Sterling and Wilson Renewable Energy Ltd (SWREL) has secured a new solar project worth around ₹1,200 crore for design, engineering, procurement and construction of a Balance of System (BOS) for a 500 MW (AC) solar PV project in Gujarat. The order includes comprehensive O&M (operations and maintenance) for three years.
Pfaudler GmbH, Germany (a subsidiary of GMM Pfaudler Ltd), has entered into an Investment and Shareholders’ Agreement to acquire 51 per cent stake in a limited liability company. The objective of this acquisition is to establish an engineering and manufacturing facility in Poland.
State-owned Indian Oil Corporation (IOC) has begun a probe into allegations of a US speciality chemicals firm bribing its officials 15 years back to obtain contracts to supply catalysts, according to a regulatory filing by the company. Albemarle Corporation, a global speciality chemicals supplier that develops and sells catalysts used in the operation of oil refineries, allegedly “paid approximately $1.14 million in commission to an Indian intermediary company relating to Indian Oil Corporation business and obtained approximately $11.14 million in profits on that business between 2009 and 2011,” according to a US SEC order dated September 28, 2023.
Ola Electric on Saturday said it has launched a limited ‘Sona’ edition of its S1 Pro in real 24-karat pure gold elements. This limited edition scooter has been introduced as part of the #SavingsWalaScooter campaign, under which the company will expand its sales and service network to 4,000 stores across the country on December 25, the company said in a statement.
Coforge has informed the exchanges that it has concluded the previously announced open offer to purchase an additional 4.69 per cent stake in Cigniti Technologies at ₹1,415 per share, taking its aggregate shareholding to 32.68 per cent.
A GST Council meeting on Saturday postponed a decision on reducing taxes on health and life insurance, while the much talked-about GoM recommendation of a rate rejig on 148 items was not tabled before the Council. Some members of the Council, chaired by Finance Minster Nirmala Sitharaman and comprising her state counterparts, felt that more deliberations were required before a final decision could be arrived at with regard to insurance taxation.
Vedanta has revised its demerger proposal and decided to retain the base metals undertaking within the parent firm. In a regulatory filing, Vedanta said the decision was taken following deliberations with stakeholders, including lenders, with respect to the scheme and approval by the board . The company had earlier said that existing businesses will be structured in the six independent companies after the demerger: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd.
The Competition Commission of India (CCI) on Friday cleared the over ₹7,000-crore deal, wherein billionaire Kumar Mangalam Birla-promoted UltraTech Cement will acquire a majority stake in India Cements Ltd. The key approval comes less than two weeks after the regulator had issued a show-cause notice to UltraTech seeking clarification on the proposed deal, that will help consolidate its market lead amid rising competition posed by the Adani group, which is scaling up capacity with acquisitions.
Aurobindo Pharmaceuticals said its subsidiary Curateq Biologics s.r.o, has obtained marketing authorisation from the UK‘s Medicines and Healthcare products Regulatory Agency (MHRA) for Bevgolva, its bevacizumab biosimilar version.
Fidelity Investments has divested a 1.3 per cent stake in drug firm Granules India for ₹191 crore through open market transactions. US-based Fidelity Investments, through its three arms — Fidelity India Fund, Dendana Invest Mauritius and Fidelity Funds – India Focus Fund, sold shares of Hyderabad-based Granules India through three separate block deals on the NSE. The shares were disposed of at an average price of ₹596. Aditya Birla Sun Life Mutual Fund (MF), Paulomi Ketankumar Doshi, Bandhan MF, Edelweiss MF, ITI MF, SBI Life Insurance and Kotak Mahindra Life Insurance Company were the buyers of shares at the same price.
The board of Vakrangee has approved preferential allotment of 35 crore convertible warrants on a preferential basis to non-promoters, towards raising of additional capital. Besides, the board approved withdrawal of the in-principle application for allotment of 20,00,00,000 convertible warrants to the non–promoter category approved by the members of the company on October 27, 2024, filed to the BSE and to the National Stock Exchange of India Ltd on September 27, 2024.
Fortis Healthcare has acquired 5,970,149 equity shares as held by the International Finance Corporation (representing 7.61% equity stake) in Agilus Diagnostics Ltd (a material subsidiary of the company) from IFC for ₹719.20 a share. As part of the composite transaction, the company will also acquire equity stake held by NYLIM Jacob Ballas India Fund III LLC ) (holding 1,24,37,811 equity shares representing 15.86% equity stake in Agilus) and Resurgence PE Investments Ltd (formerly known as Avigo PE Investments Ltd) (holding 63,10,315 equity shares representing 8.05% equity stake in Agilus) – both acquisitions would be in the nature of a material related party transaction for the company as NJBIF and Resurgence are identified related parties of Agilus, which is a material subsidiary of the company.
The board of directors of Piramal Enterprises has approved the public issuance of secured non-convertible debentures of face value ₹1,000 each aggregating up to ₹2,000 crore in one or more tranches.
The government has decided to infuse ₹500 crore capital in state-owned IFCI to improve its financial health ahead of the company’s proposed restructuring and consolidation into a group. With the infusion, the Government of India’s holding in the company is expected to further increase from the existing 71.72 per cent as on September 2024. The capital infusion plan for IFCI was approved through the passage of the first Supplementary Demand for Grants for 2024-25 in the Lok Sabha last week.
SRM Contractors has been received a Letter of Acceptance (LOA) for long-term rectification work of Blackspots by Construction of (i) VUP at Sorath Junction in Gujarat in the EPC mode for an aggregate quoted price of ₹105.96 crore.
