Mahindra Logistics has entered into a business transfer agreement with Rivigo Services and its promoter for the acquisition of its B2B express business, as a going concern, on a slump sale basis. The transaction cost is ₹225 crore and the acquisition will be completed by November 1.
The board of Amara Raja Batteries has given its approval for the demerger of plastic components for the battery business from Mangal Industries and merged it with itself. The turnover of the division as of March 2022 was ₹569.4 crore.
Filatex India has commissioned its project for debottle necking with a melting capacity of 50 MT per day and manufacturing lines of 120 MT per day at the Dahej Plant.
Orient Bell has announced the completion of the expansion at its Hoskote plant in Bengaluru. This expansion involved a capex of around ₹34 crore well ahead of schedule. With this, the total capacity of the company has increased from 32 MSM per annum to 33.8 MSM per annum including 10 MSM per annum of the associated entities.
The board of Directors of Likhitha Infrastructure approved the sub-division of equity shares of the company (from ₹10 to ₹5) and the incorporation of a Joint venture company in the Kingdom of Saudi Arabia.
The Board of Shree Ajit Pulp And Paper is scheduled to meet on September 29 to discuss and consider the issue of equity shares of the company on a Rights basis.
Jyoti Structures Limited has secured a contract from Sterlite Power Transmission Limited for a turnkey supply and construction of 400 KV & 220 kV Double Circuit transmission lines in Goa and Karnataka. The contract is valued at ₹237 crore including GST and is to be commissioned in a phased manner by December 2023 and July 2024.
Sterlite Global Venture (Mauritius) Limited, a wholly-owned subsidiary of Sterlite Technologies Limited (STL) has announced its divestment of Impact Data Solutions Limited (IDS), UK, as a part of its consolidated strategy to focus on its core business segments of optical solutions and global services.
With a strategic intent to play to its core, STL will sell its equity in IDS to Hexatronic Group AB for initial consideration and an earn-out upside. Over the past few years, IDS has been operating in certain niche areas of the data-centre market, primarily inside-data-centre connectivity and containment solutions.