VBL

March 24 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES LTD - STARTS COMMERCIAL PRODUCTION AT KANGRA FACILITY

Source text: ID:nBSE7t5pmG

Further company coverage: VARB.NS

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** Pepsi's India bottler Varun Beverages VARB.NS rise as much as 5.7% to 536 rupees

** DAM Capital says market concerns over Campa Cola's aggressive re-entry, broader weak market sentiments "overstated"

** Adds VARB, with distribution network across more than 4 mln outlets in India, minimizes any material risk from Campa Cola's resurgence by Reliance Consumer Products

** Says VARB has more than 36 manufacturing facilities, 2,800+ distributors, 1.15 million visi-coolers nationwide, which will be capital-intensive and time-consuming for Campa Cola to match

** Projects ~19% CAGR sales growth, supported by ~16% volume growth; EPS expected to grow at ~26% CAGR over CY24-26

** Rates stock "buy", with TP of 670 rupees

(Reporting by Ashish Chandra in Bengaluru)

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** India's Varun Beverages VARB.NS climbs 1.8% to 465.25 rupees

** Brokerage CLSA upgrades Pepsi's India bottler to "high-conviction outperform" from "outperform"

** Says investor concerns over competition with Reliance's Campa are "overdone"; profitablity and growth outlook for VARB remain strong

** CLSA cuts PT to 770 rupees from 802 rupees to factor heightened competition and potential price cuts by VARB

** Analysts covering the stock rate it "buy" on avg; median PT is 677.50 rupees - data compiled by LSEG

** Stock trims YTD losses to 27%

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of Varun Beverages VARB.NS fall as much as 7.7% to 439.9 rupees to lowest level since mid-December 2023

** Stock top loser on Nifty FMCG index .NIFTYFMCG, which is down 0.95%

** The Pepsi bottler says it has extended date of planned acquisition of SBC Beverages Ghana from Ghana Bottling Co to March 31 from February 28

** The transaction is subject to regulatory approvals, including from PepsiCo PEP.O

** More than 13.2 mln shares change hands, 1.7x its 30-day avg

** 21 analysts covering the stock on avg have a "buy" rating; median PT is 677.5 rupees - LSEG data

** Stock has shed 25% so far this year, compared to a 8.6% drop in FMCG index

(Reporting by Ashna Teresa Britto in Bengaluru)

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Feb 10 (Reuters) - Pepsi India bottler Varun Beverages VARB.NS reported fourth-quarter profit below analysts' estimates on Monday, as higher raw material costs overshadowed volumes growth driven by its expansion in Africa.

Shares of the company, which is one of PepsiCo's PEP.O largest franchisees outside the United States, fell about 1.8%.

Net profit rose more than 40% from a year earlier to 1.85 billion rupees ($21.12 million) in the quarter ended December 31. However, that missed analysts' average estimate of 2.11 billion rupees, according to data compiled by LSEG.

Revenue from operations rose 39.8% to nearly 38.18 billion rupees, while expenses jumped 41.3% due to an increase in the costs of raw materials such as sugar, flavourings, glass bottles, and packaging, and higher value-added taxes.

Varun Beverages, which packages and distributes beverages under Pepsi, Mirinda and Tropicana labels, is expanding its presence in several African countries, including South Africa, Ghana and Tanzania, citing robust demand potential.

"Consolidated volumes increased by 23.2%, largely led by new territories," Chairman Ravi Jaipuria said in a presentation to investors.

The Gurugram-based company said its domestic volumes increased 11.4% during the quarter.

($1 = 87.5925 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Subhranshu Sahu)

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Jan 2 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES LTD - INVESTS 4.13 BILLION RUPEES IN UNIT

Source text: ID:nBSE4Tg6zj

Further company coverage: VARB.NS

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Dec 16 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES - ACQUIRED 39.93% OF LUNARMECH

Source text: ID:nnAPN2GG4QD

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Dec 3 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES - NO COMMENTS ON REPORTS OF ONE ADDITIONAL RATE SLAB

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Nov 22 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES - TO DISINVEST ENTIRE 5.25% STAKE IN ISHARAYS ENERGY TWO FOR 19.20 MILLION RUPEES

Source text: ID:nBSE3mByMd

Further company coverage: VARB.NS

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By Praveen Paramasivam, Shivangi Acharya

CHENNAI/NEW DELHI, Nov 13 - India's city dwellers are cutting spending on everything from cookies to fast food as persistently high inflation squeezes middle class budgets, threatening the country's brisk economic growth.

