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India Ratings and Research (Ind-Ra) has downgraded Sanghi Industries Limited’s (SIL) Long-Term Issuer rating to ‘IND BB+’ from ‘IND BB’ and placed the ratings on Rating Watch Negative (RWN).
Natco Pharma has launched Chlorantraniliprole (CTPR) 18.5 per cent SC under the Brand Name of NATGEN in Indian market. Natco estimates the current market size of CTPR containing products in India to be over Rs 2,000 crore.
Campus Activewear Limited, one of the India’s largest omnichannel sports and athleisure footwear brand, has announced the approval of the merger of its wholly owned subsidiary Campus AI Private Limited with the Company by National Company Law Tribunal, New Delhi (NCLT) vide its order dated August 11. The merger of its wholly owned subsidiary has no impact on the Revenue and EBIDTA of the Consolidated entity.
Ashoka Buildcon’s wholly-owned subsidiary Viva Infrastructure Limited has acquired 49 per cent stake held by IIF and one share held by IDFC Limited in Ashoka Highways (Bhandara) Limited. This is pursuant to share purchase agreement by the company and Ashoka Concessions Limited with India Infrastructure Fund (IIF).
Sterling and Wilson Solar Solutions, Inc, the US step down subsidiary of Sterling and Wilson Renewable Energy Limited (SWRE) has signed a Memorandum of Understanding (MOU) with the Government of the Federal Republic of Nigeria, along with its consortium partner Sun Africa.
CABT Logistics has tied up with Mahindra and Mahindra, the billion-dollar global enterprise headquartered in India to procure 500 M&M Electric Vehicles. With the current expansion of CABT Logistics with a turnover of Rs 120 crore in FY21, this tie-up is a crucial step in the evolution of both EVs and logistics. CABT Logistics recently announced to invest $ 8 Million to set up micro-fulfilment centers PAN India.
The board has appointed Varun Berry, as Executive Vice-Chairman and Managing Director of Britannia Industries Limitedwith immediate effect. In addition, BIL has announced the appointment of Rajneet Kohli as Executive Director and Chief Executive Officer, September 26. Rajneet Kohli will report to Varun Berry.
Infibeam AvenuesLtd has restructured and consolidated its international business to aggressively tap and expand its global digital payment gateway infrastructure market. The company’s three fully owned international subsidiaries - Infibeam Avenues Australia Pty Ltd (Australian market), AI Fintech Inc. (USA market) and Infibeam Avenues Saudi Arabia for Information Systems Technology. Co (Saudi Arabia market) - will become a step-down subsidiary of the company after being transferred to Infibeam Avenues Ltd’s the UAE-based wholly owned subsidiary, Vavian International Ltd, which is the second largest payment aggregator in UAE.
Laxmi Organic Industries Limited has announced that company’s plants located at Mahad Industrial Area, MIDC, Raigad, Maharashtra, was remained shut down for 21 days from August 21 to September 10 to undertake and attend the planned maintenance activities.
A Reuters report quoting three sources said that Blackstone Inc plans to sell a stake worth up to $400 million in Embassy Office Parks REIT, India’s biggest real estate investment trust. Abu Dhabi’s sovereign wealth fund, one of the world’s largest, is likely to pick up at least half of the stake that Blackstone is to sell, it said.
The board of Suzlon Energy has decided to issue equity shares of the company through a rights issue to eligible equity shareholders of the company. The total number of equity shares and rights issue size is 240 crore equity shares of Rs 2 each at an issue price of Rs 5 a share, aggregating to Rs 1,200 crore. Out of Rs 5, the initial payment of Rs 2.5 per equity share is due upon application, and the remaining Rs 2.5 is due on subsequent call(s), it said. The company announced a rights issue in the 5:21 ratio.
In a landmark development to diversify crude oil sourcing for energy security in India,Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company, has signed a Memorandum of Understanding (MoU) with Petrobras, the national oil company of Brazil.
Hariom Pipe Industries Limited has received a sanction Letter from Canara Bank for enhancing its working capital limits from Rs 49.50 crore to Rs 149.50 crore and a fresh term loan of Rs 94.02 core for implementation of cold rolled steel mill and galvanised pipe mill projects. The company is in the process of further negotiation with the bankers
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