Reliance Industries (RIL) has called a meeting of its lenders and shareholders on May 2 to demerge its financial services business. According to the plan, RIL shareholders will get one share in the demerged entity for every share held in RIL.
Post demerger, the shares of Reliance Strategic Investments will be named Jio Financial Services (JFS), and its shares will be listed on the NSE and BSE, the company said in a statement.
The Board of Hero MotoCorp has appointed Niranjan Gupta as the new Chief Executive Officer (CEO) of the company, effective May 1, elevating him from his current position of Chief Financial Officer (CFO), Head-Strategy and M&A. Pawan Munjal will continue as the Executive Chairman and Whole-time Director on the Board, the company said in a statement.
Tata Power on Thursday said it has re-appointed Praveer Sinha as the company’s Chief Executive Officer (CEO) and Managing Director. His re-appointment to the top post is for a period of four years from May 1, 2023 to April 30, 2027, subject to the approval of the members of the company, Tata Power said in a regulatory filing.
Insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders.
A two-member NCLAT bench observed the lenders of Mittal Corp were “empowered to issue fresh RFRP” when none of the resolution plans had been approved by the committee of creditors (CoC).
The lenders have already approved the bids of rival Shyam Sel and Power Ltd (SSPL) and an application has already been moved by the Resolution Professional (RP) before the Mumbai bench of the National Company Law Tribunal (NCLT) seeking its approval.
Welspun Group, a leading conglomerate with an interest in textile, steel, line pipes and flooring solutions, has acquired water tanks and another plastic product maker Sintex-BAPL for ₹1,251 crore. The Sintex-BAPL deal was executed by Welspun Corporation Propel Plastic Products and another group company Plastauto.
Following the execution of the deal both the unlisted Welspun companies will be merged into Sintex-BAPL. The company’s re-constituted board of directors also executed a Business Transfer Agreement and hived off its Auto Business to Plastauto for ₹ 110 crore.
The resolution plan of the company was approved by the National Company Law Tribunal, Ahmedabad on March 17Sansera Engineering has entered into a definitive agreement for the strategic investment of ₹20 crore in MMRFIC Technology by subscribing 1,49,250 CCPS (Compulsory Convertible Preference Shares) of ₹100 each with a premium of ₹1,240 per CCPS; and 17 equity shares of ₹1 each with a premium of ₹599 a share.
Jain Irrigation Systems has completed the deal to merge the global irrigation business with Temasek-owned Rivulis. In June last year, it announced that its global irrigation business will be merged with Temasek-owned Rivulis in a cash-and-stock deal and the combined entity will have a revenue of $750 million.
Hindustan Petroleum Corporation Ltd (HPCL) has signed a pact with Bharat Petroleum Corporation Ltd (BPCL) for synergy in the purchase and sale of hydrogen between the refineries the two firms operate in Mumbai.
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Hydrogen is an essential utility required for treating diesel and petrol to produce low-emission fuel of Euro-VI or Bharat Stage VI specifications, and is vital for reliable and safe refinery operations.
Wipro has announced that Badri Srinivasan will lead its India and Southeast Asia businesses. Wipro, in a statement, said Srinivasan will be taking over the leadership of these two regions to drive deeper synergies, facilitate sharing of best practices, deliver consistent and exceptional client experiences, and scale Wipro’s ability to capitalise on the emerging growth opportunities.
Housing Development Finance Corporation Limited has agreed to sell 19,35,911 equity shares of ₹10 each of Next Gen Publishing Private Limited (Next Gen), representing 16.13 per cent of the total paid-up equity share capital of Next Gen. Next Gen was incorporated in India. The company is in the business of publishing and it currently publishes five B2C monthly magazines and two B2B monthly magazines
Schneider Electric has appointed Deepak Sharma as its MD and CEO and “Zone President for Greater India region”. Sharma’s appointment is effective from May 1, the company said in a statement.
Edelweiss Financial Services on Thursday said the board of the company has approved raising ₹1,500 crore through Non-convertible Debentures (NCDs) to fund business growth. Besides, the board has also declared an interim dividend of ₹0.25 a share on the equity share of the face value of ₹1 each for the financial year ending March 31, 2023.
Spandana Sphoorty Financial Limited has raised $20 million from External Commercial Borrowings (ECBs) to fund business growth with a tenure of 36 months.
Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) to market Brimonidine Tartrate Ophthalmic Solution. According to IQVIA, Brimonidine Tartrate Ophthalmic Solution has an estimated market size of $97 million for twelve months ending December 2022.
Aether Industries has entered into a pact with Saudi Aramco Technologies Company to manufacture and commercialise the converge polyols technology and product line. Aether Industries has inked a letter of intent (LoI) with Saudi Aramco Technologies to this effect, according to a statement.
Gujarat Ambuja Exports Ltd has successfully commissioned a 100 TPD Sorbitol Unit at its existing unit of Sitarganj, Uttarakhand, taking the sorbitol manufacturing capacity to 220 TPD. With this, the company becomes the largest Sorbitol Manufacturer in India with a cumulative capacity of 400 TPD at three locations, it said in a notice to the stock exchanges.