Tata Motors gets NCLT approval to hive off PV business

Tata Motors Ltd has received approval from the National Company Law Tribunal (NCLT) Mumbai bench to hive off its passenger vehicles (PV) business unit into a separate entity. In March 2021, the shareholders of the company had voted and approved the transfer of the PV business to TML Business Analytics Services Ltd (TBASL) as a going concern on a slump sale basis. The automaker’s PV business unit has been valued at Rs 9,417 crore. TBASL will be later renamed Tata Motors Passenger Vehicles Ltd (TMPVL).

This move will unlock value for Tata Motors’ PV business unit, which has struggled in the recent past in the face of strong competition.

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Cochin Shipyard’s subsidiary signs MoU with IWAI to set up ship repair facility at Guwahati

The Inland Waterways Authority of India (IWAI) and Hooghly Cochin Shipyard Ltd has signed a Memorandum of Understanding (MoU) for setting up the new ship repair facility at Pandu, Guwahati. The facility is expected to boost waterways connectivity and facilitate the movement of large cargo in the region. The slipway will be developed on a 3.67-acre land provided by the Government of Assam. The project is expected to be completed by August 2023 at an estimated cost of Rs 75 crore.

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Phillips Carbon Black to raise Rs 500 crore via QIP

The Board of Directors of Phillips Carbon Black Ltd has approved a proposal to raise up to Rs 500 crore. The company aims to raise funds through the issue of securities via private placement, preferential issue, or public issue. Kolkata-based Carbon Black manufactures, sells, and exports carbon black (used to strengthen rubber in tires and as conductive agents) in India and internationally. It is part of the RP-Sanjiv Goenka Group.

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Vakrangee partners with PNB for providing banking services

Vakrangee Ltd has entered into a partnership with Punjab National Bank (PNB) to provide business correspondent (BC) banking services at Nextgen Vakrangee Kendra outlets. BCs are entities engaged by a bank in India (commercial banks, Regional Rural Banks, and Local Area Banks) for providing banking services in under-banked geographical territories. The partnership will offer seamless digital and assisted banking services to remote parts of India. Currently, Vakrangee has more than 13,000 BC points and is the fourth largest ATM operator in rural India with more than 5,400+ ATMs. 

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Max Healthcare acquires rights to develop 500-bed hospital in South Delhi

Max Healthcare Institute Ltd (through its subsidiary Alps Hospital Ltd) has acquired exclusive rights to aid development and provide medical services to a proposed 500-bed hospital in South Delhi. The hospital will be built on a prime land parcel of 3.5 acres in Saket, Delhi. Alps Hospital Ltd has acquired a 100% stake in ET Planners Pvt Ltd (ETPPL) in an all-cash deal of Rs 60.11 crore. The first phase of the hospital is expected to be commissioned in 2024.

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Adani Group, L&T, and BHEL in race to build PSLV

According to a report from the Times of India, three entities are in the race to secure the contract to build five units of the Indian Space Research Organisation (ISRO)’s Polar Satellite Launch Vehicle (PSLV). The three entities include a single firm and two consortiums. The two consortiums include one led by the Adani Group and another that comprises Larsen & Toubro (L&T). All three are said to have submitted their bids on July 30, 2021. Adani’s consortium includes Alpha Design, Bharat Electronics Ltd (BEL), and BEML. The consortium involving L&T includes aerospace major Hindustan Aeronautics Ltd (HAL). 

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Mahindra Defence Systems secures contract worth Rs 1,349.95 crore from Indian Navy

Mahindra Defence Systems Ltd (MDSL) has secured a contract from the Ministry of Defence for manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of the Indian Navy. MDSL will be supplying 14 IADS systems for the warships. IADS is designed to detect and protect warships from underwater threats. The contract is worth Rs 1,349.95 crore. MDSL is a wholly-owned subsidiary of Mahindra & Mahindra Ltd (M&M).

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SEBI bans Kotak Mahindra AMC from launching new FMP schemes for 6 months

Market regulator SEBI has banned Kotak Mahindra Asset Management Company (AMC) from launching new Fixed Maturity Plan (FMP) schemes for the next six months. SEBI has also imposed a fine of Rs 50 lakh on the AMC. The action came against delay in payment of full proceeds to investors of six FMP schemes run by Kotak Mahindra AMC. [FMPs are debt-oriented mutual funds that have specific launch and maturity dates]  

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IDBI Bank to divest 19% stake in ARCIL

IDBI Bank Ltd’s board has approved a proposal to divest (or sell-off) its entire stake in Asset Reconstruction Company India Ltd (ARCIL). The bank currently holds 6.23 lakh fully paid-up equity shares constituting 19.18% of the total share capital of ARCIL. In June 2021, IDBI Bank had invited bids from entities for the takeover of its stake in the asset reconstruction company.

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Burger King India in talks to acquire controlling stake in BK Indonesia

Burger King India has entered into discussions regarding the acquisition of a controlling stake in PT Sari Burger Indonesia (BK Indonesia). The company has entered into a non-binding understanding with F&B Asia Venture (Singapore) Pte Ltd. F&B Asia, through its wholly-owned subsidiary, currently holds an indirect equity interest of 65.79% in BK Indonesia. BK Indonesia manages and operates the Burger King brand in Indonesia.

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