IndiGrid InvIT to acquire power transmission project from Sterlite Power for Rs 4,625 crore

India Grid Trust (IndiGrid) has signed a share purchase agreement to acquire NER-II Transmission Limited from Sterlite Power. The indicative value of the acquisition is Rs 4,625 crore. The 830 circuit-km long transmission project is spread across Assam, Arunachal Pradesh, and Tripura. With this acquisition, IndiGrid’s assets under management (AUM) will increase by 35% to over Rs 20,000 crore.

IndiGrid is an infrastructure investment trust (InvIT) that owns inter-state power transmission assets in India.

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Jaguar Land Rover to lay-off one-third of its workforce in India

Tata Group-owned Jaguar Land Rover (JLR) has announced job cuts in India in line with this ‘Reimagine’ strategy. As per reports, JLR will lay off one-third of its workforce in the country to cut costs. The layoffs have already started and are likely to continue throughout this month. JLR’s global strategy is to remove about 2,000 employees working in the non-manufacturing departments by the next financial year.

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To know more about JLR’s Reimagine strategy, click here

Indian Bank to divest stake in asset reconstruction JV ASREC (India)

Indian Bank will divest its stake in joint venture (JV) entity ASREC (India) Limited as part of an asset monetisation exercise. ASREC is an asset reconstruction company in which Indian Bank, Bank of India, Union Bank of India, Life Insurance Company (LIC), and Deutsche Bank are shareholders. State-owned Indian Bank holds a 38.26% stake in the entity. The bank had earlier announced plans to monetise (or sell-off) its non-core assets to boost capital, even as it is looking to raise Rs 4,000 crore through a share-sale.

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Embassy REIT receives approval for simplifying the holding structure of key portfolio assets

Embassy Office Parks REIT announced that it has received approval from the National Company Law Tribunal (NCLT) in relation to the scheme of arrangement among its entities. This consists of restructuring Embassy REIT’s key portfolio assets including Embassy Manyata and Embassy TechZone. Embassy REIT had initiated the scheme to simplify its holding structure by reducing the shareholding tiers, as well as to increase the dividend component of its unit-holders. 

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You can learn more about REIT’s here.

Cipla announces liquidation of step-down subsidiary Cipla (UK)

Cipla Limited announced that its step-down subsidiary, Cipla (UK), has been voluntarily liquidated with effect from March 5, 2021. The pharma company said that the liquidation was a part of an internal reorganisation and it will not affect the performance or revenue of the firm. [Liquidation is the process of closing or winding down a company and selling off its assets]

Govt open to experimenting with cryptocurrency: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharman has hinted that the Centre may not go for a blanket ban on digital currencies. She said that the government is keeping windows opens for experimentations in the cryptocurrency world. The minister further said that the call on cryptocurrencies will be taken only after deliberations with the Reserve Bank of India (RBI) and cabinet members are over.

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DHFL auditor finds another fraud of Rs 1,424 crore

Dewan Housing Finance Limited (DHFL) said its administrator has filed additional affidavits in NCLT Mumbai in connection with fraud amounting to over Rs 1,424 crore. DHFL’s auditor recently found certain transactions that were undervalued and fraudulent in nature, which amounted to Rs 1,424 core. The company is being run by an administrator in the aftermath of the IL&FS crisis in 2018 and unearthing of massive fraud. DHFL is currently undergoing a corporate debt resolution process in the National Company Law Tribunal (NCLT), Mumbai. 

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TVS Motor Company to provide free Covid-19 vaccination to all employees

TVS Motor Company announced that it has extended free Covid-19 vaccination for all employees and their immediate family members. The vaccination drive will cover 35,000 direct and indirect company employees across India. “With this vaccination drive, we continue our endeavour to prioritise the health and safety of all our employees and their families”, said R Ananda Krishnan, Executive Vice President of Human Resources at TVS.

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Sayaji Hotels to expand its presence to 7 new locations

Sayaji Hotels Management Ltd (SHML), a wholly-owned subsidiary of Sayaji Hotels Limited, has announced plans of setting up properties across seven cities in India. This includes Vizag, Bhuj, Dehradun, Udaipur, Jamnagar, Nashik, and Morbi. This expansion plan will lead to an addition of 476 new rooms and an overall increase of 1,000 rooms into the company’s portfolio by the next financial year (FY 2021-22).