Reliance Strategic Business Ventures Limited (RSBVL), a subsidiary of Reliance Industries, and US-based Sanmina Corporation have completed the deal to set up an electronics manufacturing joint venture at a total enterprise valuation of about ₹3,300 crore.
RSBVL will hold a 50.1 per cent equity stake in the joint venture while Sanmina will have 49.9 per cent shareholding. RSBVL will achieve this ownership primarily through an investment of up to ₹1,670 crore in new shares in Sanmina’s existing Indian entity.
TS Global Holdings, a subsidiary of Tata Steel completes the sale of a 19 per cent stake in AI Rimal to Tanmia. Following this, its shareholding in Al Rimal has reduced to 51 per cent.
Apollo Hospitals Enterprise Ltd announced the execution of definitive agreements to acquire a 60 per cent stake in the leading classical Ayurveda hospital chain, AyurVAID, in a combination of primary and secondary capital infusion.
AyurVAID is a classical Ayurveda medical care provider, differentiated by rigorous, professional and contemporary care pathways, with precision in protocols, documentation, clinical outcomes and safety. In India, it is a perfect vehicle for Apollo Hospitals’ efforts to strengthen its holistic and integrated care offerings for patients and to mainstream integrated medicine at scale.
JSW Energy has signed an agreement with the Maharashtra government to set up a 960-megawatt hydro pump storage project in the Raigarh district of the State. Without divulging financial details of the proposed project, JSW Energy said the hydro pumped storage is a well-established technology that provides adequate peaking power reserves, reliable grid operation, energy balancing and storage capacity.
Lupin has received the United States Food and Drug Administration (USFDA) nod for Mirabegron tablets. The pharma company has received approval for its abbreviated new drug application (ANDA), Mirabegron extended-release tablets, to market in the US.
Mirabegron is a generic equivalent of Myrbetriq extended-release tablets of Astellas Pharma Global Development, Inc. The product will be manufactured at Lupin’s facility in Nagpur. The drug had estimated annual sales of $2,403 million in the US, as per IQVIA MAT data by June. The drug is used for the treatment of specific bladder problems.
Lemon Tree Hotels Limited has announced the opening of Keys Lite by Lemon Tree Hotels, Sreekanya, Visakhapatnam. This is the second property of the group in the city, strategically located near Gajuwaka.
Jubilant FoodWorks Netherlands BV, a subsidiary of Jubilant FoodWorks, has acquired an additional stake in Netherlands-based DP Eurasia NV. As on October 3, the subsidiary held a 49.04 per cent stake in DP Eurasia NV, the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Russia, Azerbaijan and Georgia.
Ratnamani Metals & Tubes Limited has entered into the definitive agreements for the subscription of equity shares and acquisition of the equity shares in Ravi Technoforge Private Limited (‘RTL’) from its existing shareholders in three tranches over the period based on the performance metrics and other terms & conditions.
RTL is one of the leading manufacturers of high precision forged and turned bearing rings, gear blanks and other similar bearing components having ultimate end use across widespread industrial and automotive applications. RTL caters mostly to all the large-bearing manufacturers not only in India but across the globe.
Aditya Birla Finance (a subsidiary of Aditya Birla Capital) and IndusInd Bank have been fined ₹1 crore each in CG Power and Industrial Solutions’ case by the market regulator. SEBI has imposed a five-year ban and as well as penalties on CG Power and Industrial Solutions’ former chairman Gautam Thapar and three other entities for alleged diversion of funds and misrepresentation of the company’s financial statements more than four years ago.
The Management Committee of the Board of Directors of Arvind SmartSpaces Ltd has allotted to Kausalya Realserve LLP, 13.50 lakh equity shares of ₹10 each at a premium of ₹92 a share.
Gagan Gases Ltd has executed a sale deed on October 4 effecting the sale of the company’s surplus land plot area measuring 10,000 sq m at Pithampur, Madhya Pradesh, for a consideration of ₹2.36 crore.
The board of Atul Auto will meet on October 8 to consider a proposal for raising funds via a rights or preferential issue.
NPR Finance has sold a wind turbine generator plant in Dhule, Maharashtra. Further, the agreement for the sale of the other remaining wind turbine at Sangli, Maharashtra will be entered in due course of time.
Trimurthi Ltd has completed the transfer of a 100 per cent stake in subsidiary Trimurthi Pharmaceuticals. With this, Trimurthi Pharmaceuticals has ceased to be its subsidiary.