Reliance group on Tuesday said its retail arm has invested in luxury fashion house Abraham & Thakore for an undisclosed majority stake, strengthening the line of lifestyle brands under its umbrella. Reliance Retail Ventures Ltd (RRVL) will leverage its subsidiary Reliance Brands Ltd's deep understanding of the affluent Indian customer and their heft across digital, retail operations, marketing, and supply chain platforms, to build brand Abraham & Thakore's global appeal in the fashion and lifestyle category.
Passenger vehicle maker Maruti Suzuki India on Tuesday reported decline in its domestic wholesale (dispatches to dealers) on the year-on-year (y-o-y) basis, while players like Mahindra & Mahindra (M&M) and Tata Motors have grown, thanks to new launches. In the two-wheeler segment, Hero MotoCorp, TVS Motor Company and Royal Enfield (Eicher) reported decline in sales. Share prices will react according to sales figures.
L&T Finance Holdings
L&T Finance Holdings will focus only on retail finance and exit wholesale and realty funding business within the next two years. SN Subrahmanyan, chief executive and managing director, L&T, has been appointed as chairperson of the finance company. He replaces Shailesh Haribhakti, who would continue to be independent director on the board of the company. This is in line with L&T’s overall commitment to strengthen its presence in the services area.
Bharat Forge Ltd
Bharat Forge Ltdhas announced the purchase of 49 per cent stake in Kalyani Strategic Systems Ltd(KSSL), a subsidiary of the company. On receipt of the necessary approval from the Department for Promotion of Industry and Internal Trade, the company has completed the purchase of 2.359 crore shares of KSSL from its existing shareholders, resulting in an increase in the company's stake in KSSL from 51 per cent to 100 per cent.
Prestige Estates Projects
Prestige Estates Projects has signed definitive documents with CPP Investment Board Private Holdings (4) Inc, an affiliate of Canada Pension Plan Investment Board, for acquiring entire 51 per cent of the rights and interest held by the company in Prestige RMZ Star Tech, Bengaluru. The total enterprise value is approximately ₹1,900 crore.
Sterlite Technologies has announced the launch of Firebird, a ORAN-based macro radios for dense, wide area 5G coverage. The announcement was made at Mobile World Congress 2022, Barcelona, where the company showcased its All-In 5G solutions.
Dr Carl Decicco, Director, has informed Syngene International Ltd that he has not been able to appear for the Online Proficiency Test conducted by the Indian Institute of Corporate Affairs before the due date of February 27 and has accordingly ceased to be an Independent Director of the company with effect from February 28. The Board of Directors has approved the appointment of Dr Carl Decicco as Additional Director of the company from March 1.
Vipul Organics, the specialty chemicals company has recommended bonus equity shares for its shareholders and employee stock options scheme for its employees in the 50th year of its operations. The company will issue one bonus share for every four shares held by shareholders and also issue 2 lakh options to eligible employees.
Lupin has announced the launch of Sevelamer Hydrochloride Tablets, 800 mg, having received an approval from the United States Food and Drug Administration (FDA). The product will be manufactured at Lupin's facility in Nagpur, India. Sevelamer Hydrochloride Tablets, 800 mg is a generic equivalent of Renagele Tablets, 800 mg of Genzyme Corporation. Sevelamer Hydrochloride Tablets, 800 mg (RLD: Renagel) had estimated annual sales of $75 million in the US (IQVIA MAT December 2021).
Lemon Tree Hotels
Lemon Tree Hotelshas signed a license agreement for a 41-room hotel at Mukteshwar, Uttarakhand. The hotel is expected to be operational in July 2022. The hotel is owned by the Alpine Chalet Resort. Its subsidiary Carnation Hotels and the hotel management arm will be operating and marketing this hotel.
Route Mobile's subsidiary Routesms Solutions FZE has successfully completed the acquisition of MR Messaging FZE, based in the United Arab Emirates. With this, MR Messaging has become a wholly owned subsidiary of RSL FZE and a stepdown subsidiary of Route Mobile.
Quint Digital Media Limited
Quint Digital Media Limitedhas entered into a binding term sheet with the Adani Group, which will acquire a minority stake in Quintillion Business Media Private Limited, an indirect subsidiary of the company. The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media / media tech properties owned by Quint Digital - the Quint, Quintype Technologies, thenewsminute and Youthkiawaaz.
Infibeam Avenueshas acquired the payments-focused Uvik Technologies for ₹75 crore in a cash and stock deal. Venture capital fund Season Two Ventures will get an exit through the deal, as per a statement.
IIFL Asset Management Ltd
IIFL Asset Management Ltdon Tuesday said it has acquired a minority stake in OmniActive Health Technologies, which offers a wide range of natural nutraceutical ingredients. Financial details were not disclosed. The investment has been made through IIFL Asset Management Ltd (IIFL AMC)Special Opportunities Fund series, according to a statement.
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