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The Competition Commission of India (CCI) on Tuesday said it has approved Zurich Insurance Company’s proposed 70 per cent stake purchase in Kotak Mahindra General Insurance Company. Zurich Insurance Company is a wholly-owned subsidiary of Zurich Insurance Group Ltd. The proposed transaction involves an acquisition of a majority stake in the Kotak Mahindra General Insurance Company by the Zurich Insurance Company from Kotak Mahindra Bank Ltd, according to a release.
Thermax Group has signed an agreement to acquire a 51 per cent stake in TSA Process Equipments that will enable former to offer a one-stop solution for high-purity water requirements of its customers in sectors such as pharma, biopharma, personal care and food & beverages. Thermax has signed definitive agreements for acquisition to be completed in due course and will fully acquire the balance stake of the company over the next two years.
State Bank of India (SBI) on Tuesday said it will acquire SBI CAPS subsidiary for Rs 708.07 crore. SBI plans to acquire 100 per cent of SBICAPS Venture Ltd (SVL) for which all regulatory approvals are in place, the bank said in a filing.
Dynacons Systems & Solutions has bagged order worth ₹214 crore from Union Bank of India for Hyper-converged Infrastructure and Software Solution for Banks’‘s On- Premises Private Cloud”
Kaynes Semicon Private Limited, a wholly owned subsidiary of Kaynes Technology India Limited, and Aptos Technology Inc, a subsidiary of Taiwan Mask Corporation, Taiwan, entered into a collaboration agreement on February 6, to conduct cooperation training on semiconductor packaging and testing technology, as well as know-how authorisation.
HDFC Bank on Tuesday said it has raised $750 million from GIFT City International Financial Services Centre (IFSC) in Gandhinagar, Gujarat, to fund business growth. The fund was raised through the US dollar-denominated senior unsecured bonds, HDFC Bank said in a regulatory filing.
Max Financial Services, the parent company of Max Life Insurance, has said that IRDAI, insurance regulator, has approved an infusion of ₹1,612 crore in the insurance firm. Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins.
Credit rating agency Moody’s Investors Service has downgraded UPL to Ba1 and maintained the negative outlook on deterioration in the agrochemical industry. Moody’s has downgraded the senior unsecured rating for UPL Corporation (UPL Corp) to Ba1 from Baa3 and has also downgraded the rating on the long-term junior subordinated rating on UPL Corp’s $400 million undated perpetual Eurobonds to Ba3 from Ba2, the credit rating agency said in a statement.
Biocon Ltd has received a tentative approval from the USFDA, US drug regulator, for Dasatinib tablets used to treat Philadelphia Chromosome Positive Chronic Myeloid Leukemia.
Quess Corp has entered into a share purchase agreement with Onsite Electro Services Pvt. Ltd for the sale of its stake in Qdigi for ₹80 crore, subject to certain mutually agreed adjustments. The transaction is expected to be completed within 120 days from the execution date. Quess Corp will invest ₹35 crore to subscribe to 56,500 Compulsory Convertible Preference Shares of Onsite.
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