SBI Cards and Payment on Monday said its parent State Bank of India (SBI) has appointed Abhijit Chakravorty as Managing Director and CEO. He will replace Rama Mohan Rao Amara, who will cease to be MD from August 11. Chakravorty’s appointment would be effective from August 12 for two years, SBI Card said in a regulatory filing.
Larsen & Toubro on Monday said it struck an agreement with Spanish shipbuilder Navantia to bid for a submarine tender by the Indian Navy likely valued at more than €4.8 billion ($5.26 billion). Navantia and L&T first signed an MoU in April to bid for the Indian Navy’s Project 75 (India) which requires domestic firms to tie up with foreign companies to produce six conventional submarines equipped with air-independent propulsion (AIP).
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Cupid Limited has received a purchase order for a supply of male and female condoms worth ₹17.93 crore from Liber Manufacturing Group Limited.
Sanghvi Movers said it will execute 41 per cent of the ₹150-crore contract that it had received from eminent independent power producers in the renewable energy sector this fiscal. The contracts for providing crane rental services along with allied services comprising of WTG surface logistics, inter-carting, installation & pre-commissioning of WTGs, development of wind farm and storage yard are of 18 months starting from April. The balance will be completed in FY25
Creditors of Jet Airways have urged the Supreme Court to wind up the grounded airline, claiming that the approved resolution plan is unworkable. The Committee of Creditors (CoC), represented by additional solicitor general N Venkatraman, informed the apex court that the Jalan Kalrock Consortium, which was granted ownership of the airline, has failed to inject any funds into the company. Furthermore, the DGCA has declined to renew Jet Airways’ Air Operator’s Certificate, which expired in May.
Tata AIA Life Insurance (Tata AIA), one of India’s leading life insurers, has launched its first dedicated Small-Cap fund, Tata AIA Small Cap Discovery Fund. The New Fund will offer policyholders the opportunity to generate capital appreciation in the long term by investing in small-cap market capitalisation stocks. The New Fund Offering (NFO) window will remain open from July 10 to July 24, 2023, at ₹10 per unit, applicable only during the NFO period.
IFB Agro Industries on Monday said its alcohol business is facing challenges due to a sharp hike in liquor prices due to a 30 per cent excise rise by the West Bengal government, while the company’s new fish feed manufacturing facility in Odisha will be operational from March 2024.
Online sports platform Nazara Technologies on Monday said its board has approved raising of ₹750 crore through equity shares. The board, in a meeting held on Monday, also authorised the increase in share capital from ₹30 crore to ₹50 crore, according to a regulatory filing.
CarTrade has announced that it acquired OLXAutos’ India business, in a deal worth ₹537 crore.
Bright Brothers Ltd had earlier announced setting up a manufacturing unit by its wholly owned subsidiary, Bright Brothers LLC at Lena in Wisconsin, USA. The commercial production of the unit is beginning from July 10.
APL Apollo Building Products Private Limited, a wholly owned subsidiary of APL Apollo Tubes Limited, has been granted Incentives of ₹500 crore by the State Investment Promotion Board (SIPB), Government of Chhattisgarh. Accordingly, the company will get Relaxation of Stamp duty; 75% Net SGST for 15 years; Electricity duty exemption for 15 years; and Transport subsidy towards exports for 15 years.
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Link Pharma Chem Limited has received notice from the Gujarat Pollution Control Board, Gandhinagar effecting closure of operations of its plant situated at Nandesari, Dist. Vadodara. The Board has laid certain conditions and has asked the company to fulfil them.
The board of Elitecon International has taken note of the fact that the Offer for Sale (OFS) by one of the promoters (between May 5 and 25) could not be completed as one of the investors was a Corporate Body, which makes it ineligible from being classified as a QIB. Hence, the board has decided to request the selling promoter to make a fresh OFS to QIBs to comply with the minimum public shareholding.
Tata Communications has entered into a share purchase agreement through its Singapore-based subsidiary Tata Communications International Pte Limited (TCIPL) to acquire the remaining 41.9 per cent equity in Oasis Smart SIM Europe SAS (Oasis), a leading embedded-SIM (eSIM) technology provider. The transaction allows Tata Communications to accelerate and augment Tata Communications MOVETM platform roadmap for global markets.
Allcheckdeals India Pvt. Ltd, a wholly-owned subsidiary of Info Edge (India) Ltd, has agreed to invest ₹10 lakh in its wholly-owned subsidiary-Interactive Visual Solutions Private Limited, a step down wholly-owned subsidiary of the company.
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