Phoenix Mills has acquired the entire 4.98 per cent stake of Eder River in Offbeat Developers for ₹27.98 crore. Following the acquisition, Phoneix Mills’ stake in its subsidiary Offbeat Developers Private Ltd has increased to 93.93 per cent. The deal is not a related-party transaction, the company said in a notice to the exchanges. Offbeat Developers, which is engaged in the business of construction, development and operation of malls and commercial premises, registered an annual turnover of ₹240.44 crore as on March 2017. The stock of Phoenix Mills closed at ₹506.40, down 1.1 per cent on the NSE.
Mercator has won a maintenance dredging contract with Director General Naval Project, Visakhapatnam. The contract value is ₹38.88 crore and the contract work is 12 months, Mercator informed the exchanges. The work has to be completed by FY18. Shares of Mercator gained over 3 per cent at ₹42.70 on the NSE.
Freight wagon manufacturer Titagarh Wagons on Monday said Vincenzo Soprano has been appointed Chief Executive Officer (CEO) of its Italian arm Titagarh Firema. Soprano is a graduate in electrical engineering and MBA from Milan, with specialisation in strategic marketing from Luigi Bocconi University, the Kolkata-based company said in a statement. Titagarh Firema SpA, Italy, is a wholly-owned subsidiary. Shares of Titagarh Wagons gained 3.7 per cent at ₹119.5 on the NSE.