Mumbai, May 6
Wipro Ltd and HFCL Ltd have announced that they have entered into a partnership to engineer a variety of 5G transport products that include a Cell Site Router, DU (Distributed Unit) Aggregation Router, and CU (Centralised Unit) Aggregation Router.
Leading two- and three-wheeler maker TVS Motor Company made two big announcements on Thursday - Sudarshan Venu, now Joint Managing Director, has been elevated as the Managing Director, and the company’s total revenues crossed ₹20,000 crore for the first time.
Jindal Worldwide has acquired Mumbai-based electric vehicle start-up Earth Energy EV through its subsidiary Jindal Mobilitric. Additionally, Jindal Mobilitric will set up a new manufacturing plant in Ahmedabad, which will supplement the existing Earth Energy manufacturing facility in Maharashtra. “The acquisition will see Jindal Mobilitric take over the indigenously developed technology platform as well as Earth Energy’s brands — Glyde SX and the Glyde SX+ — variants of its commuter scooter as well as the — Evolve R and the Evolve S commuter and cruiser motorcycles,” the company said in an official release.
Cigniti Technologies has signed a binding agreement to acquire 100 per cent stake in an AI/ML, data engineering, analytics, and blockchain services company that operates under the brand name RoundSqr and its foreign subsidiaries, namely, RoundSqr Inc; USA and RoundSqr Pty Ltd; Australia. “This is a firm step towards bolstering Cigniti’s strategic pursuit of becoming a specialised digital engineering and assurance services provider,” the company said in a release.
The Strategic Investment Committee of the Mahindra & Mahindra board has approved divestment of up to 94,46,156 equity shares of Rs 2 each, representing up to two per cent of the issued and paid-up equity share capital of Brainbees Solutions Pvt Ltd on a fully diluted basis, by way of an Offer for Sale of equity shares as part of the proposed IPO of Brainbees. The actual number of shares to be divested will be decided in due course, it said.
Nodwin Gaming Pvt Ltd, a material subsidiary of Nazara Technologies Ltd, has acquired 19,955 equity shares of Rs 10 each of Superhero Brands Pvt Ltd for a consideration of Rs 3.49 crore on May 4, 2022. With this acquisition, Nodwin now holds the equivalent of 71.30 per cent equity on a fully diluted basis, of Planet Superheroes.
RailTel Corporation of India Ltd. has received a work order from Indian Railway Finance Corporation Ltd. for “implementation of ERP and other business modules, along with servers for cloud hosting and DR services” at a cost of Rs 20.81 crore (plus GST).
Future Enterprises had agreed to sell 25 per cent stake in its general insurance joint venture, Future Generali India Insurance Company Ltd, to its joint venture partner, Generali Participations Netherlands N. V. subject to the receipt of the necessary approvals from governmental and regulatory authorities. After receiving key approvals, the transaction was consummated on May 5, 2022. Following this, the company has sold 25 per cent shares for a consideration of Rs. 1,266.07 crore. Post completion of the transaction, the company continues to hold (directly and indirectly) 24.91 per cent shares in FGIICL
The Phoenix Mills Ltd (PML) has announced the completion of acquisition of balance 50 per cent equity stake in Classic Mall Development Company Ltd (CMDCL) from Crest Ventures Led and Escort Developers Private Ltd (a 100 per cent subsidiary of Crest Ventures Ltd). Prior to this, PML owned 50 per cent in CMDCL and the balance 50 per cent was owned by Crest Ventures (46.35 per cent) and Escort Developers (3.65 per cent). CMDCL is now a wholly-owned subsidiary of PML that has paid Rs 936 crore to acquire the 50 per cent stake held by Crest Ventures and Escort Developers.
The board of Renaissance Global Ltd at its meeting held on May 5, 2022, approved the sub-division/ split of the existing equity shares of the company from one equity share having face value of Rs 10 each, fully paid-up into five equity shares having face value of Rs 2 each fully paid-up.
Madan Mohan Varshney, whole-time Director of Flex Food Ltd has resigned from the board with effect from May 5, 2022 for personal reasons.
A meeting of the board of H industan Foods Ltd is scheduled to be held on Friday, May 20, to consider and approve the proposal to sub-divide/split equity shares of the company.
Dolfin Rubbers has fixed Tuesday, May 17, 2022 as the “Record Date’ as well as the ‘Book Closure Date’, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus equity shares in the proportion of one equity share of Rs. 10 each for every three existing equity shares of Rs 10 each.
Results calendar: Reliance Industries, Reliance Home Finance, Canara Bank, CSB Bank, Federal Bank, Great Eastern Shipping Company, Shipping Corporation of India, Bajaj Consumer Care,Tata Power Company, Apollo Pipes, Apollo Tricoat Tubes, Hariom Pipe Industries, Sundaram-Clayton, Greenpanel Industries, Grindwell Norton, Kokuyo Camlin, Paisalo Digital, Paushak, Vesuvius India, and Vikas EcoTech
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.