Engineering company Greaves Cotton on Thursday signed an agreement to acquire the entire shareholding in motion-control systems player Excel Controlinkage for a present valuation of ₹385 crore in a four-tranche deal. In the first tranche of the deal, Greaves Cotton will acquire 60 per cent of Excel Controlinkage for ₹231 crore and in the successive three tranches, acquire a 100 per cent stake by the end of FY26. Greaves will pay 7.5 times of FY23 the Ebidta (around ₹51.3 crore), subject to the selling company meeting certain criteria, a company official told PTI.

Drug maker Pfizer Ltd on Thursday said it appointed Meenakshi Nevatia as managing director for a period of five years with effect from April 3, 2023. Nevatia succeeds S Sridhar, who announced his early retirement in August 2022. Sridhar will be stepping down as managing director with close of business hours on March 31, 2023.

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The board of directors of Shriram Pistons and Rings approved a deal for acquiring a 75 per cent stake in Takahata Precision India Pvt Ltd, a subsidiary of Japan-based Takahata Precision Co Ltd for ₹222 crore. The company would be acquiring a stake in order to meet the goals for diversification and growth in areas in the automotive and industrial segments, Shriram Pistons said in an exchange filing.

FMCG conglomerate ITC has incorporated ITC Infotech France SAS, as a wholly owned subsidiary, of its subsidiary ITC Infotech India. ITC Malaysia joins ITC Limited as a fully owned subsidiary ITC France has also become a step-down subsidiary of ITC from February 8, the FMCG major said in a notice to the stock exchanges..

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