IRDAI grants final approval to Bharti AXA-ICICI Lombard deal

ICICI Lombard General Insurance Co. Ltd has received final approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the demerger of the general insurance business of Bharti AXA General Insurance to itself by way of a scheme of arrangement. The demerger and transfer of the general insurance business will be effective within three days from the date of final approval. IRDAI has also granted approval to ICICI Bank for reducing its stake in ICICI Lombard to 30%.

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PGCIL begins work on first EV charging station in Meghalaya

Power Grid Corporation of India Ltd (PGCIL) has laid the foundation stone for the first-ever electric vehicle charging station (EVCS) at its office complex in Shillong, Meghalaya. The EVCS is being developed under Phase-II of the Faster Adoption and Manufacturing of (Hybrid) & Electric Vehicles (FAME) India scheme. Under this scheme, PGCIL will develop 11 EVCS in Shillong— five public EVCS and six at government establishments. 

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RIL’s arm acquires 57% stake in Strand Life Sciences for Rs 393 crore

Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has acquired a 57.06% stake in Strand Life Sciences for Rs 393 crore. RSBVL will make a further investment of up to Rs 160 crore by March 2023, increasing its total investment to Rs 553 crore. Strand Life Sciences is a pioneer of genomic testing in India. It offers bioinformatics software and clinical research solutions to healthcare providers.

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Ashoka Buildcon secures Rs 1,567 crore order for upgrading national highway in West Bengal

Ashoka Buildcon Ltd has received a Letter of Award (LoA) from Adani Road Transport Ltd for upgrading a part of the national highway in West Bengal. The order consists of six-laning of National Corridor NH-19 from Pangarh to Palsit (total design length 67.75 km) in West Bengal on an Engineering, Procurement, and Construction (EPC) basis. The accepted contract price is Rs 1,567.45 crore

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Dr Reddy’s signs pact with Citrus Pharma to sell rights to anti-cancer agent

Dr Reddy’s Laboratories Ltd has entered into a definitive agreement with US-based Citius Pharmaceuticals to sell all its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets. Under the terms of the agreement, Dr Reddy’s will receive an upfront payment of $40 million (~Rs 290 crore) upon closing the transaction. This will be followed by an approval milestone payment of up to $40 million related to the cutaneous T-cell lymphoma (CTCL) indication approval. E7777 has is an important component of systemic therapy for CTCL and other cancers. 

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Barbeque Nation raises Rs 100 crore via preferential issue of equity shares

Barbeque Nation Hospitality Ltd has raised ~Rs 100 crore through the preferential issue of equity shares to three different investors. The company’s Stakeholders’ Relationship Committee has approved the allotment of 11.77 lakh fully paid-up equity shares (of the face value of Rs 5 each) at a premium of Rs 844 per share. The shares were allotted to Massachusetts Institute of Technology (MIT), Plan Associates LLC, and Motilal Oswal Equity Opportunities Fund Series-II.

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Coal India launches software for better assessment of coal resources

Coal India Ltd (CIL) has launched a software that will help in identifying thin coal seams under the earth’s crust and improve the assessment of coal resources using seismic surveys during the exploration process. The new software helps in enhancing the resolution of seismic signals, leading to the depiction of the thinnest coal seams. The software, named ‘Spectral Enhancement’, was developed by CIL’s research & development arm Central Mine Planning and Design Institute in association with Gujarat Energy Research and Management Institute.

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Future Consumer focusing on Digital First model across brand activities

Future Consumer Ltd (FCL) is focusing on changing the orientation of all business and brand activities to make them Digital First, according to the company’s annual report for 2020-21. This move is based on the expectation that consumer behaviour of shifting to online shopping due to the Covid-19 pandemic will remain in the long term. FCL will continue to grow its portfolio of food, home, and personal care products. Key brands including Golden Harvest, Tasty Treat, Karmiq, Desi Atta Company will continue to drive volume and value growth.

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JSPL’s shareholders approve 96.42% stake sale in Jindal Power

Jindal Steel and Power Ltd (JSPL) has received shareholders’ approval to divest its 96.42% stake in its subsidiary Jindal Power Ltd (JPL) to Worldone for Rs 7,401 crore. Of the total Rs 7,401 crore, Worldone (a company owned by the Jindal Group) will pay Rs 3,015 crore in cash and takeover liabilities worth Rs 4,386 crore of inter-corporate deposits (ICDs) and capital advances paid by JPL to JSPL. This deal will help JSPL reduce its debt of Rs 6,566.44 crore (as of December 31, 2020) and help it become a net cash firm.

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