Asia Opportunities Fund and General Atlantic are reportedly set to sell a 4.2% stake in PNB Housing Finance in a bundle. The floor price has been set at 773 rupees per share, reportedly a discount of 8% to the company’s closing price on Wednesday. The deal size is said to be close to 8,300 rupees.
Tata Motors announced that it will increase prices of commercial vehicles by up to 2 percent. The increase is to offset the impact of rising commodity prices. The price increases will be applicable across the entire commercial vehicle lineup and will vary depending on individual models and variants. Additionally, Tata Motors’ JLR and Chery have signed a letter of intent to enhance CJLR’s product offering for the next generation of electrification in China. This new cooperation model will make the most of the complementary strengths of both companies – Chery’s automotive market leading position in China and JLR’s unmatched heritage and design strength – creating mutually beneficial prospects for the future.
Aditya Birla Digital Fashion Ventures Limited (ABDFVL), a wholly owned subsidiary of Aditya Birla Fashion & Retail, has signed a binding offer letter with Universal Sportsbiz Private Limited for minority investment. USPL is engaged in manufacturing and retailing fashion apparel, footwear and accessories under the brand ‘Wrogn’. .
IndianOil has signed a joint venture agreement with GPS Renewables Private Limited, one of the leading biofuel companies in India. The partnership paves the way for a 50:50 joint venture to drive biofuel adoption across the country.
Gensol Engineering has received the second tranche of Greenshoe Option Allocation of 250MW/500MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) for a Standalone Battery Energy Storage System (BESS) project of 500MW/1000MWh. The project including tranche 1 and tranche 2 will generate total revenue of INR 268.5 crores over the 12-year Battery Energy Storage Purchase Agreement period.
Kato Manufacturing has partnered with Action Construction Equipment to enter the Indian construction machinery market. The partnership aims to leverage Kato’s advanced technology and ACE’s local market expertise.
Blue Dart, South Asia’s leading courier and integrated express package delivery company, has successfully launched drone delivery in partnership with SkyAir, a leader in drone technology. The move marks a major step forward towards cleaner and more efficient delivery solutions. Building on its pioneering VLOS trials in Vikarabad, Hyderabad in September 2021, and BVLOS trials under the Telangana State Government’s “Medicine from the Sky” initiative, Blue Dart continues to lead the use of drone technology in logistics.
Allcheckdeals India Pvt. Ltd, a wholly owned subsidiary of Info Edge (India) Ltd, has agreed to invest Rs 10 crore in its wholly owned subsidiary NewInc Internet Services Private Limited, a wholly owned subsidiary engaged in the business of providing all types of internet, computer and electronic data processing services.
The Madhya Pradesh government on Wednesday suspended the licence of Som Distilleries, which manufactures and sells beer, Indian-made foreign liquor and ready-to-drink beverages, following the rescue of a child labourer from its factory in Raisen district.
Brigade Group has announced the construction of the third tower of World Trade Centre (WTC) at Infopark Kochi. The Rs 1,500 crore project will be developed by Brigade Group. The new tower will have 16 floors and six levels of parking. It will be built on a non-SEZ plot and will have a total floor area of ​​260,000 sq ft. The new tower of WTC will create direct employment for around 2,700 people and the project is expected to be completed within three years.
An FIR has been registered by the Central Bureau of Investigation (CBI) against four directors of PNC Infratech under various sections of the Prevention of Corruption Act. All operations of the company, including its core operations at construction sites across India, are functioning without any hindrance and continue to run smoothly, the statement said. However, at this stage, it is not possible to assess the impact of the aforesaid matters, the statement added.
The Godrej Group has received approval for an intra-family arrangement from the Competition Commission of India. The proposed amalgamation is pursuant to an intra-family arrangement between family branch members Adi Godrej and his family (ABG family), Nadir Godrej and his family (NBG family), Jamshyd Godrej and his family (JNG family) and Smita Krishna and his family (SVC family) which will realign the interest, legal ownership and control of various entities within the Godrej Group. The GILAC Group entities include: (a) Godrej Industries Limited, (b) Godrej Consumer Products Limited, (c) Godrej Properties Limited, (d) Godrej Agrovet Limited, (e) Godrej Seeds & Genetics Limited, (f) Innovia Multiventures Private Limited, (g) Astec LifeSciences Limited and (h) Anamudi Real Estates LLP. The entities of the G&B Group are (a) Godrej & Boyce Manufacturing Company Limited, (b) Godrej Holdings Private Limited, (c) Godrej Infotech Limited, and (d) RKN Enterprises.
Sun Pharmaceuticals has received a Warning Letter from the US Food and Drug Administration regarding its Dadra facility. The Warning Letter summarizes violations of current Good Manufacturing Practice (cGMP) regulations. The contents of the Warning Letter will be made public by the US Food and Drug Administration in due course.
TTK Prestige has engaged a globally renowned consultant to help it re-blueprint its five-year long-term strategy and plans, and the company plans to spend around Rs 120 crore on this endeavour over the next six months.
Eimco Elecon (India) Limited has received an order worth Rs 331.1 crore (excluding GST) for supply of coal mining equipment from The Singareni Collieries Company Limited. The contract will be delivered in phases and will be fulfilled by February 28, 2025.
GSEDPL, a subsidiary of GMR Power and Urban Infra, has signed a definitive agreement with BOSCH Global Software Technologies. As part of the agreement, BGSW has signed a definitive agreement with GSEDPL to invest 10% equity capital in each of the three project SPVs with GSEDPL holding the remaining 90% equity capital of these SPVs. BGSW, with its expertise in IoT and connected products, will create a robust system architecture to connect these smart meters to the cloud and IT infrastructure.
KEI Industries said operations at its plants in Lakhori and Chinchpada have been partially affected due to production halt in view of the strike announced by the Labour Party on June 19, 2023. However, there is no strike action at other plants.
According to market rumours, MAS Financial Services plans to raise up to Rs 4 billion through the QIP, with a greenshoe option to increase the size to Rs 5 billion. The offer price is expected to be Rs 286.25 crore.
Aayush Wellness Ltd (formerly Aayush Food and Herbs Ltd), a leading company in the health and wellness solutions industry, has received board approval for demerger/split-off of its existing fully paid-up equity shares. The strategic move involves splitting one equity share of face value of Rs 10 into 10 equity shares of face value of Rs 1 each.