Slowing urban spending over the past three to four months has not only hurt the earnings of largest consumer goods firms, it has raised questions about the structural nature of India's long-term economic success.

Since the end of the pandemic, India's economic growth has been driven in large part by urban consumption, however, that now seems to be changing.

"There is a top end – the people with money are spending like that is going out of style," Nestle India Chairman Suresh Narayanan said.

"There used to be a middle segment, which used to be the segment that most of us fast moving consumer goods (FMCG) firms used to operate in, which is the middle class of the country, that seems to be shrinking."

Nestle India, which makes Kit Kats and other well-known goods, reported its first quarterly revenue drop since the COVID-hit June quarter in 2020.

While there is no officially defined income bracket for Indian middle class households, they are broadly estimated to account for a third of India's 1.4 billion people.

They are considered a key demographic both economically and politically, with middle class frustration seen as a significant factor behind Prime Minister Narendra Modi's weaker election performance this year.

Asia's third-largest economy is expected to expand 7.2% in the financial year ending March 2025, the fastest among its major peers.

Belying those rosy projections, however, are signs of a sharp slowdown in the household sector.

Indian urban consumption hit a two-year low this month, according to an index published by Citibank that captures indicators such as airline bookings, fuel sales and wages.

"While some of the fall could be temporary, the key macro drivers remain unfavourable," Citi's chief India economist Samiran Chakraborty said.

Growth in inflation-adjusted wage costs for listed Indian firms - a proxy for earnings of urban Indians - has remained below 2% for all the three quarters of 2024, well below the 10-year average of 4.4%, data from Citi showed.

Chakraborty cites this as a key factor impacting urban consumption, along with declining savings and tighter rules for personal loans.

Headline inflation has averaged 5% over the past 12 months, but food inflation has held above 8% as weather shocks elevated prices of vegetables, cereals and other essential foods. In October, retail inflation hit a 14-month high of 6.2% while food prices jumped to 10.9%.

Anecdotal data suggests retail sales rose close to 15% year-on-year during the 2024 festive season, which runs from August to November, Nomura said in a note last week, about half last year's pace.

"During this festival season, we have not spent at all," said Rajwanti Dahiya, 60, who survives on her husband's monthly pension of 30,000 Indian rupees ($356.76).

"Savings are low, barely there."

A 'SHRINKING' MIDDLE

India's central bank expects 7.2% GDP growth for the fiscal year ending March 2025 on the back of improved rural demand and a strong services sector.

Higher government investment could also support demand, said Rahul Bajoria, head of India and ASEAN economic research at Bank of America.

"If government spending kicks in, that probably does have some multiplier effects on private consumption spending as well," said Bajoria, who expects GDP growth at 6.8% in the current financial year.

Some are less optimistic with Citi and IDFC First Bank economists expecting GDP growth in the July-September quarter to miss the central bank's projected 7%, weighed by slower urban consumption.

That pessimism has hit consumer stocks with the Nifty FMCG index .NIFTYFMCG declining 13% since Oct. 1, compared with a 7.4% drop in the benchmark Nifty 50 .NSEI.

Of the FMCG index's 15 constituent firms, only one reported a pickup in sales volume growth in the September quarter.

Consumers in large cities are swapping branded items from hair oil to tea for cheaper unbranded alternatives, reflected in the first sales volume decline in 11 quarters for the foods and refreshment group at Hindustan Unilever.

"We see the growth in big city standing down, although in smaller cities and in rural the growth continues to be good," Hindustan Unilever chief executive Rohit Jawa said last month, after reporting lower than expected earnings.

