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Media reports indicate that the US-based private equity firm Warburg Pincus’ affiliate, Cloverdell Investment, is likely to sell its entire stake in IDFC First Bank. The investment firm is expected to offload its 2.25 per cent in the bank through block deals.
GOCL Corporation Ltd (GOCL) has entered into a significant Memorandum of Understanding (MoU) with Squarespace Builders Private Limited, situated in Hyderabad, to initiate the strategic monetization of approximately 264.50 acres of prime land located in Kukatpally. Through this landmark agreement, a sum of ₹3,402 crore will accrue to GOCL. Additionally, the agreement includes the joint development of 32 acres of land under a Joint Development Agreement, in collaboration with Hinduja Estates Private Ltd, now known as Hinduja Healthcare Limited (HHL). The process will get completed over an 18-month period, contingent upon the fulfilment of any associated covenants.
Maruti Suzuki India (MSIL) has announced major changes in its senior management team. Partho Banerjee has been appointed as the Head - Marketing and Sales, replacing Shashank Srivastava, who becomes ‘Member - Executive Committee’. CV Raman, who was the Head - Engineering now becomes ‘Member Executive Committee’. Tarun Aggarwal has been appointed Head of Engineering from Executive Officer and Head of Powertrain vertical currently. All these appointments will be effective April 1.
Tata Elxsi has announced a collaboration with Drager, a global leader in medical and safety technology, to advance critical care innovation in India. Drager is expanding its research and development presence by establishing a new offshore development center (ODC) at Tata Elxsi’s facility in Pune.
Dr Reddy’s Laboratories has signed an exclusive partnership with Sanofi Healthcare India Private Ltd to promote and distribute their vaccine brands across private markets in India. These brands saw combined sales of approximately ₹426 crore (approximately $51 million) as per IQVIA MAT February 2024.
Biocon has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), UK, for its formulation, Liraglutide, which was filed through its European partner, Zentiva. Liraglutide is a drug-device combination formulation used in the treatment of Type 2 diabetes mellitus, a disorder in which the body does not produce enough or respond normally to insulin, causing blood sugar (glucose) levels to be abnormally high. The company claims that Biocon is the first generics firm to obtain approval for diabetes drug, Liraglutide, in the UK.
State-run Bharat Heavy Electricals Ltd has won an order from Adani Power to set up the 2x800 MW Raigarh Phase-II Thermal Power Plant at Raigarh in Chhattisgarh. This is the second major order that BHEL has won in March and the fourth order it has won this year. The overall project cost is said to be ₹4,000 crore excluding GST, BHEL said.
Zydus Lifesciences has said the US Food and Drug Administration (FDA) recently concluded an inspection at its SEZ onco injectable manufacturing plant in Ahmedabad. The inspection, which took place between March 18-27, resulted in the identification of four observations. The company will closely work with the USFDA to address the observations.
Chalet Hotels has launched a QIP issue and fixed the floor price at ₹780.76 per share as against Wednesday’s closing price of ₹870.15.
Emami Ltd will acquire the remaining 4.64 per cent stake in its subsidiary, Brillare Science Pvt Ltd that will increase its stake to 100 per cent.
Cyient has signed an agreement with German original equipment manufacturer (OEM) Deutsche Aircraft for designing the rear fuselage section of D328eco aircraft. Designed to operate along regional routes, the D328eco is a highly fuel-efficient aircraft.
The Board of Directors of NHPC approved the proposal for raising of debt up to ₹6,100 crore during 2024-25 through non-convertible Corporate Bonds in one or more tranches on a private placement basis.
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