The proposal of the merger of HDFC with its banking subsidiary HDFC Bank, the biggest transaction in India’s corporate history, has got approval from stock exchanges. Both HDFC and HDFC Bank have received no objection from BSE and the National Stock Exchange. The $40 billion proposed merger of HDFC with its banking subsidiary HDFC Bank is the biggest transaction in India’s corporate history. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares held.
Hindustan Motors (HM), the erstwhile maker of the iconic 'Ambassador' cars, expects to set up a new joint venture with a European partner to manufacture electric two-wheelers by next year, a PTI report quoting a senior official, said. It might look at making electric four-wheelers at a later date, he said.
Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported a nearly twofold rise in its standalone revenue from operations to ₹9,806.89 crore for the first quarter ended on June 30, 2022. The company had revenue from operations of ₹5,031.75 crore in the April-June quarter a year ago, Avenue Supermarts informed BSE in a regulatory filing.
State-run power giant NTPC's arm, NTPC Renewable Energy Ltd ( NREL), has signed a memorandum of understanding (MoU) with the Rajasthan government to develop 10 GW ultra mega renewable energy power parks (UMREPP) in the State. The power PSU, in a statement, said that NTPC Group had set a target of 60 GW renewable energy capacity by 2032.
Bharat Forge and its subsidiary have successfully completed the acquisition of JS Auto Cast Foundry India for an enterprise value of ₹489.63 crore.
3i Infotech has completed a sale of the software product business of its subsidiary in Thailand on a going concern basis to Azentio Software. The transaction is as per the business transfer agreement executed between the company and the buyer in December 2020.
A joint venture led by Ashoka Buildcon has emerged as ‘the lowest bidder’ for the construction and maintenance of Rajiv Gandhi Fintech Digital Institute, Jodhpur, the company said in a notice to the stock exchanges. The project cost is ₹611 crore and the construction period is 18 months from the commencement date. Ashoka formed the joint venture in partnership with Cube Construction Engineering, with 65 per cent holding in it.
Deepak Nitrite has informed the exchanges that with respect to fire incidence around the warehouse of the company’s manufacturing site located at Nandesari, Vadodara, Gujarat, after testing and carrying out restoration steps, submitted stability certificates and other necessary documents to the concerned authorities.
Upon verification, the authorities found the safety compliances by the company in order and concur on the current status and action taken report. The Boiler inspector and PESO (hazardous material storage) have also affirmed the security of the assets and thus Gujarat Pollution Control Board has issued directions revoking the closure order, currently for two months, and permitted the company to operate part of the plant i.e. 50 per cent of the consented capacity of Nitro Section.
Endurance Technologies has acquired a 51 per cent stake in Maxwell through a combination of primary issuance and secondary purchase. In May, the company had informed about the execution of the Share Subscription and Purchase Agreement with shareholders of Maxwell Energy Systems, for acquiring a 100 per cent stake in a phased manner. Maxwell is in the business of embedded electronics, particularly in battery management systems (BMS) for vehicles including electric vehicles (EV).
Mazagon Dock Shipbuilders successfully launched a fuel cell electric vessel (FCEV) prototype, the first indigenous hydrogen-powered electric boat. The hydrogen boat prototype has been conceptualised and developed by Mazagon Dock with Tata Advanced Systems & Vijai Marine Services as technology partners.
Glenmark Pharmaceuticals has informed the exchanges that the USFDA has issued Form 483 with one observation after an inspection at the company's formulation manufacturing facility based out of Aurangabad, India, between June 27 and July 1.