Latest news with #ExpressionofInterest
India Gazette
07-07-2025
- Business
- India Gazette
India trying to develop full E&P deepwater technology ecosystem: Hardeep Puri
New Delhi [India], July 7 (ANI): India is trying to develop a full exploration and production (E&P) deepwater technology ecosystem, as the country plans to explore over 2.5 lakh sq km in the Open Acreage Licensing Policy Round 10, Petroleum and Natural Gas Minister Hardeep said on Monday. In a series of posts on X, the Union Minister dubbed Round 10 as one of the largest offshore exploration bidding rounds globally. The Open Acreage Licensing Programme (OALP) provides potential investors with the freedom to select blocks of their choice by submitting an Expression of Interest (EOI). In a roundtable with representatives of the Offshore Energy Cluster in Bergen, Norway, the Union minister held discussions on technologies including well services, subsea operations, testing, maintenance operations, drilling tools, drilling submersible rigs, well completion services, high pressure high-temperature wells, drillships, monitoring technologies covering the entire gamut of hydrocarbons exploration, particularly deep sea exploration by the Norwegian energy professionals. Representatives from TechnipFMC, Reach Subsea, DNV Group, Odfjell Drilling, CCB Subsea, Shearwater, Innovasjon Norge, Norwegian Energy Partners, and Equinor India. Further, to provide momentum to India's efforts to achieve energy security, the minister visited the Northern Lights CO2 Terminal in Bergen, Norway. It is the largest carbon storage project funded by the Norwegian Government and partnered by Equinor, Shell, and TotalEnergies. 'This unique project can store up to 100 million tonnes of carbon dioxide. It has an open and flexible infrastructure to transport CO2 from capture sites by ship to a receiving terminal in western Norway for intermediate storage, before being transported by pipeline for safe and permanent storage in a reservoir 110 kms away from shore and 2,600 metres under the seabed,' the minister wrote in a post on X. 'We are reviewing this, and similar projects, to upgrade and expand India's energy capabilities. Norway's expertise in deepwater exploration, seismic oil surveys, offshore wind and carbon capture and storage (CCS) technologies aligns well with India's ambitious energy transition agenda,' he wrote. The minister also visited the CCB Energy Blue Hydrogen Plant, a first-of-its-kind commercial blue hydrogen facility located in Kollsnes as part of CCB Energy Park in Oygarden, Norway. 'It was interesting to see world's first commercial plant which produces blue hydrogen with integrated carbon capture and subsea storage. This strategically positioned plant is a joint initiative between CCB Energy (a part of CCB Energy Holding and H2 Production) and ZEG Power, leveraging proprietary 'ZEG-H' reforming technology with built-in CO capture. The captured carbon is transported to the adjacent Northern Lights facility for storage. The pilot plant produces around 1 ton of hydrogen per day while capturing nearly all associated CO2,' he wrote. (ANI)
Business Recorder
17-06-2025
- Business
- Business Recorder
Fauji Fertilizer keen in acquiring stake in PIA
KARACHI: In a significant development for Pakistan's corporate and aviation sectors, Fauji Fertilizer Company Limited (FFC) has formally announced its intention to explore a potential acquisition of stakes in Pakistan International Airlines Corporation Limited (PIACL), the country's national flag carrier. In a disclosure to the Pakistan Stock Exchange (PSX), FFC revealed that its Board of Directors, during their recent meeting, approved the submission of an Expression of Interest (EOI) and prequalification documents to the Privatization Commission of Pakistan. This strategic move signals FFC's growing interest in participating in the ongoing privatization process of state-owned enterprises, particularly the financially troubled national airline. The board also sanctioned a comprehensive due diligence exercise to thoroughly assess PIACL's financial, operational, and legal standing before any final investment decision. The official disclosure was signed by Brig Khurram Shahzada (Retd), Company Secretary of FFC, and filed in accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the PSX Rule Book. Pakistan's Fauji Fertilizer seeks entry into aviation, eyes PIA acquisition Industry analysts view this cross-sector interest as a bold diversification strategy for one of Pakistan's leading fertilizer manufacturers. If it proceeds, it would mark a rare entry of an agro-sector giant into the aviation industry, potentially setting a precedent for other corporates to explore similar opportunities. This development comes as the federal government accelerates efforts to privatize loss-making state-owned enterprises under its broader economic reform agenda. PIACL, burdened by mounting debts, operational inefficiencies, and persistent financial losses, has remained on the privatization list for several years. A previous privatization attempt in late 2024 collapsed after receiving only one bid of Rs?10 billion, far below