Sony Group Corp on Monday said it is calling off a $10 billion merger of its India unit with Zee Entertainment Enterprises Ltd, following a stalemate over who will lead the merged entity. The entertainment giant sent a termination notice to Zee on the deal, which was announced more than two years back, and is seeking $90 million as break-up fees for violating the terms of the merger pact and “invoking arbitration”. ZEEL spent ₹366.59 crore on compliances till September 2023 for its now-failed merger with Sony, which called off the deal on Monday.

Acting on the complaints of corruption, the government has suspended two directors of SAIL and one of NMDC. At the same time, SAIL has placed 26 below-board-level officials, including 4 Executive Directors, under suspension.

State-owned power producer SJVN has signed an agreement with NHAI to provide technical consultancy services for highway projects. The agreement was signed in the presence of NHAI Chairman Santosh Kumar Yadav and SJVN Director (Projects) Sushil Sharma in the national capital, SJVN said in a statement.

State-owned Coal India’s arm Central Coalfields Ltd is mulling a joint venture with the Jharkhand government for the second phase of expansion of Tenughat Thermal Power Station in the state, said a PTI report. The total installed capacity of the thermal station is 420 MW having two units of 210 MW capacity each. The first unit of 210 MW was put under commercial operation in September 1996 and second unit in September 1997. TVNL intends to set up 2X660 MW coal fired supercritical units of extension project (Stage II) at the Tenughat Thermal Power Station (TTPS) located at Lalpania in Bokaro district of Jharkhand.

Domestic travel conglomerate InterGlobe Enterprises on Monday announced the appointment of Aditya Pande as Group Chief Executive Officer. The appointment of Pande is effective from March 1, 2024 and he will report to (Group Managing Director) Rahul Bhatia, the Gurugram-based firm said in a statement.

Tata Motors plans to commence production of electric vehicles at the Sanand plant, acquired from Ford India, from April this year, a PTI report quoting its Tata Motors Passenger Vehicles MD Shailesh Chandra, said. Tata Passenger Electric Mobility Ltd, a unit of Tata Motors, acquired the facility from Ford India for ₹725.7 crore in January last year.

Indian Hotels Company Ltd has announced the signing of the third hotel in Ayodhya, Uttar Pradesh, on the day of the Ram temple inauguration. Spread over 1.3 acre, the 150-key brownfield project will be branded as an Indian Hotels Company Ltd (IHCL) SeleQtions hotel, the hospitality group said in a statement. Ayodhya’s remarkable transformation to a world-class pilgrimage destination, marked by the inauguration of the Ram Janmabhoomi Mandir, is poised to draw an influx of tourists from around the world, IHCL Managing Director and Chief Executive Officer Puneet Chhatwal said.

Elecon Engineering on Monday said it has been awarded an order worth ₹82.78 crore from ArcelorMittal Nippon Steel India Ltd. The contract entails manufacture and supply of belt conveyor mechanical equipment and technological structure for ArcelorMittal Nippon Steel India’s Hazira Plant in Surat, Gujarat.

Jindal Stainless has elevated Whole Time Director Tarun Khulbe as Chief Executive Officer (CEO).

JM Financial has said Atul Mehra has resigned as Joint Managing Director of the company from April 20, 2024

Tuticorin Alkali Chemicals and Fertilizers Ltd has resumed operations at its factory in Tamil Nadu which was suspended due to devastating rainfall in December 2023. The company, engaged in production of soda ash, ammonium chloride fertiliser, had to shutdown the operations at the plant in Tuticorin due to the unprecedented heavy rainfall.

Homegrown entity Vikas Lifecare Ltd (VLL) on Monday said it will acquire 60 per cent stake in Dubai-based SKY 2.0 Club for $79 million (around ₹650 crore). The acquisition process shall be completed in the ongoing financial year, Vikas Lifecare said in an exchange filing. “The acquisition is a share swap deal signed between Vikas Lifecare and the holding company Blue Sky Event Hall FZ-LLC, Dubai, for acquisition of 60 per cent stake in SKY 2.0 Club business and all future business ventures in the relevant business segment at an enterprise valuation of about $130 million,” it said.

Engineering and construction conglomerate Larsen & Toubro (L&T) on Sunday said that it has designed and built the Ram Temple in Ayodhya, Uttar Pradesh.

Billionaire Mukesh Ambani’s Reliance Industries Ltd will commission a new energy giga complex in Gujarat in the second half of 2024, the company said in an earnings statement and investor call. Reliance is building a giga complex spread over 5,000 acres in Jamnagar in Gujarat. The complex comprises five giga factories for photovoltaic panels, fuel cell system, green hydrogen, energy storage and power electronics.

Bharti Airtel’s subsidiary Bharti Hexacom has filed a draft red herring prospectus for a proposed IPO that entails an offer of sale by Telecommunications Consultants India Ltd, according to a regulatory filing. The IPO will not have any fresh issuance of equity shares and since it is an offer for sale or OFS, Bharti Hexacom will not receive any proceeds from the IPO.

3i Infotech Ltd has been awarded work order by Concept Communications on behalf of Bharat Petroleum Corporation Limited as a primary sponsorship of our Digital Ad inventory on company’s captive portal and Piponet, to increase unique users for free Wi-Fi usage across 6105 plus stations by awareness campaign and branding. The total contract value is approximately ₹32.70 crore plus applicable taxes, spread across 27 months.

GE Power India Ltd has received a LOA from Sanjay Gandhi Thermal Power Station, MP Power Generating Co. Ltd for design, engineering, supply of wind box casing with buck stay, bracings etc. along with modified air register and dismantling of existing system and Erection of wind box along with modified air register in unit No 1 of 210 MW ABL make boilers of PH-1, SGTPS, MPPGCL Birsinghpur. The Base value of the order is ₹7.01 crore plus (GST 18 per cent).

Lemon Tree Hotels has announced its latest signing - Keys Select by Lemon Tree Hotels, Anjar. The property, which will be franchised by Lemon Tree Hotels Limited, is expected to open in FY27.

Hero MotoCorp has appointed the diversified CG Motors as its distributor in Nepal. Hero MotoCorp forayed into Nepal in 2014 and over the years has established itself as a leading player in the country, with overwhelming response for its iconic brands such as the Super Splendor and Xpulse 200 motorcycles. Nepal is one ofthe key markets for the company in Asia.

SRF Ltd informed the exchanges that the State Tax Officer has passed orders in respect of: 2005-06 - supplies aggregating ₹46.62 crores claimed by the company under concessional/exempt supplies are alleged to be chargeable to sales tax at the maximum rate of 20 per cent and penalty of ₹15.73 crores has been levied in connection with the allegation; 2006-07 - ₹28.56 crore for same reason with penalty of ₹ 9.64 crore. The above orders are appealable and the company is in the process of making appeal against these orders before the appellate authorities.

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