Bharat Heavy Electricals Ltd has secured orders worth more than ₹11,000 crore from Adani Power and its subsidiary, Mahan Energen, for supply of equipment (Boiler, Turbine, Generator) and supervision of erection & commissioning of three power projects at Kawai, Rajasthan and Mahan, Madhya Pradesh. Each of the three projects will be of 2×800 MW rating.
UltraTech Cement has raised $500 million through a sustainability-linked loan with contributions from six banks. The fund-raise marks the Aditya Birla Group-backed cement maker’s second sustainability-linked financing after it raised $400 million in 2021.
HCL Technologies has extended its strategic AI-driven engineering services and digital process operations (DPO) partnership with Xerox. The company will assist Xerox with its fundamental and structural redesign to position the company for long-term profitable and sustainable growth.
PI Industries said Manikantan Viswanathan, Chief Financial Officer, retires from the company having attained the age of superannuation from the close of business hours of August 26. The board has appointed Sanjay Agarwal, as Group Chief Financial Officer.
Private equity major Warburg Pincus on Monday exited MedPlus Health Services by selling its entire 11.35 per cent stake in the pharmacy chain for ₹836 crore through an open market transaction. As per the bulk deal data available on the National Stock Exchange (NSE), Lavender Rose Investment Ltd, a Mauritius-based unit of Warburg Pincus, offloaded 1.35 crore shares, or its entire 11.35 per cent stake, in MedPlus Health Services. The company disposed of the shares of MedPlus at ₹616.48 apiece, taking the deal value to ₹836.16 crore. Among the buyers included Singapore government and ICICI Prudential Mutual Fund acquired 62.45 lakh shares or 5.2 per cent stake in MedPlus Health Services.
Medi Assist Healthcare Services, which offers third-party administration services to insurance firms, said it will fully acquire Paramount Health Services & Insurance TPA in a deal valued at over ₹400 crore. Medi Assist Insurance TPA, a wholly-owned subsidiary of Medi Assist Healthcare Services, has inked a pact with Fairfax Asia and Nayan Shah & family to acquire Mumbai-based Paramount Health Services & Insurance TPA. Paramount is a prominent player in the TPA space, owned by Fairfax Asia and the Shah family.
Fincare Business Services has sold a 1.7 per cent stake in AU Small Finance Bank to investors like DSP Mutual Fund, Morgan Stanley and Societe Generale (SocGen) for ₹803 crore via open market transaction. Fincare Business Services was the promoter of erstwhile Fincare Small Finance Bank (SFB). In October last year, the board of directors of AU SFB and Fincare had approved an all-stock merger. Fincare Business Services offloaded more than 1.27 crore shares, amounting to a 1.72 per cent stake in Jaipur-based AU Small Finance Bank (AU SFB). The shares were disposed of at an average price of ₹630 apiece, NSE data revealed.
Drug makers Aurobindo Pha.rma, Glenmark and FDC are recalling products in the US due to manufacturing issues, as per the US Food and Drug Administration (USFDA). Aurobindo Pharma USA Inc -- a unit of Hyderabad-based drug major -- is recalling 240 bottles of pain-relieving medication Healthy Living Acetaminophen, Aspirin (NSAID) and caffeine tablets. Similarly, a US-based subsidiary of Glenmark Pharmaceuticals is recalling 2,404 bottles of Indomethacin Extended-Release Capsules, produced at a Madhya Pradesh plant, due to “Failed Dissolution Specifications”, USFDA said. Similarly, a USFDA report said Maharashtra-based drug maker FDC Ltd is recalling 1,76,784 bottles of Timolol Maleate Ophthalmic Solution USP due to “Defective Container”.
Alembic Pharmaceuticals on Monday said it has received approval from the US health regulator to market a generic medication used to treat moderate-to-severe psoriasis of the scalp. The company has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Betamethasone Valerate Foam, the drug firm said in a statement. The approved ANDA is therapeutically equivalent to the reference listed drug product Luxiq Foam (0.12 per cent) of Norvium Bioscience, LLC (Norvium).