Dr Reddy’s Laboratories is recalling over 4,000 bottles of a generic drug in the US due to a packaging error. The Hyderabad-based drug major is recalling 4,320 bottles of Tacrolimus Capsules which are used to prevent the body from rejecting a transplanted organ. New Jersey-based Dr Reddy’s Laboratories Inc, a unit of the company, is recalling the affected lot due to “Presence of one Tacrolimus 1 mg capsule co-mingled in a bottle containing and labeled as Tacrolimus 0.5 mg capsules,” USFDA said in its latest Enforcement Report.
Adani Group on Tuesday said it has repaid share-based financing of ₹7,374 crore (over $900 million) and will prepay all such remaining loans by the end of March, as it looks to allay concerns over leverage and debt to win over investors. The repayment will release pledge on shares of promoters in four group companies - Adani Enterprises, Adani Ports & SEZ, Adani Transmission, and Adani Green Energy, it said in a statement, adding that together with repayments done earlier, the group has prepaid ₹2.016 billion of share-backed financing.
Sun Pharma has completed the acquisition of US-based Concert Pharmaceuticals. In January, the Mumbai-based company inked a pact to acquire Concert in a ₹576 million deal.
The board of Power Grid Corporation has approved investments of nearly ₹4,071 crore for two transmission projects - Kurnool Wind Energy Zone/ Solar Energy Zone (AP) at an estimated cost of ₹3,546.94 crore and Eastern Region Expansion Scheme at an estimated cost of ₹524.04 crore. The former is scheduled to be commissioned by November 2024 and latter by November 2025.
The National Stock Exchange (NSE) and BSE on Monday announced that Adani Enterprises will move out from the short-term additional surveillance measure (ASM) framework. The move comes into effect from March 8, according to the circular available with the exchanges.
Zee Entertainment Enterprises Ltd (ZEEL) has “mutually” settled disputes with the Indian Performing Rights Society (IPRS) and the insolvency petition filed against by the latter has been withdrawn before NCLAT. Though ZEEL has not shared the terms and conditions of settlement, the company said it is “as per the settlement agreement entered into by the Company and IPRS.”
The Ministry of Defence has signed contracts with Hindustan Aeronautics (HAL) for the procurement of 70 HTT-40 trainer aircraft worth over ₹6,800 crore and with Larsen & Toubro Limited (L&T) for the acquisition of three Cadet Training Ships worth more than ₹3,100 crore.
Genesis, an arm of Vikas Lifecare Ltd, has inked a pact with Indraprastha Gas Ltd to set up a meter manufacturing plant at an estimated cost of ₹110 crore. The unit will be set up through a joint venture company, VLF said in a statement on Monday.
The National Company Law Tribunal (NCLT) on Tuesday approved the Mumbai-based Suraksha group’s bid to acquire debt-ridden Jaypee Infratech Ltd through an insolvency resolution process and complete around 20,000 flats across various projects in the national capital region. A two-member Principal bench of NCLT headed by President Ramalingam Sudhkar approved the resolution plan, more than three months after concluding the hearing and reserving the order.
Jindal Stainless Ltd (JSL) on Tuesday said it will invest ₹120 crore to set up rooftop solar capacities at its Jajpur and Hisar facilities. While a project of 21-megawatt peak (MWp) will be set up in Jajpur, another 6 MWp rooftop solar capacity will be installed at company’s unit in Hisar, JSL said in a statement.
Allcargo Logistics on Monday acquired the remaining 38.87 per cent stake of its partner ACCI in the contract logistics arm for ₹145 crore, valuing the company at ₹373 crore at an enterprise level. Allcargo has also decided to sell its non-core customs clearance business by divesting its 61.13 per cent stake for an enterprise value of ₹42 crore.
Welspun Corp Limited has entered into an agreement with a reputed steel trader for the liquidation of a part of specified assets lying at Dahej Shipyard of the company for a consideration of about ₹360 crore. This part of the specified assets would be lifted and liquidated within a period of 9 months. This part of the specified assets is being sold on an “as is, where is, with all faults”, “as is what is”, “whatever there is”, and “no recourse” basis. The Buyer has paid 10 per cent of the consideration as an interest-free security deposit. it did not reveal the buyer’s name.
A fire occurred in one of the wood yards of the mill at Saharanpur (UP) on March 6, which was controlled later on with the help of local administration, said Star Paper Mills Ltd. The company has an insurance policy and the incident has been reported to the insurance company. The extent of damage is being ascertained. The manufacturing operations are unaffected due to the fire incident, the company said.
Natural Capsules said that Polson Tie-up Private Ltd has invested ₹6.26 crore in its subsidiary Natural Biogenex Private Limited, at a pre-money valuation of ₹243.75 crore. Natural Biogenex has allotted 5,57,000 shares of ₹10 each at ₹112.50 a share to Polson Tie-up.
Kimia Biosciences has received the approval for an Advance Authorisation License of Gliclazide BP an API from the office of the Additional Director General of Foreign Trade, CLA Delhi, under Directorate General of Foreign Trade.
KPI Green Energy has signed a 20-year Hybrid Power Purchase Agreement (PPA) for 1.845 MWAC capacity with Garrison Engineer-based in Jamnagar under its independent power producer segment.
NBCC India has received three construction and development projects worth ₹541 crore including the development of a new industrial estate in Jammu & Kashmir worth ₹217.27 crore, and the construction of the Institute of Chemical Technology in Bhubaneswar worth ₹300 crore.
Lumax Auto Technologies has received board approval for an investment of up to ₹225 crore in subsidiary Lumax Integrated Ventures, and an extension of corporate guarantee in favour of Kotak Mahindra Investments for securing credit facilities or debt of up to ₹250 crore to be availed by Lumax Integrated Ventures.
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