Cipla Limited has agreed to acquire additional stake for ₹25.90 crore in digital technology company GoApptiv Private Limited and post completion of the deal, Cipla's total stake in GoApptiv will increase to 22.02 per cent on a fully diluted basis. The investment will be made in equity shares and compulsorily convertible preference shares and is likely to be completed within 30 days or such other date mutually agreed between the parties and shall be subject to fulfillment of necessary closing conditions. The company's earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla's channel reach across lower tier towns in India.
Star Health and Allied Insurance has signed a corporate agency agreement with IDFC First Bank for distribution of its health insurance solutions. Under this strategic agreement, Star Health and Allied Insurance will offer its health insurance products to the bank's customers using IDFC FIRST Bank's digital platform and its wide distribution network.
The board of Manappuram Finance will meet on June 30 to consider and approve the issuance of secured, rated redeemable non-convertible debentures of up to $100 million.
The board of Bank of Baroda has approved the proposal of raising of long-term bonds for financing of infrastructure and affordable housing to the tune of ₹5,000 crore in single or multiple tranches during FY23. These bonds shall be senior, unsecured and will not form part of capital of the Bank.
Nova Iron and Steel Ltd has settled the dispute for repayment of outstanding loan with Evergrowing Iron & Finvest Pvt. Ltd, of ₹32.12 crore plus interest and with Flawless Holdings & Industries Pvt. Ltd. of ₹40.05 crore plus interest by entering into an agreement for repayment of outstanding loan and registration of charge as per the terms of the arbitration award dated May 19, 2022.
Brigade Group has signed a joint development agreement to develop around 2.1 million square feet in Chennai. The land, located at Perumbakkam, just off OMR Sholinganallur junction, is spread over 15 acres and will be developed as a large residential township. Perumbakkam is one of the fast-emerging residential hubs in Chennai, witnessing increasing infrastructure development recently.
Sterling Gtake E-mobility, a 100 per cent subsidiary of Sterling Tools has announced its foray into E-LCV segment. With this development, SGEM continues to grow its presence across various E-mobility segments. Starting with supplies to a single Electric 2W customer a year back, the company now has confirmed orders from more than 10 customers. Earlier this month, the company was awarded business by India's leading commercial vehicle OEM for its E-LCV (electric light commercial vehicle) program. The supplies for this program are expected to commence during the last quarter of the current financial year.
The board of The Indian Card Clothing Company Limited has approved the proposal of acquiring balance 40 per cent equity stake in Garnett Wire Ltd., UK-foreign subsidiary of the company, from the joint venture partner-Joseph Sellers & Son Limited.
Sakthi Sugars has executed a business transfer agreement (BTA) on Monday for sale of sugar and distillery units in Dhenkanal, Odisha to Indian Potash Limited on a going concern on an 'as is where is what is' basis by way of a slump sale and specifically include the assets, liabilities and the agreed liabilities, except contingent assets and contingent liabilities, for a consideration of ₹134.10 crore. The purchaser will participate in the management and operations of the Dhenkanal Units immediately on the execution of the BTA.
Intellect Design Arena's Intellect Global Consumer Banking has announced that Mauritius Telecom, one of the leading telecommunications companies in Mauritius, has chosen iGCB to offer digital financial services, deliver personalised and contextually relevant customer experiences and drive financial inclusion.
New Space India Limited, Central Public Sector Enterprise under the administrative control of Department of Space (DOS), has executed 'Letter of Intent' with Paras Defence and Space Technologies Limited for handing over the technology of "Optical Imaging System" as developed by Indian Space Research Organization (ISRO). This technology will be transferred by way of technology transfer agreement for development, manufacturing, and sale of optical imaging system in India and abroad.
Gillanders Arbuthnot and Company Limited has executed and registered a deed of sale on June 27, effecting the sale of the company's land situated at Janakipuram Village, Maduranthakam Taluk, Chengalpattu District, for a consideration of ₹11 crore to a third party buyer who does not belong to the promoter/promoter group /group Companies and the transaction does not fall under the ambit of related party transactions.