Sagar Cements has been declared a successful resolution applicant for Andhra Cements, a Jaypee Group cement manufacturer undergoing insolvency proceedings. Looking for a buyout, Andhra Cements’ lenders last year received expressions of interest from Sagar Cements, BC Jindal’s Jindal Poly Films, Dalmia Cement (Bharat) Ltd, and Khandwala Finstock Pvt Ltd, according to a stock exchange filing.
Malabar Institute of Medical Sciences Ltd, a material subsidiary of Aster DM Healthcare Limited, has agreed to acquire a 99.99 per cent stake in Cantown Infra Developers LLP on January 14. Cantown Infra Developers LLP owns land next to the Boundary of Aster MIMS Kannur. The entity has no turnover in FY21-22 except for rent received from letting the land out for a car parking facility to Aster MIMS Kannur.
The US health regulator has pulled up drug major Sun Pharmaceuticals Ltd for manufacturing lapses, including failure to follow appropriate written procedures designed to prevent microbiological contamination of drug products, at its Gujarat-based plant.
The USFDA conducted a Pre-Approval Inspection (PAI) and Good Manufacturing Practices (GMP) inspection of Piramal Pharma Limited’s Sellersville (USA) facility from December 19, 2022 to January 13, 2023. At the conclusion of the inspection, the USFDA issued a Form-483, with two observations.
The observations were classified under VAI (Voluntary Action Indicated) and do does not relate to data integrity. The company is preparing a detailed response to the observations, which will be submitted to the USFDA within the stipulated timelines.
Granules India Ltd’s Gagillapur facility (Hyderabad, Telangana) has completed the USFDA’s PAI from January 9-13 with three observations and the company will respond to these observations within the stipulated time period. Gagillapur facility manufactures Finished Dosages (FDs) and Pharmaceutical Formulation Intermediates (PFIs).
RattanIndia Enterprises Limited has completed the acquisition of 100 per cent shareholding in the electric motorcycles major Revolt Motors. Revolt Motors is the highest-selling electric bike in the country with its manufacturing facility in Manesar, Haryana.
Revolt Motors has expanded its footprint pan-India with 30 dealerships spread across the country. With this 100 per cent acquisition of Revolt Motors, RattanIndia Enterprises seeks to significantly scale up Revolt’s growth and make it the largest EV two-wheeler company in the country.
REC Limited has signed non-binding MoUs with the Uttar Pradhesh government for a power generation project of ₹14,103 crore with capacity addition of nearly 3,000 MW, pollution control equipments, and allied works; for transmission projects of ₹7,800 crore for strengthening the transmission system and network in the State.
REC Ltd also signed the non-binding MoUs for distribution project of ₹13,600 crore for strengthening infrastructure, reducing AT&C losses, to provide quality and affordable power to all; for renewable energy of ₹45,350 crore for the addition of 10,000 MW capacity; and for multiple infrastructure development projects in UP of ₹20,000 crore across various sectors.
Karnataka Bank has appointed Sekhar Rao as an Additional Director to take up the role of Executive Director of the Bank for a period of three years effective from the date of taking charge, subject to the approval of the shareholders.
Waaree Renewable Technologies Limited (Formerly Sangam Renewables Limited) has signed a Letter of Award (LoA) with one of India’s leading construction company companies, for the execution of Engineering, Procurement, Construction, and Commissioning (EPCC) of a solar power project of 7 MWp DC capacity for their captive requirement along with three years of operation and maintenance work. The project is scheduled to be completed in FY2022-23, as per the terms of the order.
The Indian Wood Products Co Ltd has entered into an MoU with Commercial Motors, a registered partnership firm to explore the possibilities of real estate development at the company’s unused idle land at the company’s plant at Izzatnagar Bareilly, UP.
This MoU is valid for six months within which the developer shall submit a proposal/feasibility report for the development of the project. The company has not executed any development agreement nor given any right over the company’s land to the developer.
Whirlpool of India on Friday said its Managing Director Vishal Bhola has resigned from the post. The company has appointed Narasimhan Eswar as Managing Director (MD) and Additional Director.
Brigade Enterprises Limited has acquired a 100 per cent stake in the equity shares of Tetrarch Real Estates Private Limited from its existing shareholders. Accordingly, Tetrarch Real Estates Private Limited has become a wholly owned subsidiary of the company with effect from January 13.
SJVN will set up a 90 MW floating solar project in Omkareshwar, Madhya Pradesh at an investment of ₹650 crore. The project is scheduled to be commissioned by December 2023. Roto Pumps Ltd has received an order from Grasim Industries Ltd for the supply of screw pumps and spare parts amounting to ₹14 crore.
The board of Generic Engineering Construction and Projects Limited has approved the preferential issue. Subject to shareholders’ approval, the board has approved an increase in authorised capital of the company from ₹24.25 crore to ₹30 crore.