UltraTech Cement Middle East Investments Limited (UCMEIL), a wholly-owned subsidiary of UltraTech Cement Limited, has invested in 29.39 per cent equity share capital of ‘RAK Cement Co for White Cement and Construction Materials PSC, (RAKWCT) a company listed on the Abu Dhabi and Kuwait stock exchanges. This together with the existing shareholding, will result in UCMEIL holding 29.79 per cent of RAKWCT’s equity share capital.
TVS Motor Company Limited has acquired 1.81 per cent stake in Roppen Transportation Services Private Limited (Rapido). The company has also clarified that the holding in Rapido will constitute less than 5 per cent of the shares or voting rights in Rapido.
Adani Enterprises has incorporated a WOS namely, Alluvial Heavy Minerals Ltd (AHML), on April 13, with an initial authorised and paid-up share capital of ₹10 lakh to carry on manufacturing and processing of minerals, Ti02 slag manufacturing, pigment manufacturing, etc. and to do all necessary and incidental activities in this regard. AHML will commence its business operations in due course, it said.
Tata Power Company Ltd and BlackRock Real Assets-led consortium, including Mubadala Investment Company, has entered into a binding agreement to invest in Tata Power’s renewable energy subsidiary, Tata Power Renewable Energy Ltd. BlackRock Real Assets, together with Mubadala, shall invest ₹4,000 crore ($525 million) by way of equity/compulsorily convertible instruments for a 10.53 per cent stake in Tata Power Renewables, translating to a base equity valuation of ₹34,000 crore. The final shareholding will range from 9.76 per cent to 11.43 per cent on final conversion.
Mahindra Holidays & Resorts India, which currently holds 6.67 per cent stake in Great Rocksport Private Ltd, has agreed to subscribe to an additional 4,88,321 equity shares of Rocksport in three installments for ₹12 crore. After completion of the second tranche of investment, the company’s shareholding in Rocksport will go up to 23.42 per cent. Rocksport is engaged in the business of soft adventure-based activities and learning programmes.
Textile stocks: The Selection Committee of the Ministry of Textiles has selected 61 applicants under the Production Linked Incentive (PLI) Scheme for textiles. The scheme has two parts — Part 1 where minimum investment is ₹300 crore and the minimum turnover required to be achieved for the incentive is ₹600 crore; and Part-2, where minimum investment is ₹100 crore and minimum turnover required to be achieved for the incentive is ₹200 crore.
Listed companies that availed PLI are HP Cotton Textile Mills Ltd, Himatsingka Seide Ltd, Trident Ltd, AYM Syntex Ltd, Donear Industries Ltd, Gokaldas Exports Limited, Pearl Global Industries Limited, Sangam (India) Ltd, Monte Carlo Fashions Ltd, Arvind Ltd, Ginni Filaments Ltd, KG Denim Ltd and SVP Global Textiles Ltd.
Meanwhile, the Finance Ministry on April 13 waived customs duty on cotton imports till September 30. Currently, cotton imports attract 5 per cent of Basic Customs Duty (BCD) and 5 per cent of Agriculture Infrastructure Development Cess (AIDC).
Jubilant Ingrevia Ltd has bagged a CDMO contract for an estimated value of ₹270 crore in the specialty chemicals business, spanning over a period of three years with one of its international customers, who is among the top 10 leading innovator pharmaceutical companies globally. Through the contract, the company will supply two key GMP intermediates for one of the ‘patented drugs’ of the innovator pharmaceutical customer. Both these products involve seven steps specialised chemistry.
IndiaMART said its wholly-owned subsidiary Tradezeal Online Private Limited has made an investment of approximately ₹7.5 crore to purchase compulsorily convertible debentures (CCDs) of Truckhall Private Limited. Superprocure is a SaaS platform that digitises the entire freight sourcing and dispatch monitoring system of the logistics department of an organisation. It allows logistics departments to find the best possible rates through a transparent bidding and auction structure, thus saving costs.
Surya Roshni Ltd has announced the commercial production of an imported mill for manufacturing heavy structural hollow square/rectangular section steel tubes with direct forming technology at Gwalior, Madhya Pradesh with an installed capacity of 36,000 tpa, from April 14.
Nagarjuna Fertilizers and Chemicals Ltd has restarted urea production in Plant-II at Kakinada, Andhra Pradesh, from April 15, and it is expected to stabilise its production by April 20. Pridhvi Asset Reconstruction and Securitisation Company Ltd (PARAS) has filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Andhra Cements at NCLT, Hyderabad.
Evexia Lifecare has completed all the formalities to start the active pharmaceutical ingredient (API)/intermediate manufacturing plant of Isometamidium (Isometa) from April 18 at the Vadodara-based plant. The company has also decided to build up more than 1,50,000 sq ft plant facility at a Vadodara-based location. This facility will be in accordance with the USFDA for the manufacturing of the other APIs and intermediate products.
Salzer Electronics has received a patent for its integral cam-operated rotary switches. Salzer received the patent for this invention from the Patent Office, the government of India, for a duration of 20 years, ending 2031.
Tushar Mistry resigned from the position of Chief Financial Officer of Sequent Scientific Limited on April 14, to pursue other professional opportunities. He will continue in his current role till the close of business hours on May 31.
SIS Limited has signed a share subscription agreement for the acquisition of 7.65 per cent shareholding in Staqu Technologies Private Limited for ₹5 crore. Staqu is primarily a video and audio analytics and platform company. Its product called JARVIS (Joint AI Research for Video Instances & Streams) is an AI tool in video analytics and video management solutions that helps its customers.
The Board of InterGlobe Aviation (Indigo) has announced the appointment of Vikram Singh Mehta and Air Chief Marshal BS Dhanoa (Retd.) as the independent Non-Executive Directors, subject to receipt of security clearance from the Ministry of Civil Aviation (MoCA) and approval of the Members of the Company.
Cupid has received an order from Medical Stores Department, the government of Tanzania for the supply of male condoms approximately worth ₹65.84 crore.
Vishal Fabrics Limited has announced that the company has added a new denim line which commenced operation at the end of March 2022 with a total capacity of 10 million mpa (million per annum). Further, the company plans to add a second denim line with 10 mmpa capacity which will commence at the start of H2-FY23. The company currently has eight existing denim lines with an annual capacity of 80 mmpa. With these additional two lines, the annual capacity will increase to 100 mmpa at Dholi Unit.
Sahyadri Industries Ltd has successfully completed the expansion of the plant situated at Perundarai (Tamil Nadu) and commenced commercial production of flat sheet products on April 14. This will increase the overall production capacity up to 72,000 tpa. This facility will aid the expansion of the company’s current market share in southern India.
Fermenta Biotech, which earlier signed a binding term sheet for real estate development of the company with Mextech Property Developers, has extended the validity period from 75 days to 135 days.
Results calendar: DRC Systems, Earum Pharma, Mindtree, Mishtaan Foods, SE Power, Star Housing Finance, Sheetal Cool Products, and Swiss Military.