Consumers are also cutting back on dining out.

Fast-food chains such as McDonald's, Burger King, Pizza Hut and KFC posted same-store sales declines, earnings showed.

While people are still coming, they are choosing cheaper meals, Rajeev Varman, CEO at Burger King operator Restaurant Brands Asia RESR.NS said after posting a 3% drop in quarterly same-store sales.

"We prefer budget-friendly stores that give good deals and discounts to manage our monthly expenditure," said 37-year old Avinash Crasto, a Mumbai marketing and sales executive who has a family of four and identifies as middle class.

($1 = 84.0640 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Shivangi Acharya in New Delhi; Editing by Sam Holmes)

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Nov 12 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES - TO ACQUIRE SBC TANZANIA FOR EQUITY VALUE OF $154.50 MILLION

• VARUN BEVERAGES - TO ACQUIRE 100% STAKE OF SBC BEVERAGES GHANA AT AN EQUITY VALUE OF $15.06 MILLION

• VARUN BEVERAGES - TO ACQUIRE 39.93% OF SHARE CAPITAL OF LUNARMECH TECHNOLOGIES FOR 2 BILLION RUPEES

Source text: ID:nBSEbYhpf4

Further company coverage: VARB.NS

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Oct 22 (Reuters) - Pepsi India bottler Varun Beverages' VARB.NS third-quarter profit exceeded analysts' expectations on Tuesday as healthy demand for soda in its international markets helped outweigh a monsoon-hit domestic market.

The company's net profit rose nearly 24% to 6.20 billion rupees ($73.8 million), beating analysts' expectation of 5.76 billion rupees, per LSEG data.

Higher-than-normal rains throughout the quarter, which analysts said affected out-of-home beverage consumption in the country, hurt the firm's domestic volume growth.

During the three months ending Sept. 30, its India volume growth came in at 5.7%, as compared to a "double-digit" percentage jump last year.

Despite the domestic softness, Varun Beverages said healthy international demand helped the company post a near 22% rise in sales volume at 267.5 million cases during the quarter.

"Our global operations, particularly in Africa, are positioned to drive further growth as we capitalize on emerging demand trends and enhance our operational capabilities," Chairman Ravi Jaipuria said in a statement.

The company's revenue from operations rose 25% to nearly 50 billion rupees, which included contributions from South Africa-based BevCo that Varun Beverages had acquired in the first half of the year.

Varun Beverages also reported a 26.4% rise in expenses, due to increased spending on raw materials, including sugar, flavourings, glass bottles, and packaging during the quarter.

The company's shares reversed course after the results and climbed 1.5%. Varun Beverages is the top-performing stock in the broader Nifty FMCG index .NIFTYFMCG, which is down 0.3%.

($1 = 84.0730 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Eileen Soreng)

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Aug 28 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES - ACQUIRED 10.91% STAKE IN HUOBAN ENERGY 11 BY INVESTING 29 MILLION RUPEES

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** Varun Beverages VARB.NS rise 3.4% as BofA reiterates "buy" rating

** Stock top gainer on Nifty FMCG index .NIFTYFMCG, which is up 0.65%

** Pepsi India bottler's distribution expansion and product launches will drive growth, BofA Securities says

** Adds expansion into new territories such as South Africa and Congo is a potential growth driver

** BofA sets PT of 1,840 rupees vs current price of 1,543.7 rupees

** Avg rating of 17 analysts is "buy"; median PT is 1,780 rupees - LSEG data

** Stock up 25% so far this year, fourth-highest on FMCG index

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Shares of Varun Beverages Ltd VARB.NS fall as much as 6.5% to 1,575 rupees

** Pepsi India bottler reported 26% rise in Q2 consol net profit to 12.53 bln rupees, although missed analyst estimates of 12.59 billion rupees, as per LSEG data

** Earnings before interest, tax, depreciation, and amortisation (EBITDA) margin improved by 74 bps in Q2 while it had improved by 169 bps in the same period year ago

