Biocon Biologics Ltd, a subsidiary of Biocon Ltd, on Monday announced that it has entered into a definitive agreement with its partner Viatris Inc. Accordingly, Biocon Biologics Ltd. (BBL) will acquire Viatris’ biosimilars business to create a unique fully integrated global biosimilars enterprise. Viatris will receive consideration of up to $3.335 billion, including cash up to $2.335 billion and Compulsorily Convertible Preference Shares (CCPS) in BBL, valued at $1 billion.
Adani Power: The Supreme Court has pronounced order in favour of Adani Power Rajasthan Ltd, wholly owned subsidiary of the company, against Rajasthan DIscoms. The Supreme Court has ordered Rajasthan Discoms to pay to APRL the outstanding principal amount, pertaining to recovery of impact of change in law, along with specified interest within a period of four weeks.
Zomato Limited has incorporated Zomato Financial Services Limited, wholly owned subsidiary of the Company as Non-Banking Finance Company on February 25.
Aurobindo Pharma and Sun Pharmaceutical Industries are recalling different products in the US market due to deviation from standard manufacturing norms. According to the latest enforcement report issued by the US Food and Drug Administration, the US-based arm of Aurobindo Pharma is recalling 1,15,776 bottles of Moxifloxacin Ophthalmic Solution, an antibiotic used in the treatment of bacterial infections; and the US-based arm of Sun Pharma is recalling 59,232 bottles of Chlorthalidone tablets, used for reducing excess fluid levels in the body.
Hindalco Industries has entered into a share purchase agreement with Brazilian firm Terrabel Empreedimentos Ltda, to divest entire equity shareholding in Hindalco Do Brazil Industria Comercia de Alumina LTDA (HDB), the wholly owned step down subsidiary.
Reliance Industries has effectively taken over the operations of Future Retail stores. Reliance Retail has started to take possession of the premises in which Future Retail is operating its stores such as Big Bazaar and replaced them with its brand stores, according to media reports. Kishore Biyani-led Future group is locked in a bitter battle with e-commerce major Amazon at several judicial forums over the sale of its business to Reliance Industries.
The board of Vodafone Idea will meet on March 3 to discuss the fundraising option. British telecom operator Vodafone Plc in a statement earlier stated that it will participate in VIL's fundraising process along with the Aditya Birla group.
Ircon has been appointed as 'Project Implementation Agency' for 'Construction of Road from Paletwa (Myanmar) to Zorinpuri (Mizoram) under Kaladan Muti Modal Transit Transport Project in Myanmar, on EPC mode at lump sum cost of Rs 1,780 crore by Ministry of External Affairs, Government of India.
National Housing Bank has sanctioned loan facility ₹10 crore to Star Housing Finance Ltd under the NHB additional Refinance assistance Schemes.
State-run SJVN has said that it has won a 15 MW grid-connected floating solar PV power project in Bilaspur district of Himachal Pradesh. SJVN Chairman and Managing Director Nand Lal Sharma said the power producer bagged the floating solar power project at the rate of Rs 3.26 a unit.
Belstar Microfinance, a subsidiary of Muthoot Finance, has obtained the approval from the Reserve Bank of India for a primary equity infusion of ₹275 crore. Belstar along with its promoters, Arum Holdings Limited, MAJ Invest Financial Inclusion Fund II K/S and Muthoot Finance have signed an Amended Shareholders Agreement to infuse of capital into Belstar as per the approval and a secondary offer for sale by promoters for a total consideration of ₹20 crore.
Reliance Power has approved the appointment of Dr Thomas Mathew as an Independent Director of the Company for a term of five consecutive years commencing from February 26, subject to the approval of members of the Company.
Precision Wires India has started taking effective steps for implementation of capacity expansion and modernisation. Consequently increase in effective capacity of certain type of winding wire will be approx 5000MT/annum at our Silvassa works at the total cost of ₹40 crore.