Mukesh Ambani, Chairman and Managing Director of Reliance Industries, has announced the appointment of Ira Bindra as the new Group President of the entire people, leadership and talent piece at Reliance Industries Ltd, as he looks to pivot people policies at the oil-to-telecom conglomerate. She has been hired to drive transformation across the entire organisation. “Bindra joins us from Medtronic, USA, where she was the Head of Human Resources & Vice President – Global Regions,” Ambani said in an internal organisation announcement.
Dixon Technologies (India) and Vivo Mobile India Private Ltd have signed a binding term sheet for a joint venture for OEM business of electronic devices, including smartphones. Dixon will hold 51 per cent of the share capital and Vivo India 49% in the proposed joint venture entity. Neither Dixon nor Vivo India will have any stake in each other. The parties will agree on an optimum structure and the relevant terms and conditions to be set out in the definitive agreements.
UltraTech Cement has claimed that is has becomes India’s first company in the cement sector to leverage National Waterway 1 (Ganga-Bhagirathi-Hooghly river system) for gypsum transport at scale for sustainable and cost-effective logistics. The pilot consignment transporting mineral gypsum from Haldia Port in West Bengal to the Gaighat terminal in Patna was flagged off by the Minister for Shipping, Ports, and Waterways Sarbananda Sonowal at GR Jetty in Kolkata.
Ambuja Cements, Adani Group firm, on Friday announced the commissioning of a 200 MW solar power project in Khavda, Gujarat, to supply green power to 20 cement plants. The Khavda project is part of Adani Cements’ plan to have 1 GW of renewable power from solar and wind projects, along with 376 MW from WHRS (Waste Heat Recovery Systems). “The balance 806 MW capacity from this project is at various stages of commissioning, and is expected to start transmitting in phases between March 2025 and June 2025,” said a statement.
Biocon Biologics Ltd, a fully integrated global biosimilars company and subsidiary of Biocon, has announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP), has issued a positive opinion recommending approval of YESINTEK®, an Ustekinumab biosimilar intended for the treatment of adults and children with plaque psoriasis and adults with psoriatic arthritis or Crohn’s disease – based on the application filed by Biosimilar Collaborations Ireland Ltd, an indirect wholly-owned subsidiary of BBL.
Avenue Supermarts (DMart) has opened three new stores at Beawar (Rajasthan); Bikaner (Rajasthan); and Jetpur, Rajkot (Gujarat), taking the total number of stores to 387.
Pflow, an innovative product designed by Dr. Ashish Rawandale, Managing Director of Tejnaksh Healthcare, has been granted an Indian patent. Pflow is a disposable, and portable home-based urine flow measurement test. It empowers individuals to detect potential urinary issues at an early stage, from the comfort of their home. This product is aimed at improving the early diagnosis of urinary and kidney-related health concerns, and has the potential to significantly enhance kidney healthcare in India.
Waaree Energies has informed the exchanges that Waaree Power Pvt Ltd, a wholly-owned subsidiary, has executed a Share Subscription cum Shareholders Agreement with Ewaa Renewable Techno Solutions Private Ltd and existing shareholders of ERTPL- Rajjat Kumar Bothra and Nitin Bothra, to acquire 55 per cent stake in ERTSPL for ₹5.50 crore.
The National Company Law Appellate Tribunal (NCLAT) has set aside hospitality major EIH Ltd’s petition against an NCLT order approving the sale of Hyderabad-based Golden Jubilee Hotels. The appellate tribunal upheld the earlier decision of the National Company Law Tribunal (NCLT), allowing the bid of a Singapore-based entity and said the business decision by the majority of the CoC (Committee of Creditors) “cannot be questioned or looked into”. IH, which was managing Golden Jubilee Hotels and has 16 per cent shareholding, contended, that it could not be treated as a promoter and become ‘ineligible’ to be part of the resolution plan for the hotel under Section 29A of the Insolvency & Bankruptcy Code (IBC).
