UltraTech Cement announced the commissioning of additional cement capacity at various locations, leading to an increased production capacity of 1.8 mtpa. This includes 0.6 mtpa from Dhule, Maharashtra and 1.2 mtpa from Nathdwara, Rajasthan. Consequently, the company’s total domestic grey cement manufacturing capacity now stands at 188.66 mtpa. Including overseas capacity, UltraTech’s global capacity is now 194.06 mtpa.

Capacity Addition Details

UltraTech Cement has announced the commissioning of additional cement capacity at its various locations. This expansion contributes to an increased production capacity of 1.8 mtpa.

Location-Specific Breakdown

The capacity addition is broken down as follows:

• Dhule, Maharashtra: Grinding Unit – 0.6 mtpa
• Nathdwara, Rajasthan: Integrated Unit – 1.2 mtpa

Total Capacity Update

Following these additions, UltraTech Cement’s total domestic grey cement manufacturing capacity has reached 188.66 mtpa. With the inclusion of overseas capacity of 5.4 mtpa, the company’s overall global capacity now stands at 194.06 mtpa.

Source: BSE

SJVN has announced that its wholly-owned subsidiary, SJVN Green Energy Limited (SGEL), has achieved the Commercial Operation Date (COD) for its 1,000 MW Bikaner Solar Power Project in Rajasthan. The project marks a significant milestone in strengthening the nation’s power generation capacity. The maximum usage charges have been fixed at ₹2.57 per unit.

Bikaner Solar Project Operational

SJVN has announced the achievement of a major milestone with its 1,000 MW Bikaner Solar Power Project reaching its Commercial Operation Date (COD). The project, executed through its subsidiary SJVN Green Energy Limited (SGEL), is located in the Bikaner district of Rajasthan.

Projected Power Generation & Impact

The 1,000 MW Bikaner Solar Power Project is expected to generate 2,454.55 million units of electricity in its first year of operation. Over its operational lifespan of 25 years, it is projected to generate approximately 56,838 million units cumulatively. The maximum usage charges have been fixed at ₹2.57 per unit, contributing to the accessibility of affordable green power. This project significantly contributes to India’s renewable energy goals.

Project Details

The solar project spans 5,000 acres of land near Village Banderwala. The project was developed at a cost of ₹5,492 crore and has been executed under the Domestic Content Requirement (DCR) mode, utilizing domestically manufactured solar photovoltaic cells and modules, supporting the Make in India initiative.

Environmental Benefits

In addition to supplying clean energy, the Bikaner Solar Project is expected to result in an estimated reduction of 27,85,077 tonnes of carbon emissions.

Source: BSE

IRB Infrastructure Developers Limited has executed a letter agreement dated December 24, 2025, related to a share subscription agreement. The original agreement, disclosed on November 30, 2021, involves Bricklayers Investment Pte. Ltd. (GIC) and other members of the Promoter Group. The letter agreement includes certain waivers and releases by GIC regarding obligations of the Promoter and Promoter Group.

Letter Agreement Execution

IRB Infrastructure Developers Limited announced the execution of a letter agreement on December 24, 2025, pertaining to a share subscription agreement. This agreement modifies certain terms of the original share subscription agreement.

Parties Involved

The parties involved in this letter agreement are:

Mr. Virendra D. Mhaiskar, IRB Holding Private Limited, Mrs. Deepali Mhaiskar and Virendra D. Mhaiskar HUF are collectively referred to as the “Promoter Group”.

Details of Amendment

The letter agreement involves a waiver and release by GIC of certain obligations of the Promoter and the Promoter Group under the share subscription agreement. The original agreement’s disclosure date was November 30, 2021.

Source: BSE

Pfizer has received a GST demand order totaling ₹1.27 crore, including penalties, following a GST audit for the financial year 2021-22 in Uttar Pradesh. The company contests the demand and is preparing an appeal. Pfizer believes the order will not materially impact its financials or operations.

GST Audit Result

Pfizer has received an order dated December 23, 2025, following a Goods and Services Tax (GST) audit conducted for Uttar Pradesh for the financial year 2021-22.

Demand Details

The order specifies a tax demand of ₹1,15,33,764 and a penalty of ₹11,53,377, bringing the total demand to ₹1,26,87,141, plus applicable interest.

Company Response

Pfizer is disputing the demand and plans to appeal the order, believing it is not maintainable. The company has stated that the order does not have a material impact on its financials or operations.

Basis of Demand

The GST demand arises from a denial of Input Tax Credit claimed by the company during the financial year 2021-22, allegedly due to insufficient details provided.

Source: BSE

Grasim Industries has received a demand for stamp duty payment related to a Business Transfer Agreement (BTA) dating back to May 7, 2002. The demand, issued by the Hon’ble Court of Revenue, Madhya Pradesh, Gwalior, is for ₹64,39,200 (excluding interest) and concerns the valuation of factory structures. The order was received by the Company’s Advocate on December 23, 2025.

