The board of Reliance Industries, based on the recommendation of the Human Resources, Nomination and Remuneration Committee, has designated Srikanth Venkatachari (Joint Chief Financial Officer of the Company since 2011) as the Chief Financial Officer of the Company with effect from June 1. The move follows as the iIncumbent Alok Agarwal, Chief Financial Officer of the Company will assume a new role as Senior Advisor to the Chairman and Managing Director of the Company assisting him on a wide range of strategic issues with effect from June 1 after 30 years of distinguished service.
Tube Investments of India Limited and Premji Invest (through PI Opportunities Fund I Scheme II) have signed a Share Purchase Agreement to acquire 100 per cent equity capital of Lotus Surgicals Private Limited from India Medical Consumables Holdings Limited (a Samara Capital entity) and other shareholders. TII will acquire 67 per cent while the balance by Premji Invest. Currently, Lotus is engaged in the business of wound closure products. TII will invest up to ₹233 crore and Premji Invest will invest up to ₹ 115 crore. to acquire equity shares from the existing shareholders of Lotus. The acquisition is the first step for TII and PI to initiate a Medtech Platform partnership.
Grasim Industries Limited has acquired by way of assignment of the leasehold rights in the leasehold land admeasuring area of about 220 acres situated at Gujarat Industrial Development Corporation, Vilayat Industrial Estate, Dist. Bharuch, Gujarat, from Century Textiles and Industries Limited for ₹254.70 crore (including GST of ₹38.85 crore) for setting up of manufacturing facilities in due course.
Sun Pharmaceutical Industries has entered into an agreement to acquire 60 per cent shareholding in Vivaldis Health and Foods, from its existing shareholders, for ₹143.3 crore. The remaining will be acquired in future as per certain terms & conditions. Vivaldis is engaged in the business of manufacturing and marketing of drugs, food supplements and over the counter products in the companion animal segment of animal healthcare industry.
Zydus Lifesciences has announced that the USFDA conducted an inspection at the manufacturing facility SEZ-1 of Zydus Lifesciences Limited located at Pharmez, Ahmedabad from March 20 to March 24. The inspection was a Pre-Approval Inspection (PAI) as well as a GMP Audit and concluded with three observations. There were no Data Integrity related observations. The company is addressing these observations and will respond to them within the stipulated time.
Lupin Ltd has announced the successful completion of the inspection carried out by the UK Medicines and Healthcare products Regulatory Agency (UK MHRA) at its Pithampur facilities in India. The inspection was conducted from March 20 to 24. In a separate statement it announced that the United States Food and Drug Administration (US FDA) has completed a Post-marketing Adverse Drug Experience (PADE) inspection of the company’s operations. The inspection closed with no observations.
Suresh Venkatachari and RS Ramani, promoters of SecureKloud Technologies Limited (formerly 8K Miles Software Services) were arrested by the Directorate of Enforcement on March 24, alleging that they are guilty of an offence under the provisions of the Prevention of Money Laundering Act, 2002. Suresh Venkatachari shall cease to be the President of the company with immediate effect, it said in a notice to the stock exchanges.
The Ministry of Defence has signed a contract worth ₹3,000 crore with Bharat Electronics for supply of integrated electronic warfare systems for the Indian Army. Further, BEL has also received several contracts totaling to ₹1,300 crore during last fortnight from the Indian Navy for supply of indigenously developed fire control, gun fire control, surveillance, tracking, ESM, sonar systems etc.
Mahindra & Mahindra Ltd has today executed a Share Purchase Agreement to acquire 7,67,59,301 Equity Shares of Mahindra Aerospace Private Limited, a subsidiary of the Company from the other shareholders. Upon completion of the said transaction, the shareholding of the Company in MAPL would increase from 91.59 per cent to 100 per cent of the Equity Share Capital of MAPL. Consequently, MAPL would become a wholly owned subsidiary of the Company
Indian Overseas Bank has mobilised Tier II Bonds of ₹1,000 crore. The Bank came up with Basel III Compliant Tier II Series V Bonds issue with Base Size of ₹200 crore and Green Shoe option of ₹800 crore at 9 per cent. The issue was oversubscribed by 5 times of base issue size.
Crompton Greaves Consumer Electricals and Butterfly Gandhimathi Appliances has announced a proposed scheme of amalgamation of Butterfly with Crompton. Upon merger, the public shareholders of Butterfly as on the record date will receive 22 equity shares of Crompton for every 5 equity shares held by them. Post-Merger, the public shareholders of Butterfly will hold ~3.0% stake in the combined entity.
Morepen Laboratories has said that the United States Food and Drug Administration conducted an inspection of the API manufacturing facility, at Baddi, Himachal Pradesh. The facility has been cleared by USFDA on March 24 without any adverse observation (NIL 483).
Cholamandalam Investment and Finance Company Limited has sanctioned an additional loan facility of ₹3.20 crore to Star Housing Finance Limited.
Khadim India has appointed Rittick Roy Burman, Whole-time Director, to manage the regular affairs & overall operations effective from March 24. Rittick is a member of the promoter group and key managerial personnel of the company. The change in leadership is announced after the resignation of former CEO, Namrata Ashok Chotrani.
The board of Kajaria Ceramics has approved investment by the company in the revised project cost of ₹90.74 crore (i.e. 50 per cent of ₹181.49 crore) and the working capital upto ₹21.23 crore (i.e. 50 per cent of ₹42.45 crore) in Kajaria Ramesh Tiles Limited, Nepal (joint venture company) by way of equity and/or loan and/or bank guarantee and/or standby letter of credit, in one or more tranches, for establishing a manufacturing facility of the said joint venture company, having revised annual production capacity of 5.1 MSM tiles. In view of growing tile markets in Nepal, it was proposed to establish the Company’s manufacturing presence in Nepal by way of investing into the JVC in Nepal on joint venture basis in the equal ratio for putting up a manufacturing facility with capacity of 8 MSM tiles per annum.
HSCC (India), subsidiary of NBCC India, has received work order worth ₹81.19 crore from All India Institute of Medical Sciences (AIIMS), New Delhi. The project period is 18 months from the date of commencement work.
WS Industries India Ltd has made full and final payment for the balance remaining amount towards the bid amount of ₹107.35 crore to Central Bank of India Hyderabad, against the 254 acres land situated at Sunguvarchatram, Sriperumbudur Taluk, Kancheepuram District of Tamil Nadu. The Company plans to develop a modern logistics park and in consultation with architects to develop an integrated township with attendant infrastructure.
Veranda XL Learning Solutions Private Ltd, a wholly owned subsidiary of Veranda Learning Solutions Ltd, has now further acquired 12,56,728 equity shares from the existing shareholders of J.K. Shah and consequent to the said acquisition VXL holds 76 per cent of the paid-up share capital of J.K. Shah.
The board of Suraj Industries Ltd has approved investment of ₹6.58 crore in Carya Chemicals & Fertilizers Private Limited (Carya), an existing Subsidiary of the Company, towards the acquisition of 65,81,000 equity shares in the right issue of Carya, which is in the process of setting up a green field 125 KL per day grain based Distillery for manufacture of Ethanol / Extra Neutral Alcohol at RIICO Industrial Area, Guwadi & Majhari, Block Shahbad, Dist. Baran, Rajasthan.