M&M in spotlight after announcing capex at Chakan plant

Mahindra & Mahindra (M&M) announced that it would make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest over Rs 500 crore in its electric vehicle (EV) project under the new EV policy of the Government of Maharashtra. The investment for EV and EV components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of Rs 6500 crore. This additional investment of Rs 500 crore will be utilized towards product development and capacity enhancement for EVs and related components. The announcement was made after market hours yesterday, 19 February 2018.

Sun Pharmaceutical Industries (Sun Pharma) said that one of its wholly owned subsidiaries has increased its shareholding in Ranbaxy Malaysia Sdn Bhd, Malaysia, by way of further purchase of 3.86 lakh shares (equivalent to 4.84%) of Ranbaxy Malaysia Sdn Bhd. Post completion of this purchase of shares, the total holding of Sun Pharma alongwith its wholly owned subsidiary will increase from 85.9% to 90.74% in Ranbaxy Malaysia Sbn Bhd. The announcement was made after market hours yesterday, 19 February 2018.

JSW Energy has entered into memorandum of understanding (MoU) with the Government of Maharashtra for the manufacturing of electric vehicles (EV) and energy storage systems. The announcement was made after market hours yesterday, 19 February 2018.

In addition to the earlier MoU with the Government of Gujarat with respect to EV manufacturing and associated businesses, the company has now entered into another MoU with the Government of Maharashtra for setting up facilities for the manufacturing of EV and energy storage systems in the state of Maharashtra, subject to receipt of internal corporate approvals.

Advanced Enzyme Technologies said that its board of directors approved the additional investment not exceeding Malaysian Ringgit MYR 300,000, in one or more tranches, in shares of Advanced Enzymes (Malaysia) Sdn. Bhd., (AEM), 80% owned subsidiary of the company. The announcement was made after market hours yesterday, 19 February 2018.

The company will acquire remaining 20% stake i.e. 50,000 equity shares of face value of MYR 1 each from the existing other shareholders of AEM. On completion of the said acquisition, AEM would become wholly owned subsidiary of the company and the balance investment will be made by way of subscription, purchase or otherwise of shares of AEM, in one or more tranches.

Investment by the company in AEM will be made in a phased manner and will be completed by 30 September 2018. The business of AEM shall be to supply and provide enzyme based solutions for extraction of palm oil from palm fruits. Turnover of the company is nil. The company was incorporated in Malaysia on 9 May 2016.

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