Aurobindo Pharma, Glenmark Pharmaceuticals and Zydus Lifesciences are recalling products in the US market due to manufacturing issues, according to the US health regulator. As per the latest Enforcement Report of the US Food and Drug Administration (USFDA), Aurobindo Pharma USA Inc, a subsidiary of the Hyderabad-based drug maker, is recalling over 1 lakh bottles of Cinacalcet tablets in multiple strengths due to “GMP Deviations: Presence of N-nitroso Cinacalcet impurity above FDA recommended interim limit. Similarly, a US-based subsidiary of Glenmark Pharmaceuticals is recalling around 90,000 bottles of Diltiazem Hydrochloride extended-release capsules (multiple strengths) in the US market. The USFDA further said Zydus Pharmaceuticals (USA) Inc is recalling 4,404 packs of Esomeprazole Magnesium for Delayed-Release Oral Suspension (40 mg) due to a labelling error.
HBL Engineering Ltd has informed the exchanges about the receipt of an order worth ₹1,522.40 crore (plus applicable taxes extra), which has been received from Chittaranjan Locomotive Works for supply, installation and Commissioning of on-Board Train Collision Avoidance System (TCAS) (KAVACH) equipment in locomotives.
The board of JK Paper has approved a composite scheme of arrangement (Scheme) of, inter alia, JK Paper -Ltd and Horizon Packs, Securipax Packaging, JKPL Utility Packaging Solutions, which are wholly-owned subsidiaries (WOS) of JKPL and Enviro Tech Ventures. As part of the scheme, the three WOS of JKPL engaged in manufacture of packaging products and solutions, will be merged with JKPL to create a consolidated paper and packaging company. Pursuant to the scheme, Sirpur Paper Mills, will become a direct subsidiary of JKPL. The board has also approved the acquisition of majority stake in Radhesham Wellpack Pvt Ltd to acquire 60 per cent stake upfront and the remaining 40 per cent in the next two years for an undisclosed sum. The deals are expected to completed in 12 months.
Afcons Infrastructure has been declared the Lowest Bidder (L1) for the construction package BH-05 of Bhopal Metro Rail Project. The company has received a Letter of Acceptance (LOA) from Madhya Pradesh Metro Rail Co. Ltd for the project, which is worth ₹1,006.74 crore
The board of Aeroflex Industries has approved a proposal to raise funds in one or more tranches by way of issuance of such number of equity shares having face value ₹2 each for an aggregate amount not exceeding ₹400 crore by way of qualified institutions placement or other permissible modes subject to the receipt of the necessary approvals.
Senco Gold Ltd said it has raised ₹459 crore through a Qualified Institutions Placement (QIP) by allotting 40.8 lakh equity shares. The QIP committee of the company’s board approved the issuance and allotment of equity shares of ₹10 issued at a price of ₹1,125 per share, including a premium of ₹1,115, Senco Gold said in a regulatory filing on Friday evening. Post the QIP, the company’s paid-up equity share capital has increased to ₹81.80 crore, comprising 8.18 crore shares, from ₹77.72 crore (7.77 crore shares), the company added.
Premier Explosives Ltd has entered into a Memorandum of Understanding with Global Munition Ltd, a Subsidiary of Nibe Ordnance and Maritime Ltd (NIBE Group Company), to set up a joint venture to manufacture Defence and Aerospace products.
Private equity firm KKR on Friday pared a 2.6 per cent unitholding in India Grid Trust, the country’s first listed power sector infrastructure investment trust (InvIT), for ₹277 crore through an open market transaction. Esoteric II Pte, an affiliate of US-based KKR (Kohlberg Kravis Roberts & Co), is the sponsor of India Grid Trust. According to the bulk deal data available on the BSE, Esoteric II sold 2.01 crore units or 2.6 per cent unitholding in India Grid Trust.
State-owned insurer Life Insurance Corp of India (LIC) has pared its stake in iron-ore producer NMDC Ltd by 2 per cent, according to an exchange filing. After the stake sale, LIC’s holding in the state-run iron ore mining company NMDC has dropped to 5.6 per cent from 7.6 per cent earlier. The insurer sold more than 5.91 crore shares or 2 per cent stake in NMDC through a series of market sales over a period spanning from September 2023 to December 2024, LIC said in a regulatory filing on Friday.
Happy Forgings Ltd has announced the receipt of an order for supplying crankshafts for the passenger vehicle segment. This initial order for the crankshaft component is valued at approximately ₹140 crore, spanning the period from FY26 to FY31. Deliveries are scheduled to begin in FY26, following the successful completion of testing and approval processes. Peak annual revenues under his order are expected to reach ₹27 crores. Depending on the sales performance of the vehicles using the crankshaft, a subsequent order could potentially double the supply volumes starting in FY28, increasing peak annual revenues to over ₹50 crore.
