The National Company Law Tribunal has approved the resolution plan submitted by the consortium of Propel Plastic Products, a wholly-owned subsidiary of Welspun Corp, and Plastauto (earlier known as Tubular Pipes), a related party of Welspun Corp, with respect to the corporate insolvency resolution process of Sintex-BAPL on March 17. Sintex-BAPL is a wholly-owned subsidiary of Sintex Plastics Technology.
Tata Consumer Products has confirmed that it has not entered into any definitive agreement or binding commitment with Bisleri. In November last year, the company had said it had evaluated various strategic opportunities for growth and expansion of its business, and pursuant to this, the management remained in discussions with various parties, including Bisleri International.
A meeting of the board of Seamec will be held on March 22 to consider and evaluate a draft composite scheme for demerger /amalgamation of the company with HAL Offshore Ltd, the unlisted holding company.
Bliss GVS Pharma Ltd has announced that the United States Food and Drug Administration (US FDA) conducted a Pre-Approval Inspection (PAI) and Good Manufacturing Practice (GMP) inspection at its Palghar (Maharashtra) manufacturing unit between Monday, March 13 to 17. After the inspection, it issued a Form 483 with three minor observations that are procedural in nature. None of the observations relate to data integrity. The company would submit a detailed response to the observations to the USFDA within the stipulated timelines.
The board of Godawari Power & Ispat Ltd has approved buyback of up to 50 lakh fully paid-up equity shares having a face value of ₹5 each, representing up to 3.66 per cent of the total equity shares in the paid-up equity share capital of the company as on March 31, 2022, at a price of ₹500 a share, for an aggregate amount of Rs 250 crore on a proportionate basis, through the tender offer route.
Ashiana Housing Ltd (AHL) and International Finance Corporation (IFC), a part of World Bank Group, are together exploring a proposal to co-invest in upcoming middle-income residential projects, including senior living projects. The proposal envisages a total investment of ₹225 crore by IFC on a project-to-project basis, representing 40 per cent of the capital required by the project. The remaining 60 per cent of the capital required, ₹337.50 crore, will be contributed by AHL. While due diligence has been carried out, the proposal is pending approval by IFC’s board. The investment of IFC will primarily be in the form of non-convertible debentures for identified projects with returns linked to project specific returns.
Info Edge (India) Ltd has invested ₹5 crore in Redstart Labs (India) Ltd, a wholly-owned subsidiary of the company. It already holds 100 per cent stake in Redstart on a fully converted and diluted basis.
SJVN Green Energy Ltd, a wholly-owned subsidiary of SJVN Ltd, has received a Letter of Award from Maharashtra State Electricity Distribution Company Ltd for a 200 MW Solar Power Project. The project should be constructed in 18 months, which should be reckoned from the date of signing of PPA with MSEDCL. The tentative cost of construction / development of this project should be around ₹1,000 crore.
The board of Automotive Stampings and Assemblies Ltd on the recommendation of the Nomination and Remuneration Committee, subject to approval by members of the company and Central Government, has approved the appointment of Suhas Dode as manager designated as Chief Executive Officer.
Cochin Shipyard Ltd has bagged an order from NAVSHUTTLE 1 AS and NAVSHUTTLE 2 AS, Lusaka Norway, Companies in the Samskip Group, headquartered in the Netherlands, for the design and construction of two Zero Emission Feeder Container Vessels with an option for two more vessels. The total project cost of the firm order is approximately ₹550 crore; the first vessel is to be delivered in 28 months, and the second within 34 months.
Eiko LifeSciences Ltd (ELL) has entered into an MoU with Vivacious Pharmatex Pvt Ltd (VPPL). The salient features of the MoU are: ELL to acquire 5 per cent equity stake in VPPL; besides the strategic investment, the expected additional outlay on account of capital expenditure, research and development will be approximately ₹3 crore; and ELL will assist VPPL in identifying, developing, and promoting new products and marketing for both the companies.
Rail Vikas Nigam Ltd (RVNL) has emerged as the lowest bidder (L1) for Package No. C-4: Composite Contract package in connection with the new BG Railway Line of the HORC project for ₹1,088.49 crore.
Torrent Pharmaceuticals has said the US Food and Drug Administration has conducted a pre-approval inspection (PAI) of the company’s oral-oncology manufacturing facility in Gujarat from March 13-March 17, 2023. Following the inspection, the US health regulator issued a ‘Form 483’ with one, which is procedural in nature.
Navin Fluorine International, a subsidiary of Navin Fluorine Advanced Sciences, subsidiary of Navin Fluorine International, said its board has approved capital expenditure of ₹450 crore for setting up 40,000 tonnes per annum of hydrofluoric acid capacity at Dahej. Currently, the company has an AHF manufacturing plant with a capacity of approximately 20,000 tonnes per annum at Surat. The new capacity is expected to come on stream in two years.
Havells India commenced commercial production of air-conditioners at its Sri-City plant on March 17. In July 2022, it hadsaid it would set up a new facility to manufacture air-conditioners at the plant in Andhra Pradesh.
SKF India, pursuant to its receiving board approval in November 2022, has agreed to make an investment in renewable energy company Cleanmax Taiyo by acquiring 2,600 fully paid-up equity shares (26 per cent stake). The acquisition will be completed by June.