants will total 226.45 MW under PM-KUSUM Component A, with the final levelised tariff at Rs 3.04 per unit for 16 sites, Rs 2.82 per unit for 5 sites, Rs 2.75 per unit for 53 sites, ..

Numaligarh Refinery Awards EPC Contract for Rooftop Solar Projects

State-owned Numaligarh Refinery Ltd. (NRL) has awarded a Letter of Award to Solarium Green Energy Ltd. for the rate contract covering the Engineering, Procurement, and Construction (EPC) of grid-connected rooftop solar PV projects at various locations. The projects fall within the categories of 51–200 kW and 201–1000 kW. Notable projects include a 140 kW rooftop solar plant at NRL Assam, a 760 kW plant at NRL Assam, and a 280 kW plant at NRL West Bengal.The supply order covers ex-manufacturing works and the dispatch price for plant and equipment for the 140 kW, 760 kW, and 280 kW rooftop s..