Reliance Industries to buy IMG Worldwide’s stake in sports management JV

Reliance Industries Limited (RIL) will be increasing its stake in IMG-Reliance Ltd, by buying out IMG Worldwide LLC from the sports management business. The transaction will cost RIL not more than Rs 52.08 crore. IMG-R will become a wholly-owned subsidiary of the company and will be rebranded once the deal is done.

RIL had formed an equal joint venture with the international sports marketing and management firm, IMG Worldwide LLC, in 2010. The venture aimed to develop, market, and manage sports and entertainment in India. IMG is in the business of sports, events, media, and fashion, operating in more than 30 countries.

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Govt plans dry run for Covid-19 vaccine in 4 states next week

The central government, on Friday, said that it has planned a dry run for the administration of the Covid-19 vaccine in Andhra Pradesh, Assam, Gujarat, and Punjab next week. According to the Health Ministry, each state will plan the dry run in two districts and preferably in different session type settings. The Health Ministry stated that this exercise will enable end-to-end mobilisation and testing of the Covid-19 vaccination process.

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AAI raises objections to Adani Enterprises branding in private airports

The Airports Authority of India (AAI) has objected to Adani Enterprises Ltd (AEL) using its brand name in three airports – Mangaluru, Lucknow, and Ahmedabad. AEL had acquired the three airports two months ago. The state-owned airport operator stated that this violated the concession agreement (CA) agreed upon by the Adani group and the AAI. The agreement mandates the airports should not be branded in a manner that identifies the company or its shareholders.

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SBI Life acquires 9% stake in Paisalo Digital for Rs 186.20 crore

SBI Life Insurance Company Ltd announced that it has acquired a nearly 9% stake in non-banking finance company Paisalo Digital for about Rs 186.20 crore. The company has acquired a total of 38 lakh equity shares (or 8.99%) at Rs 489.99 per share, for a cash consideration as an ordinary course of business on the stock exchange on December 24. Incorporated in 1992, Paisalo Digital provides loans to individuals, SMEs & MSMEs, and Joint Liability Group (microfinance) through 129 branches across the country.

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Aavas Financiers to raise Rs 100 crore by issuing bonds via private placement

Aavas Financiers Ltd, on Friday, said its Board of Directors has approved raising Rs 100 crore by issuing bonds on a private placement basis. The company stated that rated, listed, senior, secured, redeemable, non-convertible debentures aggregating to Rs 100 crore will be issued. Aavas is engaged in the business of providing housing loans, primarily, in the unserved and unreached markets.

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IOC to buy 15 hydrogen-fueled buses 

As a measure to push India’s hydrogen-based mobility solutions ecosystem, Indian Oil Corporation (IOC) plans to buy 15 buses that can run on hydrogen fuel. The country’s largest oil refiner and fuel retailer is also setting up a facility at its Faridabad research and development (R&D) centre to produce hydrogen to run the buses. This project is the first-ever attempt in the country to address all the aspects of hydrogen-based mobility as the ultimate green option.

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Oaktree and Piramal increase their bids for DHFL

US-based Oaktree Capital has raised its offer for the bankrupt Dewan Housing Finance Corporation Ltd (DHFL) by Rs 1,700 crore. Oaktree’s offer came a day after Piramal raised its bid by Rs 1,000 crore and also improved its offer for a controlling stake in DHFL’s Pramerica Life Insurance Company to Rs 1,000 crore from Rs 300 crore. Oaktree’s bid for DHFL is now at Rs 36,410 crore and that of Piramal is Rs 34,909 crore.

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NIIT board approves Rs 237-crore buyback plan

NIIT Ltd announced that its Board of Directors has approved a Rs 237-crore buyback proposal. The corporate training firm stated that up to 98.75 lakh fully paid-up equity shares will be bought back at Rs 240 per share. The buyback, which is proposed to be made under the tender offer route, is subject to shareholders’ approval by passing a special resolution through a postal ballot.

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L&T Construction 3D prints India’s first building with reinforcement

L&T Construction has 3D printed a G+1 (Ground plus One) building with reinforcement for the first time in India. The 3D printed building, which has a built-up area of 700 sq. feet, has been built with a special, in-house developed concrete mix using indigenously available regular construction materials. The building is located at L&T Construction’s facility in Kanchipuram.

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USFDA informs Biocon, Mylan of deferred action on biosimilar license plea

Biocon Ltd announced that its subsidiary, Biocon Biologics, and Mylan have been informed by the US Food & Drug Administration (USFDA) of deferred action on the biologics license application (BLA) for a biosimilar to drug Avastin. The drug is used to treat various types of cancers. To complete the application, the USFDA noted that an inspection of the manufacturing facility is required as a part of the standard review process.

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