The Competition Commission of India (CCI) on Thursday approved acquisition of stake in ISMT Ltd by Kirloskar Ferrous Industries Ltd. Through the proposed combination, Kirloskar Ferrous proposes to acquire sole control of ISMT pursuant to subscription of "a preferential allotment and an open offer to acquire up to 25.05 per cent of the emerging voting capital of the target", as per a release. By way of the proposed combination, Kirloskar is seeking to acquire up to 51.25 per cent of the emerging voting capital of ISMT and will acquire up to 76.3 per cent, in the eventuality of full acceptance in the open offer.
The Ministry of Defence has signed a contract for ₹1,075 crore with Bharat Electronics Limited (BEL) for the retro-modification of Commander Sight of Battle Tanks-T-90.
Infrastructure term lender IFCI Ltd on Thursday approved allotment of preferential shares to the government in lieu of capital infusion of Rs 100 crore in the company. The decision was taken at extraordinary general meeting (EGM) of the shareholders of the company, IFCI said in a regulatory filing.
Bharat Forge has entered into a definitive agreement to acquire a 100 per cent stake in JS Autocast Foundry India (JSA) for an upfront consideration and a fixed deferred payment at the end of the third year of operations. Management has highlighted that the acquisition would be EPS accretive and is expected to be completed in four months. The acquisition will be done through BF Industrial Solutions, BHFC's wholly owned subsidiary.
RattanIndia Enterprises Limited's (REL) 100% owned subsidiary, Cocoblu Retail Limited has started sales on Amazon India platform today and revenue generation has started in the company. Cocoblu Retail seeks to be dominant seller on E-commerce retail platforms and has partnered with several brands in multiple categories to scale up its product offerings.
UPL: Board of Directors of the company will be held on March 2 to consider a proposal for buyback of fully paid-up equity shares of the company.
Seacoast Shipping Services has received the Government of Gujarat's nod for the proposed joint venture to devlop Kharaba land into CFS. This will facilate export and imports in Morbi/Navlakhi, Vatva or Changodar Area, Palanpur Belt, Kandla and Mundra as there is huge container movement of Import and Export of goods to port by road.
Cupid has received a purchase order from UNFPA for supply of Male condoms worth ₹4.25 crore (Approx.) and Water Based Lubricant worth ₹1.01 crore (Approx.)