the government's reserve price of Rs?85 billion. Investor confidence was undermined by PIACL's heavy debt burden, an 18 percent sales tax on new aircraft, and a lack of clear financial safeguards. The failed effort cost the exchequer $4.3 million in advisory fees and forced the government to reassess its strategy before re-launching the process in early 2025. As part of its renewed privatization push, the federal budget for 2025–26 introduced a major incentive, granting GST exemptions on aircraft imports and leases, effective retroactively from March 19, 2015. The waiver covers complete aircraft (purchased or leased), spare parts, maintenance kits, simulators, engines, and key Maintenance, Repair, and Overhaul (MRO) equipment. This broad tax relief aims to ease PIACL's financial burden, improve operational capacity, and enhance its appeal to private investors. Market observers believe that FFC's interest could inject much-needed momentum into the privatization drive and encourage other institutional investors. In its commentary, AKD Securities noted that this follows the government's major restructuring of the national carrier, carving out net liabilities of PKR 654 billion and non-core assets into PIA Holding Company Ltd. (Holdco) — effectively transforming PIACL into a debt-light entity. Notably, the airline was EBITDA-positive in CY24, with a reported equity value of PKR 3.6 billion as of December 2024. With PKR 147 billion in cash and short-term investments on a standalone basis as of March 2025, FFC possesses the financial strength to pursue such a transaction, analysts added. The government's decision to privatize PIACL arises from years of financial losses, mismanagement, overstaffing, an aging fleet, and persistent operational challenges. Copyright Business Recorder, 2025
Business Recorder
16-06-2025
- Business
- Business Recorder
FFC keen in acquiring stake in PIA
KARACHI: In a significant development for Pakistan's corporate and aviation sectors, Fauji Fertilizer Company Limited (FFC) has formally announced its intention to explore a potential acquisition of stakes in Pakistan International Airlines Corporation Limited (PIACL), the country's national flag carrier. In a disclosure to the Pakistan Stock Exchange (PSX), FFC revealed that its Board of Directors, during their recent meeting, approved the submission of an Expression of Interest (EOI) and prequalification documents to the Privatization Commission of Pakistan. This strategic move signals FFC's growing interest in participating in the ongoing privatization process of state-owned enterprises, particularly the financially troubled national airline. The board also sanctioned a comprehensive due diligence exercise to thoroughly assess PIACL's financial, operational, and legal standing before any final investment decision. The official disclosure was signed by Brig Khurram Shahzada (Retd), Company Secretary of FFC, and filed in accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the PSX Rule Book. Pakistan's Fauji Fertilizer seeks entry into aviation, eyes PIA acquisition Industry analysts view this cross-sector interest as a bold diversification strategy for one of Pakistan's leading fertilizer manufacturers. If it proceeds, it would mark a rare entry of an agro-sector giant into the aviation industry, potentially setting a precedent for other corporates to explore similar opportunities. This development comes as the federal government accelerates efforts to privatize loss-making state-owned enterprises under its broader economic reform agenda. PIACL, burdened by mounting debts, operational inefficiencies, and persistent financial losses, has remained on the privatization list for several years. A previous privatization attempt in late 2024 collapsed after receiving only one bid of Rs?10 billion, far below the government's reserve price of Rs?85 billion. Investor confidence was undermined by PIACL's heavy debt burden, an 18 percent sales tax on new aircraft, and a lack of clear financial safeguards. The failed effort cost the exchequer $4.3 million in advisory fees and forced the government to reassess its strategy before re-launching the process in early 2025. As part of its renewed privatization push, the federal budget for 2025–26 introduced a major incentive, granting GST exemptions on aircraft imports and leases, effective retroactively from March 19, 2015. The waiver covers complete aircraft (purchased or leased), spare parts, maintenance kits, simulators, engines, and key Maintenance, Repair, and Overhaul (MRO) equipment. This broad tax relief aims to ease PIACL's financial burden, improve operational capacity, and enhance its appeal to private investors. Market observers believe that FFC's interest could inject much-needed momentum into the privatization drive and encourage other institutional investors. In its commentary, AKD Securities noted that this follows the government's major restructuring of the national carrier, carving out net liabilities of PKR 654 billion and non-core assets into PIA Holding Company Ltd. (Holdco) — effectively transforming PIACL into a debt-light entity. Notably, the airline was EBITDA-positive in CY24, with a reported equity value of PKR 3.6 billion as of December 2024. With PKR 147 billion in cash and short-term investments on a standalone basis as of March 2025, FFC possesses the financial strength to pursue such a transaction, analysts added. The government's decision to privatize PIACL arises from years of financial losses, mismanagement, overstaffing, an aging fleet, and persistent operational challenges. Copyright Business Recorder, 2025
