Kotak Mahindra Bank has said Zurich Insurance Company has agreed to pick up 70 per cent stake instead of 51 per cent in its general insurance arm. In November, Zurich Insurance Company had announced plans to acquire a 51 per cent stake in Kotak Mahindra General through a combination of capital infusion and share purchase, followed by a subsequent acquisition of an additional stake of 19 per cent within a period of three years from the initial acquisition.

Infibeam Avenues Ltd has announced investment of $10 million for the acquisition of a 20 per cent strategic stake in XDuce, a renowned enterprise Application and AI development company based in the US. With headquarters in New Jersey US, XDuce has a team of over 150 software developers servicing some of the marquee Wallstreet and Insurance Clients in North America.

Transformers and Rectifiers (India) Ltd has received orders worth ₹232 crore (for Designing, Engineering, Manufacture, testing at Manufacturers works and supply of 500 MVA, 400/220/33kV, 3-Phase ICT auto transformers from Power Grid Corporation of India Limited. The entire work should be completed within 21 Months from date of issue of Notification of Award.

Skipper, manufacturers for power transmission and distribution structures, has secured an order worth ₹737 crore from Power Grid Corporation of India Limited (PGCIL) for design, supply and construction of a cutting-edge 765 kV transmission line for the central PSU.

Zydus Lifesciences has received the WHO prequalification approval for the API and formulation of the key drug to treat Leishmaniasis, ‘Miltefosine’. With this, Miltefosine will be added to WHO’s pre-qualification list which will enable larger access to the drug globally.

JSW Infrastructure has received Letter of Award from V.O. Chidambaranar Port Authority for “Mechanization of North Cargo Berth-III (NCB-III) for Handling Dry Bulk cargo at V.O. Chidambaranar Port on Design, Build, Finance, Operate and Transfer (DBFOT) Basis through PPP basis”.

Biocon has given a corporate guarantee of $20 million in favour of Mizuho Bank to secure term loan facility of $20 million extended to company’s step-down subsidiary Biocon Generics Inc by the bank. The corporate guarantee is valid for 5 years.

Servotech Power Systems Ltd., a leading manufacturer of EV Chargers, has bagged a significant order for nearly 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs. The order is valued at ₹102 crore and involves two charger variants of 60 kW and 120 kW. The order secured by HPCL involves Servotech manufacturing, supplying and installing DC EV Chargers nationwide, prioritising deployment at HPCL’s retail outlets.

Kalyani Steels Ltd has signed a Memorandum of Understanding with the Government of Odisha for the establishment of Titanium Metal & Aerospace Components Manufacturing and Integrated Advanced Specialty Steel and Automotive Components Manufacturing Complex in Odisha. This strategic partnership aims to set up a comprehensive manufacturing complex at Gajamara, Dhenkanal, highlighting KSL’s foray into the state amidst keen interest from various regions

The USFDA conducted a Pre-Approval Inspection (PAI) inspection of Piramal Pharma Ltd’s Lexington (US) facility from February 20-23 for one of the product expected to be manufactured at this facility. On conclusion of the inspection, a Form-483 was issued with 2 observations. The observations does not pose any risk to site’s compliance standards or its business continuity. The company is preparing a detailed response to said observations, which will be submitted to the US FDA within stipulated timelines.

Rashtriya Chemicals and Fertilizers Ltd (RCF) Chairman & Managing Director S C Mudgerikar has been given additional charge as the head of Fertiliser and Chemical Travancore Ltd. The Chemicals and Fertilisers ministry has given Mudgerikar the additional charge as Chairman & Managing Director (CMD) of FACT with immediate effect, according to a regulatory filing.

Oriental Rail Infrastructure Ltd has secured orders worth about ₹12.80 crore from ‘Integral Coach Factory (ICF), Chennai, Indian Railways.

Infrastructure investment trust IndiaGrid has completed the acquisition of 300 MW solar project at an enterprise value of ₹1,550 crore. With this asset addition, IndiGrid’s portfolio now consists of 19 solar projects across eight states of the country with a total generation capacity of 1.1 GWp. IndiGrid’s total Assets Under Management now stands at Rs 28,200 crore, an IndiGrid statement said.

Ashok Leyland has invested ₹24.95 crore in TVS Trucks and Buses Private Ltd (TVS Trucks) by way of Equity shares. Consequent to the allotment by the board of TVS Trucks, the ALL’s shareholding in TVS Trucks is 49.9 per cent.

Shakti Pumps (India) has received third work order under the KUSUM‐3 scheme from Haryana Renewable Energy Department for 2,443 pumps. The total amount of the work order is for around ₹84.30 crore (inclusive of GST). The order is for supply, Installation and commissioning of solar water pumping systems.

The board of Max Healthcare Institute Ltd has approved the acquisition of land parcel allotted through e-auction admeasuring about 21,946 sq. meter, on freehold basis, located in Lucknow, Uttar Pradesh for an amount of ₹167 crore (including stamp duty), upon successful bid by the Company. The land parcel has potential to develop 500-bedded hospital with a built-up area of 8-lakh Sq. feet. Currently, Max Healthcare Network Hospitals are operating at a very high-capacity utilisation and the Capacity Utilisation for Q3, FY24 was over 73 per cent .The purchase of Land Parcel is proposed to be funded from internal accruals.

The board of Zen Technologies has approved the acquisition (51 per cent) of AiTuring Technologies Private Limited (ATPL) with a consideration of about about ₹3.87 crore, which will become a subsidiary of the company upon acquisition. The benefits of the acquisition are: In line with offering complete Counter-Drone Solution including Electrooptics; Expanding product portfolio; Achieving cost savings and operational efficiencies through backward integration; Gaining valuable technology, IP, and talent.

The board of Real Touch Finance Ltd has recommended to the shareholders for its approval, to offer or invite to subscribe, Non-Convertible Debentures on private placement basis, aggregating up to ₹100 crore. The board also considered and approved the issuance of up to 2000 number of 9% Unlisted Unsecured Redeemable Non-Convertible Debentures in the nature of subordinated debt of face value ₹1 lakh at par aggregating up to ₹20 crore on private placement basis for a period of sixty one months.

SBEC Sugar has repaid its entire Loan of ₹201 crore along with interest thereon taken from the U.P. Co-operative Bank Ltd. The mortgage on the asset & immovable properties of the Company along with the second charge on the immovable properties on the asset of SBEC Bioenergy Limited (subsidiary of the Company) with respect to the loan is released by the bank.

Dixon’s wholly owned subsidiary - Padget Electronics Private Ltd - has entered into a Contract Manufacturing Agreement with Compal Smart Device India Private Ltd to carry out manufacturing of mobile phones for Compal and its designated customers.

Advait Infratech Ltd has entered into a new business vertical IT/IOT under this segment the company has entered into a contract of providing configuration of devices with providing SCADA Software License, Deployment, integration and Go live services for each remote monitoring system as well as integration with existing State Level Portal & National Level Portal of PM-KUSUM scheme Component- B with 5 years Operations and maintenance contract as well as software maintenance & updation of State level portal of worth ₹2.89 crore.

Related Topics
comment COMMENT NOW