Rail Vikas Nigam: Rail Vikas Nigam emerges as L1 bidder for Rs 1,088.49-crore project. RVNL has emerged as the lowest bidder (L1) for the composite contract package in connection for the new BG railway line of the HORC project of the Haryana Rail Infrastructure Development Corporation. The cost of the project is Rs 1,088.49 crore and the project is expected to be executed within 1,460 days.
2/10
Housing Development Finance Corporation: RBI imposes Rs 5 lakh penalty. The Reserve Bank of India has imposed a penalty of Rs 5 lakh on the company for non-compliance with certain housing finance directions issued by the National Housing Bank (NHB). The corporation's subsidiary HDFC Capital Advisors entered into a share subscription agreement for the acquisition of 3,59,436 compulsorily convertible preference shares (CCPS) of Enviro Enablers India, which is engaged in waste management services.
3/10
Navin Fluorine International: Subsidiary NFASL's board approves capex of Rs 450 crore. Navin Fluorine Advanced Sciences, a subsidiary of Navin Fluorine, said its board approved a capital expenditure of Rs 450 crore for setting up a 40,000 tonne per annum hydrofluoric acid capacity at Dahej. The company has an AHF manufacturing plant with a capacity of approximately 20,000 tonnes per annum at Surat. The new capacity is expected to come on stream in two years.
4/10
Havells India: Havells commences commercial production of air-conditioners at Sri City plant. The electric equipment maker began commercial production of air-conditioners at its Sri City plant on March 17. In July 2022, the company has announced setting up a new facility at Sri City in Andhra Pradesh.
SKF India: SKF India to acquire 26% stake in Clean Max Taiyo. The automotive and industrial engineered solutions company has agreed to make an investment in renewable energy company Cleanmax Taiyo by acquiring its 2,600 fully paid-up equity shares, equivalent to 26% shareholding. In November 2022, the SKF board approved investment through equity participation (26% stake) in a special purpose vehicle company for commissioning a captive project (wind + solar) via open access for the Bengaluru plant. The acquisition will be completed by June 2023.
6/10
Welspun Corp, Sintex Plastics Technology: NCLT approves resolution plan of Welspun Corp & Plastauto for Sintex-BAPL. The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the consortium of Propel Plastic Products, a wholly owned subsidiary of Welspun Corp, and Plastauto, earlier known as Tubular Pipes, a related party of Welspun Corp, for the corporate insolvency resolution process of Sintex-BAPL. Sintex-BAPL is a wholly-owned subsidiary of Sintex Plastics Technology.
7/10
Tata Consumer Products: Tata Consumer not to acquire Bisleri, ceases talks. The Tata group company has ceased negotiations with Bisleri for a potential transaction and confirmed that the company has not entered into a definitive agreement or a binding commitment on the matter. In November 2022, the company said it evaluated various strategic opportunities for the growth and expansion of its business and the management remained in discussions with various parties, including Bisleri International.
8/10
Garware Technical Fibres: Garware Technical Fibres to acquire stake in TP Bhaskar Renewables. Garware Technical Fibres has entered into an agreement with solar power generation company TP Bhaskar Renewables to acquire its 26% equity shares for Rs 4.5 crore. The 26% stake acquisition will enable Garware to become a captive user of solar power generated by TP Bhaskar Renewables.
Dr Lal PathLabs: NCLT approves scheme of amalgamation between Dr Lal PathLabs and subsidiary The National Company Law Tribunal's Ahmedabad bench has sanctioned the Scheme of Amalgamation between Dr Lal PathLabs and APL Institute of Clinical Laboratory & Research, a wholly owned subsidiary of Dr Lal PathLabs.
10/10
Torrent Pharmaceuticals: USFDA issues Form 483 with 1 observation for Torrent Pharma's Gujarat facility. The US Food and Drug Administration conducted a pre-approval inspection (PAI) of the pharma company's oral-oncology manufacturing facility in Gujarat from March 13-March 17, 2023 and issued a 'Form 483' with 1 observation, which is procedural in nature, the company has said.
