RITES Ltd, a prime transport infrastructure consultancy and engineering firm, has signed a memorandum of understanding (MoU) with Power Finance Corporation (PFC) to explore avenues of collaboration for consultancy works in transport and Logistics, energy, water and sanitation, communication, and social and commercial Infrastructure. As part of the MoU, RITES will provide expertise for Pre-Feasibility Reports, Detailed Project Reports, Transaction Advisory, Project Management services, Audits, and Inspection, while PFC and its subsidiaries propose to provide financial assistance for infrastructure projects in India and abroad.
Aurobindo Pharma Limited’s wholly owned subsidiary company, Eugia Pharma Specialties Limited, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Carboprost Tromethamine Injection USP 250 mcg/mL, Single-Dose Vials, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Hemabate Injection, 250mcg/mL, of Pfizer Inc. The product is expected to be launched in June 2023. The approved product has an estimated market size of around $51.4 million for the 12 months ending March 2023, according to IQVIA.
Sun Pharma has offered to acquire the shares of Taro Pharmaceutical Industries for $38 apiece via a reverse triangular merger. Taro has appointed a special committee to review the proposal. The proposed amount, which is to be paid in full upon the conclusion of the proposed acquisition, represents a nearly 30 per cent premium over Taro’s closing price on May 26, 2023. Sun Pharma presently owns 78.48 per cent of Taro.
It will acquire all outstanding stock of Taro owning 100 per cent of Taro shares following the proposed all-cash transaction. Consequently, Taro will become a wholly owned subsidiary of Sun Pharma and get de-listed from the New York Stock Exchange.
Reliance Industries said that Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures (RRVL) has completed the acquisition of 51 per cent controlling stake in Lotus Chocolate Company for an aggregate consideration of ₹74 crore. It also subscribed to non-cumulative redeemable preference shares of Lotus Chocolate Company for an consideration of ₹25 crore. RCPL has also completed the acquisition of equity shares pursuant to the open offer.
Lupin said its Canada subsidiary, Lupin Pharma Canada, has received approval from Health Canada to market a generic version of Spiriva (tiotropium bromide inhalation powder) in Canada. Tiotropium Bromide is indicated for the treatment of airflow obstruction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema.
Dalmia Cement’s subsidiary Dalmia Cement (North East) has approved capital expenditure to the tune of ₹3,642 crore for a new clinkerisation unit of 3.6 tap at Umrangso and a new cement grinding unit of 2.4 tap at the Lanka facility. The capex will be funded via a mix of debt, equity, and internal accruals. The proposed capacity is expected to be added by FY25-26.
Alfa Transformers Ltd has been awarded a special application transformer for the eradication of Voltage fluctuations by TPCODL. After the successful performance of 500 KVA line voltage regulating transformers, Tata Power has awarded an order of 10,000 OlO/A 24 kv to 35 kv LURT.
Clean Science and Technology has informed the exchanges that Asha Ashok Boob, Nilima Krishnakumar Boob, and Asha Ashok Sikchi, promoters of the company, will sell up to 3.5 per cent equity in the open market between May 29-June 30 period. The company is complying with minimum public shareholding norms. The promoters hold a 78.5 per cent stake in the company.
Gravita India Limited has increased the capacity of its existing battery recycling unit situated at Chittoor, Andhra Pradesh. The capacity has been increased by 26,440 MTPA, bringing the total capacity of battery recycling to 64,640 MTPA. With this expansion, the total capacity of Gravita Group has reached 2,78,059 MTPA, which is in line with the company’s target to reach 4,25,000 MTPA by FY 2026.
Mphasis has announced its strategic partnership with Kore.ai, the world’s leading enterprise conversational AI platform and solutions company, to bolster its offerings to transform customer experience management and employee engagement for their enterprise clients.
Praveg Limited had incorporated a subsidiary - Prang Safaris Tanzania Ltd. The Subsidiary is incorporated to carry on the business of Tourism, Hospitality and to do all other allied and incidental activities in this regard.
Voltas laid the groundwork at Madharapakkam, Thiruvallur district in Tamil Nadu, for its new Air Conditioner factory. The construction of the new manufacturing facility is spread over 150 acres. The company has planned to invest over ₹500 crore in this factory, for RAC manufacturing, over the next few years.
Religare Enterprises’ wholly owned subsidiary Religare Finvest has now received the No-Dues Certificates (NDC) from all Sixteen Secured One Time Settlement (OTS) lenders against their total outstanding dues toward their unsecured exposure, as per the terms of the OTS Agreement. Accordingly, the OTS stands completed.
The National Company Law Appellate Tribunal (NCLAT) on Friday quashed the National Company Law Tribunal’s (NCLT) order directing the NSE and BSE to review its Zee-Sony merger. The appellate tribunal issued an order on Zee Entertainment Enterprises Ltd’s (ZEEL) appeal on May 11 against the NCLT Mumbai judge’s judgment. The appellate tribunal set aside the NCLT order because it was “contrary to the principles of natural justice.”
Capri Global Holdings Pvt Ltd (CGHL), the holding company for Capri Global Capital Limited, has expanded its national footprint by acquiring 51 per cent stake in CarLelo. This strategic investment, amounting to ₹150 crore, reinforces Capri Loans’ position as a key player in the Indian automotive financing market while driving digital transformation and enhancing the consumer experience.
Results Calendar: Adani Transmission, Allcargo Logistics, Amarjothi Spinning, Ansal Housing, Bajaj Hindusthan Sugar, BAG Films, Bal Pharma, Binny Mills, Campus Activewear, Eros Media, Essar Shipping, Force Motors, Gufic Bio, HeidelbergCement India, Hikal, Ipca Laboratories, Indian Railway Catering and Tourism Corporation, ITI, IVRCL, Jubilant Pharmova, KNR Constructions, Natco Pharma, NBCC (India), NHPC, New India Assurance Company, Rail Vikas Nigam, Shriram Properties, Sobha, Speciality Restaurants, TCNS Clothing, Torrent Power, Vadilal Industries, Vijaya Diagnostic Centre, and Zee Media Corporation.