Time of India
26-05-2025
- Business
- Time of India
NCLAT directs NCLT to promptly decide stay on EoI for Jaiprakash Power, Jaypee Fertilisers
The insolvency appellate tribunal has directed the NCLT to promptly decide on the stay of the process of inviting Expression of Interest (EOI) regarding two Jaiprakash Associates group's investments in Jaiprakash Power Venture and Jaypee Fertilisers & Industry. In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal stayed the process of inviting EoI by the Resolution Professional of debt-ridden Jaiprakash Associates Ltd (JAL), which is currently going through the Corporate Insolvency Resolution Process (CIRP). This order was immediately challenged by the National Asset Reconstruction Company Ltd (NARCL), which is the assignee of 85 per cent of debts of the banks to JAL and the Resolution Professional (RP), before the National Company Law Appellate Tribunal. However, a three-member bench of the NCLAT , led by Chairperson Justice Ashok Bhushan, observed that the matter is already scheduled for hearing before the Allahabad bench on May 26, 2025, hence it directed it to consider the reply filed by the lenders' body CoC (Committee of Creditors) and RP. "The application having been fixed for May 26, 2025, we request the Adjudicating Authority (NCLT) to consider the application as well as the reply submitted by the RP and CoC to take a decision with regard to further process without being influenced by any observation made in the impugned order," the National Company Law Appellate Tribunal (NCLAT) said in its order passed on May 20. "Looking to the facts that CIRP is a time-bound process, the Adjudicating Authority (NCLT) shall endeavour to dispose of the application on the date fixed or as early as possible," it said. The NCLAT also asked Sunil Kumar Sharma, the suspended director of JAL, on whose plea the NCLT stayed the process of EoI, to file a rejoinder, if any, and mentioned that it has "not expressed any opinion on the respective submissions" of the parties before it. The appellate tribunal was hearing appeals filed by the National Asset Reconstruction Company Ltd (NARCL) and Resolution Professional (RP), challenging the status quo granted by the NCLT on the issuance of EoI. Under the Insolvency & Bankruptcy Code, RP issues EoIs for companies under CIRP, to invite potential resolution applicants to submit their resolution plans for the debt-ridden company. On April 29, 2025, though the NCLT issued notice to the resolution professional of JAL, it also directed to stay the process of inviting bids for Jaiprakash Power Ventures and Jaypee Fertilizers. "Meanwhile, with regard to the relief sought by the Applicant to issue ex-parte ad-interim stay on inviting EOI as resolved by the Committee of Creditors in the 11th meeting of the Committee of Creditors for the sale of investment of Corporate Debtor in Jaiprakash Power Ventures Limited (JPVL) and Jaypee Fertilizers & Industries Limited and/or Kanpur Fertilizers & Chemicals Limited (JFIL/KFCL), the status quo deserves to be maintained till further order," the NCLAT had said. NARCL submitted before the appellate tribunal that the NCLT has not given any reasons in the impugned order for passing the order of status quo whereas reasons, if any, were only for issuing notice. It contended that there have to be reasons for passing an interim order, including irreparable loss, balance of convenience and prima facie case for passing of an interim order, which has the effect of staying the process of CIRP (Corporate Insolvency Resolution Process), which is a time-bound process. Sunil Kumar Sharma has submitted that NCLT had raised concerns regarding the process to invite bids for the sale of certain investments, citing the proposed sale being premature, lacking transparency, and risking prejudice to the stakeholders' interests. The applicant had pointed out the failure to consider existing encumbrances, proper valuation, and the need for prior CoC approval, emphasising that any asset sale must ensure maximum realisation and legal compliance governing the CIRP process. However, despite his objection, RP convened a CoC meeting. Investments of JAL in Jaiprakash Power Ventures are encumbered, while investments in Jaypee Fertilisers & Industry are unencumbered. Sharma further submitted that there are certain mandatory preconditions under the IBC to be fulfilled for a valid sale, which include the sale must pertain to unencumbered assets, there must be a formed opinion that such a sale is necessary for better realisation of value under the circumstances; the book value of all assets sold during the CIRP must not exceed 10 per cent of the total admitted claims.