** Stock on track to snap 4 days of gains

** More than 8.1 mln shares traded as of 1:17 p.m. IST, 4.5x their 30-day moving avg

** Mean rating of analysts rating the stock is "buy"; their median PT is 1,650 rupees - LSEG data

** VARB top loser on Nifty FMCG index .NIFTYFMCG which has gained ~9% YTD so far

(Reporting by Meenakshi Maidas in Bengaluru)

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July 22 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES- STARTED COMMERCIAL PRODUCTION AT CONGO

Source text for Eikon: ID:nBSE1p8cT2

Further company coverage: VARB.NS

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** Shares of Varun Beverages Ltd VARB.NS rise 2.8%

** Stock is top gainer on consumer goods index .NIFTYFMCG

** The Pepsi India bottler says will manufacture, distribute and sell affordable range of snacks under 'Simba Munchiez' brand in Zambia and Zimbabwe

** VARB already distributes beverages in Zambia and Zimbabwe, which along with Morocco, formed 17% of CY23 revenue

** Analysts rate VARB "buy" on avg, similar to most stocks on 15-member Nifty FMCG index - LSEG data

** Stock's 31.6% jump YTD also most on index, which has risen 5.4%

(Reporting by Nandan Mandayam in Bengaluru)

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** Shares of Varun Beverages VARB.NS rise as much as 3.1% to a record high of 1,627 rupees

** Stock top gainer on Nifty FMCG Index .NIFTYFMCG, which is up 0.06%

** VARB eyes eighth straight session of gains, on track for its best streak since July 1, 2022

** Seventeen analysts covering the stock on avg have a "buy" rating; median PT is 1,625 rupees - LSEG data

** VARB trading above its 200-day simple moving avg since mid-Nov, 2020

** Stock up ~7% so far this week, eyes best weekly gain since Dec. 22

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of Varun Beverages VARB.NS rise as much as 5% to a record high of 1,593.7 rupees

** VARB among top gainers on Nifty FMCG Index .NIFTYFMCG, eyes fourth consecutive day of gains

** Nearly 86,000 shares of co traded in two block deals at an average price of 1,575.6 rupees per share on Monday, a ~4% premium to Friday's close of 1518.6 rupees, as per LSEG data

** VARB trading above its 200-day simple moving avg since mid-Nov, 2020

** Seventeen analysts covering the stock on avg have a "buy" rating; median PT is 1,625 rupees - LSEG data

** Stock has gained ~6% since reporting its Q1 results on May 13

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Shares of Varun Beverages VARB.NS rise as much as 5.5% to 1,559 rupees

** Stock top gainer in FMCG index .NIFTYFMCG, which is currently flat

** Pepsi bottler beat March-qtr profit estimates on Monday

** Jefferies says co's gross margin better than expected, rising 390 bps YoY on lower raw material prices, efforts to reduce sugar content and implement lightweight packaging

** Expect next quarter to be strong with harsh summer season aiding impulse beverage purchases - CLSA

** Analysts' avg rating "buy"; median PT 1,612.50 rupees - LSEG data

** Stock second-most expensive with fwd 12-mth PE ratio of 67.4 on 15-member FMCG index

** Stock up 21.8% so far in 2024, biggest YTD gainer in FMCG index

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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BENGALURU, May 13 (Reuters) - Varun Beverages VARB.NS reported its first-quarter earnings above market expectations on Monday, as the Pepsi India bottler benefited from an uptick in demand for soft drinks due to an early onset of summer.

Gurugram-based Varun Beverages' consolidated net profit rose to 5.37 billion rupees ($64.3 million) for the quarter ended March 31, from 4.29 billion rupees in the year-ago period. It trounced analysts' estimates of 5.02 billion rupees, according to LSEG data.

Consumers opted more for cold beverages amid the sweltering summer heat, helping boost the firm's bottom-line numbers.

Last month, the India Meteorological Department forecast that the country was likely to experience more heat-wave days than normal between April and June.

The franchisee has been manufacturing and bottling PepsiCo-branded drinks for more than three decades and operates across 10 countries.

