Bharti Airtel has dropped its plans for complete corporate restructuring and will now resume operating according to the standing corporate structure. The company, on Tuesday, withdrew the scheme of arrangement for the new corporate structure announced in April last year, stating that it believes that the existing structure is optimal for leveraging emerging opportunities. In a statement, Airtel said the telecom sector reforms announced by the government had substantially boosted the outlook and investor confidence and has also simplified the licensing framework.“With a strong balance sheet and 5G ready network, Bharti Airtel is well positioned to invest aggressively in the emerging opportunities offered by India’s digital economy,” it added.
State Bank of India has taken the next major step in its ongoing digital transformation journey with an investment of $20 million in Pine Labs, an IPO-bound start-up focused on payments, and has emerged as a leading merchant commerce platform. This investment is in sync with the Government’s recent push to public sector banks to partner and align with new age fintechs as part of the development of the digital ecosystem in the country.
Distributors of FMCG products have called off the blockade against Hindustan Unilever Ltd after the company assured that their concerns would be addressed soon. The distributors will, however, continue their agitation against Colgate Palmolive, as the company has so far not initiated talks to defuse the situation.
GAIL and IL&FS Group have successfully concluded the transaction wherein GAIL has acquired 26 per cent equity stake held by IL&FS Energy Development Company Ltd and IL&FS Financial Services Ltd in ONGC Tripura Power Company Ltd (OTPC), which owns and operates a 726.6 MW gas-based combined cycle power plant in Palatana, Tripura.
Xpro India Ltd has entered into a securities subscription agreement with Malabar India Fund Ltd, a category I foreign portfolio investor for subscription of securities (warrants) of the company. The investor is entitled to subscribe up to 16.40 lakh warrants at Rs 762 per warrant. Each warrant, upon being fully paid up within 18 months from date of allotment, can be converted into one equity share of Rs 10 face value.
Thermax has concluded an order of Rs 545.6 crore from an Indian power public sector company to set up flue gas desulphurisation (FGD) system for two units of 500 MW capacity each in Uttar Pradesh. The FGD systems will be installed to cut down SOx emissions and comply with the air quality standards set for the power plants. In the current financial year, this is the second FGD order.
The board of Kirloskar Electric Company has approved sale of the company's non-core assets in Hubbali measuring 32 acres, at terms and conditions set out in the sale agreement. The total consideration for the proposed sale would be Rs 100 crore. Marvel Properties & Asmakam Infra Projects Pvt Ltd is the proposed purchaser.
Texmo Pipes and Products has announced the commercial production of 'Texmo Water Tank' with effect from January 4.
Ircon International has emerged as the lowest bidder for the upgradation and four-laning of the Haridwar Bypass Package in Uttarakhand on hybrid annuity mode. The project was floated by the National Highways Authority of India on competitive bidding bsis and the project value is approximately Rs 861 crore. The project completion period is two years.
Vanta Bioscience Ltd has received an order of Rs 1.18 crore from Coromandel International Ltd to carry out pre-clinical studies/ toxicity studies on animals, agrochem studies and other studies. The prestigious order marks the official initiation of studies of the company's physchem vertical. The studies will be carried out by the company from its research facility at Gummidipundi, Chennai.
United Drilling Tools Ltd has appointed Marketing Associates and Representatives to promote its product portfolio for oil exploration and completion equipment in Egypt and Libya. This representation will open opportunities for UDTL to expand it market base in Egypt and Libya. Major potential targets include ENP companies such as Halliburton, Schlumberger, Baker Hughes, Egyptian General Petroleum Corporation, Egyptian Natural Gas Holding Co, Ganoub El Wadi Petroleum Holding Company and Hess Corporation that have a strong presence in Egypt and Libya.
Chemcrux Enterprises has announced that the state-level Environment Impact Assessment Authority, Gandhinagar, has accorded environment clearance for expansion in manufacturing of Synthetic Organic Chemicals by the company at GIDC Estate Ankleshwar.
The board of Gennex Laboratories has decided to make Deccan Remedies Ltd (Deccan) its subsidiary company by acquiring an additional 6.73 per cent equity from the existing promoters. In turn, the company will hold 51 per cent stake in Deccan. As on date, Deccan is a debt-free entity and is in the process of implementing a manufacturing facility where it will manufacture various APIs and other allied products, both with expanded capacity of Gennex as well as developing additional products.