Global media giant Walt Disney Co and billionaire Mukesh Ambani-led Reliance Industries on Wednesday announced signing of binding pacts to merge their media operations in India to create a ₹70,000 crore-behemoth. A successful completion of the deal would create the biggest firm in the Indian media and entertainment sector, with over 100 channels in several languages, two leading OTT platforms and a viewer base of 750 million across the country. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India through a court approved scheme of arrangement,” a joint statement said. “The transaction values the joint venture at Rs 70,352 crore ($8.5 billion) on a post-money basis, excluding synergies,” it added.
Non-banking finance firm Shriram Finance will replace agrochemical company UPL on the blue-chip Nifty 50 index, effective March 28, the National Stock Exchange of India said on Wednesday. The change is part of a periodic review of broad market indices. UPL has been removed from the blue-chip index after its exclusion from the Nifty 100, a parent index for the Nifty 50, the NSE said in a statement. Shriram Finance has the highest six-month average free-float market capitalisation among all stocks eligible to replace UPL, the statement said. The Nifty Next 50 Index will include Adani Power Ltd, Indian Railway Finance Corporation Ltd., Jio Financial Service Ltd., Power Finance Corporation and REC. The companies that will replace them are Adani Wilmar Ltd., Muthoot Finance Ltd., PI Industries Ltd., Procter & Gamble Hygiene & Health Care Ltd. and Shriram Finance Ltd.
The Board of Directors of Panchsheel Organics has approved the proposal to acquire a factory premises worth ₹2.90 crore approximately for expansion purposes; the proposed premises is situated at Indore and is adjacent to its existing factory premises.
Maruti Suzuki India Limited has granted Competent Automobiles in-principle approval for a dealership in the Srinagar, Union Territory of Jammu & Kashmir. The board of Competent Automobiles will commence operations in Jammu & Kashmir through incorporation of a wholly-owned subsidiary - Competent (Kashmir) Automobiles Pvt Ltd - or any other name as may be approved by the Registrar of Companies.
Alfa Transformers has received a purchase order worth of ₹76.70 lakh from Regard Network Solution Private Ltd. The order is for design, manufacturing and supply and installation of 2.0 MVA, 33/0.433KV ONAN, Dyn 11 Transformers from the Bhubaneswar plant.
Kennametal India Ltd has renewed its Royalty Agreement with Kennametal Inc. By means of this agreement, Kennametal Inc would grant a non-exclusive, worldwide licence to Kennametal India, to make, have made, import, use, sell, offer to sell and market products using Kennametal Inc’s Intellectual Property for the life of the Intellectual Property or for the term of the Agreement, whichever expires first. The company would pay royalty to Kennametal Inc on a quarterly basis at a fixed percentage of net sales using technology covered under this agreement to entities other than Kennametal Inc.
Coal India has signed a joint venture agreement (JVA) with BHEL, to undertake coal to chemicals business.
The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Securities in connection with the inspection of books and records of the merchant banking activities of the company.
PB Fintech, owners of Policy Bazaar, said the Insurance Regulatory and Development Authority of India has granted Certificate of Registration to Policybazaar Insurance Brokers (Policybazaar), a wholly-owned subsidiary, to act as composite insurance broker with effect from February 28.