The company said in an exchange filing that its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 23.9% year-on-year.

Varun Beverages, known for producing and bottling various beverages such as Mirinda, Mountain Dew, and Tropicana, said its revenue from operations in the reported quarter rose 11.3% to 43.98 billion rupees year-on-year.

In a volatile trade, the company's shares were down 1% at 1,449 rupees, as of 0711 GMT.

Including session's prices, the stock has climbed 18.4% so far in 2024, compared with a 3% decline in the fast-moving consumer goods index .NIFTYFMCG.

($1 = 83.5050 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sherry Jacob-Phillips)

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April 30 (Reuters) - Varun Beverages Ltd VARB.NS:

• STARTED COMMERCIAL PRODUCTION OF CARBONATED SOFT DRINKS, JUICES, BEVERAGES BASE SYRUP & PET PREFORM AT ODISHA FACILITY

• STARTED COMMERICAL PRODUCTION OF PET PREFORM & CLOSURES AT PRODUCTION FACILITY AT ASSAM

Further company coverage: VARB.NS

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** Shares of Varun Beverages VARB.NS rise as much as 2.8% before trimming some gains; last up 1.2% to 1,397 rupees

** Pepsi India bottler up after dropping for six straight sessions

** Morgan Stanley initiates coverage on stock with "overweight", PT of 1,701 rupees, a 23% premium on last close

** Says VARB to continue outpacing industry growth backed by strong profitability as its business strategy aligns with evolving consumer preferences

** Says expansion of India's electricity infrastructure has opened access for remote areas, which bodes well for co

** VARB looks better than peers, preferred pick in staples - MS

** Analysts' avg rating on stock is "Buy", in line with peers Britannia BRIT.NS and Dabur DABU.NS while Nestle India NEST.NS is rated "Hold"

** Including session's gains, stock up 13% YTD vs 6.5% loss in Nifty FMCG index .NIFTYFMCG

(Reporting by Manvi Pant in Bengaluru)

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March 27 (Reuters) - Varun Beverages Ltd VARB.NS:

• COMPLETED ACQUISITION OF BEVERAGE COMPANY PROPRIETARY, SOUTH AFRICA

Source text for Eikon: ID:nBSE4lvMTR

Further company coverage: VARB.NS

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** Shares of Varun Beverages VARB.NS up as much as 2.5% at record high of 1,473.55 rupees

** Co and PepsiCo Inc. PEP.O, through their units, have signed an exclusive snacks appointment agreement to manufacture and package Cheetos in Morocco, starting May 1, 2025

** The Pepsi India bottler will start producing the product commercially in its own manufacturing facility, investing about 1 bln rupees ($12.1 mln)

** VARB added that the agreement is in addition to the existing distribution agreement for PepsiCo's snacks portfolio in Morocco

** Stock has been trading above its 200-day moving avg since November 2020

($1 = 82.9053 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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Feb 20 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES LTD- COMMERCIAL PRODUCTION FROM OWN MANUFACTURING FACILITY WITH A CAPEX OF 1 BILLION RUPEES

• VARUN BEVERAGES - TO MANUFACTURE AND PACKAGE CHEETOS IN MOROCCO

Source text for Eikon: ID:nBSE3skTJC

Further company coverage: VARB.NS

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** Shares of Ester Industries ESTR.NS up 12% at 100.15 rupees

** Ester allocates 2.6 mln shares to RJ Corp, parent company of Pepsi India bottler Varun Beverages VARB.NS, for 250 mln rupees

** Polyester films and speciality polymers maker on Wednesday said it raised 999.90 mln rupees ($12.04 mln) from investors, including parent group company Modi Rubber MODI.NS

** ESTR's Q3 loss widened over four-fold on Wednesday

** Including session's gain, ESTR shares up over 12% YTD after losing 32% last year

($1 = 83.0229 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

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CHENNAI, Feb 6 (Reuters) - Sales volume growth in the Indian consumer goods sector in the October-December quarter slowed sequentially amid soft sales at mom-and-pop stores, market researcher NielsenIQ said on Tuesday, even as rural regions bridged the gap with thriving urban areas.