Stamp Duty Demand Overview

Grasim Industries has been issued a demand for stamp duty by the Hon’ble Court of Revenue, Madhya Pradesh, Gwalior. The order, dated December 19, 2025, and received on December 23, 2025, relates to a Business Transfer Agreement (BTA) from May 7, 2002. The demand is for the payment of stamp duty concerning the valuation of factory structures.

Details of the Demand

The stamp duty demanded amounts to ₹64,39,200 (excluding interest) on the Business Transfer Agreement (BTA). The issue concerns an alleged short payment of stamp duty on the execution of the BTA for the transfer of a factory and residential colony. The grounds for the demand relate to the undervaluation of factory structures and non-inclusion of the value of trees for stamp duty purposes, according to the Indian Stamp Act, 1899.

Impact Assessment

Grasim Industries has stated that the stamp duty demand is not expected to have a material impact on the financials, operations, or other activities of the company. This assessment is based on the company’s initial evaluation of the order. The company is reviewing its options concerning the demand.

Source: BSE

Indian Railway Finance Corporation (IRFC) executed a ₹9,821 crore Rupee Term Loan Agreement with Dedicated Freight Corridor Corporation of India Limited (DFCCIL) on December 24, 2025. This refinances DFCCIL’s existing foreign currency debt from the World Bank (IBRD) for the Eastern Dedicated Freight Corridor (EDFC) project. The agreement aims to provide financial efficiencies and support India’s logistics transformation.

Significant Refinancing Agreement

On December 24, 2025, Indian Railway Finance Corporation Limited (IRFC) finalized a Rupee Term Loan Agreement of ₹9,821 crore with Dedicated Freight Corridor Corporation of India Limited (DFCCIL). This refinancing is intended for DFCCIL’s existing foreign currency debt obtained from the World Bank (IBRD) for the Eastern Dedicated Freight Corridor (EDFC) project.

Objectives and Benefits

This strategic refinancing is expected to reduce DFCCIL’s exposure to exchange rate volatility and improve predictability in debt servicing. By shifting to rupee-denominated financing, DFCCIL can better align its long-term liabilities with its rupee-based revenue streams, thereby improving overall cash flow management.

Impact on Infrastructure Development

The Eastern Dedicated Freight Corridor is a crucial national infrastructure project. It aims to transform freight transportation by decongesting passenger lines, enhancing logistics efficiency, reducing transit times, and fostering industrial growth across northern and eastern India. This refinancing underscores the growing capabilities of Indian financial institutions to support large-scale infrastructure projects through domestic funding solutions.

Statements from Leadership

According to the Chairman & Managing Director of IRFC, this refinancing marks a significant step in India’s infrastructure financing journey. It reflects IRFC’s commitment to bringing financial efficiencies to the railway ecosystem and supporting strategic assets such as the Dedicated Freight Corridors.

This milestone was made possible through collaboration between the Ministry of Finance, the Ministry of Railways, IRFC, DFCCIL, and the World Bank. By mobilizing long-term resources, IRFC continues to contribute meaningfully to India’s logistics transformation and long-term economic growth.

Source: BSE

Bhilwara Energy Limited, an associate company of HEG Limited, will acquire 100% equity in Mandakini Jal Urja Private Limited, which owns the 76 MW Phata Byung Hydroelectric Project in Uttarakhand. This acquisition marks Bhilwara Energy’s entry into Uttarakhand’s hydropower sector and aligns with its vision of developing sustainable energy assets. The project is currently under construction.

Bhilwara Energy Expands Hydropower Portfolio

Bhilwara Energy Limited (BEL), part of the LNJ Bhilwara Group, has signed an agreement to acquire 100% equity shares of M/s Mandakini Jal Urja Private Limited. This acquisition will add the 76 MW Phata Byung Hydroelectric Project to its portfolio, located in Rudraprayag district, Uttarakhand.

Strategic Rationale

The Phata Byung Hydroelectric Project is a run-of-the-river project. According to the announcement made on December 24, 2025, this acquisition strengthens BEL’s role in renewable energy and aligns with the company’s long-term vision for sustainable power generation. The project is expected to contribute significantly to India’s clean energy transition.

Comments on the Acquisition

Mr. Riju Jhunjhunwala, Managing Director of Bhilwara Energy, stated that the acquisition demonstrates the LNJ Bhilwara Group’s commitment to building high-quality renewable energy assets. He emphasized that the project will strengthen their hydropower portfolio and reinforce their approach to investing in dependable power infrastructure.

Statkraft’s Perspective

Fernando de Lapuerta, Executive Vice President International at Statkraft, noted that the divestment aligns with their global strategy to streamline their international portfolio. He expressed confidence in Bhilwara Energy’s ability to advance the Phata Byung Hydroelectric Project.

Source: BSE