Tata Steel Mining Ltd, an unlisted wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of 90 per cent stake in Rohit Ferro-Tech Ltd in accordance with the approved Resolution Plan under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016. Under the terms of the Resolution Plan, TSML has funded ₹617.12 crore to pay the admitted CIRP cost, employee dues, operational creditors and financial creditors in line with the provisions of the approved resolution plan. Additionally, 10 per cent of the equity shares of RFT have been issued to its financial creditors towards part conversion of their loan.
Thermax has concluded a ₹522-crore order for utility boilers and associated systems for a grass root refinery and petrochemical complex in Rajasthan. The order includes two units of 260 TPH high pressure utility boilers, along with allied auxiliaries to be designed and manufactured by Thermax Babcock & Wilcox Energy Solutions (TBWES), a wholly-owned subsidiary of Thermax. The package will be a part of the customer's Captive Power Plant (CPP), and will facilitate their steam and power requirements.
Swiss E-Mobility Group (Holding) AG, a subsidiary of TVS Motor Company Ltd, has acquired 100 per cent stake in Alexand'Ro Edouard'O Passion Vélo Sàrl (Passion Vélo), primarily engaged in the sale of e-bikes as well as e-bike accessories across a range of premium e-bike brands such as TREK, Riese & Muller, Cannondale, Moustache and others. PV owns and manages a large e-bike store spread over an area of 800 sqm in the canton of Neuchatel, Switzerland.
HeidelbergCement IndiaLtd has commissioned a 5.5 Mega Watt Solar Power Plant in its mining area located in Damoh, Madhya Pradesh. The mining operations and clinker plant have started receiving supply of electricity. The solar plant is expected to generate 10 Gigawatt hours per annum of solar energy and the same will replace electricity purchased under the short-term open access and from grid.
The board of Fino Payments Bank Ltd has approved a minority strategic investment by the bank in New Delhi-based Paysprint Private Ltd. The bank will invest up to 12.19 per cent in the fintech by way of subscription to its shares. The strategic investment is a first for Fino Payments Bank after its public listing. This is in continuation of several in-house initiatives by the bank that are already underway towards building a digital ecosystem for its customers as part of its Fino 2.0 journey
The fund raising committee of Indiabulls Real Estate approved the closure of a qualified institutions placement on Tuesday pursuant to the receipt of application forms and funds in the escrow account, from eligible qualified institutional buyers in accordance with the terms of the issue. The committee has approved the allocation of about 8.60 crore shares at ₹101.10 a share, which is at a discount of ₹5.28 a share to the floor price of ₹106.38 a share.
The board of Jaykay Enterprises has taken on record the decision to acquire 99 per cent interest in Silvergrey Engineers (SGE), a partnership firm which is engaged in manufacturing and supply of parts and accessories to the defence equipment manufacturing industry, catering to HAL, BEL, ISRO, Gas Turbine Research Establishment, the Aeronautical Development Agency, Tata Advance Systems and others. Silvergrey Engineers curently has a small manufacturing unit located at Bengaluru. The other 1 per cent capital in SGE is proposed to be acquired by another promoter company. Besides, the company proposes to diversify into real estate activities by developing its own land bank or through the joint venture, joint development model, acting as a Project Management Consultant, or through Real Estate Management and other allied activities.
Shivalik Bimetal Controls has signed an agreement to purchase 50 per cent shareholding from the joint venture partner, PortWest Corporation (formerly known as Checon Corporation USA) in Checon Shivalik Contact Solutions Private Ltd (CSCS). The board has also approved a proposal to purchase 55 per cent shareholding from the associate partners, Ultra Portfolio Management Private Ltd and OD Finance and Investment Private Ltd in Shivalik Bimetal Engineers Private Ltd (SBEPL).
The government of Andhra Pradesh has levied additional electricity duty of 94 paise per kwhr with immediate effect. This will impact the profitability of Indsil Hydro Power and Manganese Ltd's Vizianagaram smelter.
Sat Industries has invested ₹1.65 crore in 18 early-stage start-ups across sectors such as FMCG, technology and finance. During the quarter, Sat has invested an average cheque size of ₹11 lakh each in Raskik (FMCG), Healthy Barks (FMCG), BotSync (Robotics), Ethereal Machine (Tech), Broomees (Consumer), Castler (Fintech), Wizzy (Tech), CarterX (Logitech), Pension Box (Fintech), Red Basil (Food tech), PinBox (Fintech), Devnagri (Tech), Prescinto (Tech), Celsius (Cold chain Logitech), Pick My Work (HR-Tech), Fleek (Tech) and Flickstree (Consumer).
RITES has entered into a memorandum of understanding (MoU) with Tata Steel Ltd to synergise their expertise. RITES and Tata Steel would collaborate to offer services in the areas of railway rolling stock exports and enhance infrastructural capabilities for buildings, airports, urban engineering, and information technology. They would also explore capacity enhancement for urban mass rapid transport, including metro railway systems, for the domestic and overseas markets.
Results Calendar: Den Networks, Infosys and Leasha Industries will declare their financial performance.