Consumer goods makers, over the last few quarters, grappled with subdued sales in the hinterlands as people cut back spending on both essentials and discretionary items amid price pressures.

Sales volume in the sector increased 6.4% in the fourth quarter of calendar year 2023, slower than the 8.6% growth in the previous quarter, NielsenIQ said, as growth at smaller stores fell short of large supermarkets.

However, there was an uptick in rural demand.

"For the first time in 2023, consumption gaps between urban and rural markets are narrowing," said Roosevelt D'souza, head of customer success at NielsenIQ in India.

Sales volume in rural areas climbed 5.8% in the December quarter, compared with a 6.8% growth in urban regions, according to NielsenIQ. In the previous three quarters, urban consumption had outgrown rural by 3.8 to 6.2 percentage points.

In rural India, "habit-forming categories", such as biscuits and noodles, thrived as product prices slipped 0.4% across the country, marking the first decline in more than two years, NielsenIQ said.

Packaged food manufacturers, including Saffola cooking oil-maker Marico MRCO.NS and Good Day biscuits-maker Britannia Industries BRIT.NS, have cut prices on the back of easing commodity prices to better compete with smaller rivals.

Consumer goods majors Hindustan Unilever HLL.NS, Pepsi India bottler Varun Beverages VARB.NS and Adani Wilmar ADAW.NS and ITC ITC.NS have so far reported mixed results for the December quarter. Meanwhile, Dabur India DABU.NS said growth in rural areas outpaced urban pockets.

NielsenIQ expects the consumer goods sector to grow 4.5% to 6.5% in 2024, with the government's measures to support the rural economy boding well for companies that have a significant presence in rural areas.

(Reporting by Praveen Paramasivam in Chennai; Editing by Eileen Soreng)

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Feb 5 (Reuters) - Varun Beverages Ltd VARB.NS:

• VARUN BEVERAGES DEC-QUARTER CONSOL NET PROFIT 1.32 BILLION RUPEES VERSUS 747.5 MILLION RUPEES

• VARUN BEVERAGES DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 27.31 BILLION RUPEES VERSUS 22.57 BILLION RUPEES

• VARUN BEVERAGES LTD - FINAL DIVIDEND OF 1.25 RUPEES PER SHARE

Source text for Eikon: [ID:]

Further company coverage: VARB.NS

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Adds analyst comments in paragraph 5 and 6, details throughout

BENGALURU, Dec 20 (Reuters) - Shares in Pepsi India bottler Varun Beverages VARB.NS soared as much as 17.8% to a record high on Wednesday, a day after the company said it would buy South Africa's The Beverage Company in a deal valued at 13.2 billion rupees ($158.73 million).

Varun Beverages, one of PepsiCo's PEP.O largest franchisees outside the United States, is the top gainer on Nifty FMCG Index .NIFTYFMCG and was last trading up 11.8% at 1,310 rupees.

The Nifty FMCG Index rose 1.3%.

The Beverage Company makes and distributes PepsiCo-branded and own-branded non-alcoholic beverages in South Africa.

"We see significant value creation opportunity given PepsiCo's low single-digit share in South Africa," said analysts at Kotak Institutional Equities in a note.

The analysts added that they expect the Gurugram-based company to focus on PepsiCo's portfolio and gain share from Coca-Cola and local South African brands.

The deal is expected to be completed on or before July 31, 2024, the company said in a statement on Tuesday.

The stock on Wednesday posted its biggest intra-day jump since June 10, 2021 and is on track for an eighth consecutive quarterly rise, if trend holds.

Including the session's gains, stock has surged more than 88% this year so far, compared to a 25% gain in the Nifty FMCG Index.

Separately, Varun Beverages also inked a memorandum of understanding with the Jharkhand government on Tuesday to set up a manufacturing plant in the state, with a capital expenditure of 4.5 billion rupees.

($1 = 83.1625 Indian rupees)

(Reporting by Ashna Teresa Britto; Editing by Rashmi Aich)

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