Computer Age Management Services Limited (CAMS) has signed a definitive agreement to acquire a majority stake in Mumbai-based AI and data science firm, Think Analytics India Pvt Ltd (Think360 AI). CAMS will pick up 55.42 per cent of the total paid-up share capital of Think360 AI through a secondary acquisition, which is expected to be completed before April 10. Post completion, Think360 AI will become a subsidiary of CAMS, while Think360 AI’s subsidiaries, Think Analytics Consultancy Services and Think360 AI, Inc., will become step-down subsidiaries of CAMS. Financial details of the deal were not disclosed.
Hindustan Aeronautics Ltd has received Income Tax Refund Order from the Office of Joint Commissioner of Income Tax to allow R&D expenditure as capital expenditure under Sec 35(1 )(iv) of the Income Tax Act 1961, which was disallowed during the assessment. The said order was passed allowing R&D Expenditure of ₹725.98 crore as capital expenditure, resulting in the refund of ₹570.05 crore, which included interest of ₹163.68 crore.
Neogen Chemicals Ltd and Livent Corporation have jointly entered into a definitive agreement for Neogen to acquire 100 per cent stake in BuLi Chemicals India Pvt. Ltd from Livent. BuLi Chem owns the technology to manufacture N Butyl Lithium and other organolithium products using lithium metal, which are key reagents for lithiation reactions used in the manufacturing of several complex pharmaceutical and agrochemical intermediates.
The Supreme Court has pronounced its judgment dismissing an appeal filed by Maharashtra State Electricity Distribution Company Limited challenging an order passed by the Appellate Tribunal for Electricity on September 14, 2020, in favour of Adani Power Maharashtra Limited, a wholly-owned subsidiary of the company, in the matter of compensation under Change in Law for domestic coal shortfall pursuant to changes in New Coal Distribution Policy.
MSEDCL had challenged various parameters under which Hon’ble APTEL had permitted APML to claim recovery of alternate fuel costs under Change in Law clauses corresponding to 2500 MW in the Power Purchase Agreements signed with APML for the supply of power from its 3300 MW Supercritical power plant at Tiroda, Maharashtra. This judgment of the Court brings to conclusion this long outstanding regulatory matter.
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Bajaj Electricals has bagged awards/contracts for the supply of plant and Installation services, for the development of (i) Distribution Infrastructure of Electric Supply Circle Sasaram (Rohtas and Kaimur districts) and (ii) Distribution Infrastructure of Electric Supply Circle Munger (Munger and Lakhisarai districts) of Bihar, under Revamped Reforms-Based And Results-Linked Distribution Sector Scheme (RDSS), through National Competitive Bidding, from the South Bihar Power Distribution Company Limited, aggregating to ₹564.87 crore.
As a part of the Agreement with the Government of Punjab for the procurement, operation, and maintenance of 25 CT scanners, 6 new MRI machines, 30 pathological laboratories, 1 referral laboratory, and 95 collection centres, Krsnaa Diagnostics has operationalised a diagnostics centre at Fazilka, Punjab. With this, the company has completed the operationalisation of the entire project in Punjab as on the date of this disclosure.
Hindustan Adhesives Ltd has made an investment of ₹1.37 crore by acquiring 13.70 lakh shares (i.e. 55.02 per cent) in the Right Issue of Bagla Technopack Private limited. Earlier, the company made an investment of ₹10 lakh by acquiring one lakh shares or 19.61 per cent stake in the Right Issue of Bagla Technopack Private limited.
The Board of Vardhman Textiles will be held on March 9 to consider and approve the Issue of Non-Convertible Debentures up to an amount of ₹150 crore on Private Placement Basis.
Redstart Labs (India) Ltd, a wholly-owned subsidiary of Info Edge (India) Ltd, has agreed to invest about ₹5.2 crore in Sploot Private Limited. Sploot is engaged in the business of providing products and services to pet parents with respect to the pet’s health, behaviour, and nutrition through content and app-based help. This includes the organisation of pet’s medical records, everyday tasks, and access to professionals and services.
Sumitomo Chemical India Limited had earlier announced the accident at the Bhavnagar Site on February 24. The Gujarat Pollution Control Board has uploaded an Order on its website instructing the Company to restrict and close its operations at the Company’s Bhavnagar Site.
Ashoka Buildcon has received a Notification of Award (NoA) from South Bihar Power Distribution Company Limited for the Project viz. Development of Distribution Infrastructure at Electric Supply Circle PESU (East) and Electric Supply Circle PESU (West) of Bihar under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme. The accepted contract value for the project is ₹264.87 crore. Meanwhile, in a separate statement, said that it along with its co-shareholder, an investment fund managed by Morgan Stanley India Infrastructure, has signed a Share Purchase Agreement (SPA) with Mahanagar Gas Limited (MGL) for the sale of its 100 per cent stake held in Unison Enviro Private Limited (UEPL). The SPA will be subject to customary approvals from Regulatory Authorities.
This stake sale validates ABL’s deep project execution capabilities and has enabled value creation for ABL’s stakeholders.
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ITC Ltd has incorporated a new wholly-owned subsidiary in the name of ITC Fibre Innovations Ltd on March 3, 2023. The initial subscribed share capital of the said company would be ₹1 lakh.
A Memorandum of Understanding (MOU) executed between Urja Global Limited and Government of Uttar Pradesh for the project, namely Solar Based charging stations and Electric Car Manufacturing Unit.
Linde India Ltd has invested a sum of ₹7.695 crore in FPEL Surya Private Ltd towards the subscription of 15,39,000 equity shares (26 per cent) of face value ₹10 each (allotted at a premium of ₹40 each). FPEL Surya Private Limited was incorporated in September 2021 and is engaged in the business of establishing, commissioning, setting operation, and generation of electricity through renewable energy source, such as wind, solar, and/or any other means in India or elsewhere.
Power Grid Corporation of India was declared as the successful bidder to establish an inter-state transmission system for two projects on a build, own operate, and transfer (BOOT) basis, in Chhattisgarh. The company has received letters of intent for two projects on March 2.
Zydus Lifesciences has received final approval from the US FDA for Vigabatrin as an oral solution that is indicated for the treatment of refractory complex partial seizures as adjunctive therapy in patients two years of age and older.
Kansai Nerolac Paints has acquired a 40 per cent stake in Nerofix from Polygel, for ₹37 crore. Now, Nerofix will become a wholly-owned subsidiary of Kansai. Nerofix was a joint venture between Polygel Industries and Kansai Nerolac Paints. The acquisition is expected to be completed by March 31, 2023. Kansai Nerolac had acquired 60 per cent stake of Nerofix in January 2020.
Orchid Pharma and its subsidiary, Orchid Bio Pharma, have entered into a Memorandum of Understanding (MoU) with an overseas technology provider for in-licensing 7ACA technology. In July 2022, Orchid-Bio Pharma got approval under the production-linked incentive (PLI) Scheme for manufacturing of product ‘7 ACA’.
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