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Business Standard
25-05-2025
- Business
- Business Standard
NCLAT tells NCLT to decide on Jaiprakash Power, Jaypee Fertilisers EOI stay
The insolvency appellate tribunal has directed the NCLT to promptly decide on the stay of the process of inviting Expression of Interest (EOI) regarding two Jaiprakash Associates group's investments in Jaiprakash Power Venture and Jaypee Fertilisers & Industry. In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal stayed the process of inviting EoI by the Resolution Professional of debt-ridden Jaiprakash Associates Ltd (JAL), which is currently going through the Corporate Insolvency Resolution Process (CIRP). This order was immediately challenged by the National Asset Reconstruction Company Ltd (NARCL), which is the assignee of 85 per cent of debts of the banks to JAL and the Resolution Professional (RP), before the National Company Law Appellate Tribunal. However, a three-member bench of the NCLAT, led by Chairperson Justice Ashok Bhushan, observed that the matter is already scheduled for hearing before the Allahabad bench on May 26, 2025, hence it directed it to consider the reply filed by the lenders' body CoC (Committee of Creditors) and RP. "The application having been fixed for May 26, 2025, we request the Adjudicating Authority (NCLT) to consider the application as well as the reply submitted by the RP and CoC to take a decision with regard to further process without being influenced by any observation made in the impugned order," the National Company Law Appellate Tribunal (NCLAT) said in its order passed on May 20. "Looking to the facts that CIRP is a time-bound process, the Adjudicating Authority (NCLT) shall endeavour to dispose of the application on the date fixed or as early as possible," it said. The NCLAT also asked Sunil Kumar Sharma, the suspended director of JAL, on whose plea the NCLT stayed the process of EoI, to file a rejoinder, if any, and mentioned that it has "not expressed any opinion on the respective submissions" of the parties before it. The appellate tribunal was hearing appeals filed by the National Asset Reconstruction Company Ltd (NARCL) and Resolution Professional (RP), challenging the status quo granted by the NCLT on the issuance of EoI. Under the Insolvency & Bankruptcy Code, RP issues EoIs for companies under CIRP, to invite potential resolution applicants to submit their resolution plans for the debt-ridden company. On April 29, 2025, though the NCLT issued notice to the resolution professional of JAL, it also directed to stay the process of inviting bids for Jaiprakash Power Ventures and Jaypee Fertilizers. "Meanwhile, with regard to the relief sought by the Applicant to issue ex-parte ad-interim stay on inviting EOI as resolved by the Committee of Creditors in the 11th meeting of the Committee of Creditors for the sale of investment of Corporate Debtor in Jaiprakash Power Ventures Limited (JPVL) and Jaypee Fertilizers & Industries Limited and/or Kanpur Fertilizers & Chemicals Limited (JFIL/KFCL), the status quo deserves to be maintained till further order," the NCLAT had said. NARCL submitted before the appellate tribunal that the NCLT has not given any reasons in the impugned order for passing the order of status quo whereas reasons, if any, were only for issuing notice. It contended that there have to be reasons for passing an interim order, including irreparable loss, balance of convenience and prima facie case for passing of an interim order, which has the effect of staying the process of CIRP (Corporate Insolvency Resolution Process), which is a time-bound process. Sunil Kumar Sharma has submitted that NCLT had raised concerns regarding the process to invite bids for the sale of certain investments, citing the proposed sale being premature, lacking transparency, and risking prejudice to the stakeholders' interests. The applicant had pointed out the failure to consider existing encumbrances, proper valuation, and the need for prior CoC approval, emphasising that any asset sale must ensure maximum realisation and legal compliance governing the CIRP process. However, despite his objection, RP convened a CoC meeting. Investments of JAL in Jaiprakash Power Ventures are encumbered, while investments in Jaypee Fertilisers & Industry are unencumbered. Sharma further submitted that there are certain mandatory preconditions under the IBC to be fulfilled for a valid sale, which include the sale must pertain to unencumbered assets, there must be a formed opinion that such a sale is necessary for better realisation of value under the circumstances; the book value of all assets sold during the CIRP must not exceed 10 per cent of the total admitted claims.
