Page 56 - Companies

Hindalco Industries board approves proposal to sell land for Rs 595 cr

Hindalco Industries' board on Wednesday approved a proposal to sell a land parcel at Kalwa, Maharashtra, for Rs 595 crore. The transaction is subject to the signing of definitive documents, completion of customary closing conditions and the receipt of regulatory approvals, if any, Hindalco Industries said in a regulatory filing. The definitive documents shall be signed in due course, it said, adding that the expected date of completion of the sale/disposal is 15 months. Hindalco further said it will receive Rs 595 crore in multiple tranches over a period of time. Birla Estates Private Limited, a wholly-owned subsidiary of Century Textiles and Industries Limited, is the buyer and not a part of the promoter/promoter group/group companies, as defined under the Securities and Exchange Board of India (Sebi), it said. Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group. A USD 26-billion firm, Hindalco is an industry leader in aluminium and copper. Share

Tata Steel joins LeadIT to drive net-zero industry transformation

Tata Steel has joined the Leadership Group for Industry Transition (LeadIT), a global initiative to accelerate the transition to net-zero emissions in heavy industry, the company said on Wednesday. LeadIT was created by the governments of Sweden and India during the UN Climate Action Summit in September 2019 and is backed by the World Economic Forum. The group brings together governments, companies, investors, and other stakeholders to share best practices, develop new technologies, and advocate for policies that support the transition to a net-zero emissions economy. Tata Steel's membership in LeadIT is a significant milestone for the company, as it positions Tata Steel as a global leader in the drive to decarbonize the steel industry. Tata Steel has set a goal to become net-neutral in carbon emissions by 2045, and joining LeadIT will help the company achieve this goal by providing access to a network of experts and resources. "Tata Steel's membership in LeadIT presents a signifi

Homegrown server maker Netweb Technologies to float IPO on July 17

The initial share sale of homegrown server maker Netweb Technologies India will open on July 17 for public subscription. The three-day Initial Public Offering (IPO) will conclude on July 20 and the bidding for anchor investors will open on July 14, according to the Red Herring Prospectus (RHP). The IPO comprises a fresh issue of equity shares worth Rs 206 crore and an Offer For Sale (OFS) of 85 lakh equity shares by promoters. Those selling shares in the OFS are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha and Ashoka Bajaj Automobiles LLP. Proceeds of the fresh issue to the tune of Rs 32.77 crore will be used to fund capital expenditure, Rs 128.02 crore to support long-term working capital, Rs 22.5 crore for debt payment, besides, general corporate purposes. Delhi NCR-based Netweb Technologies is one of the country's leading high-end computing solutions providers. It is one of the few original equipment manufacturers in the country and is a recipient of production-linked ..

Zoho, PwC India to help enterprises scale up digital transformation journey

Global technology company Zoho Corp on Wednesday said it has signed a strategic partnership with PwC India to help medium and large enterprises in the country accelerate their digital transformation journey. The alliance between the two entities brings Zoho's product portfolio of over 55 products with PwC's expertise in driving digital transformation strategy through advisory and consulting services. PwC India and Zoho as per the tie-up, would focus on providing clients and businesses with transformation solutions such as customer experience platforms, custom applications, HR technology, and financial management applications. "We are confident that our customers will benefit from the breadth and depth of Zoho's offering coupled with the industry expertise of PwC. We plan to expand our partnership with PwC to other geographies in the coming years," Zoho Corp Head-Channel Ecosystem, Bishan Singh said. PwC India, Partner and Leader-Alliances and Ecosystems Vivek Belgavi said, "With ..

Apollo Hospitals launches dedicated arm for comprehensive childcare

The Apollo Hospitals group on Wednesday launched a dedicated pediatric arm to provide "comprehensive care" for children at its major facilities, as its chairman Prathap C Reddy expressed hope that it will grow and become "synonymous with the country's 'Heal in India' vision. In a recorded message delivered on the occasion of the launch here, Reddy also said India today is ready for providing total and specialised care in sub-specialities. Christened "Apollo Children's", the rebranded service arm of the healthcare giant envisions "to bring 360-degree, comprehensive care, from the stage of an unborn baby to a newborn baby to a child to an adolescent till they reach 18 years, with all specialists coming together", said Dr Anupam Sibal, Group Medical Director, Apollo Hospitals. Reddy in his address called it "another major milestone" for the Apollo group which began with the opening of its first hospital in Madras (now Chennai) in 1983. "From day one, we have paid special attention to

Patanjali Foods' promoters plan to offload up to 9% stake through OFS

Share sale will help company meet minimum public shareholding (MPS) requirement

Maruti Suzuki launches CNG trim of compact SUV Fronx at Rs 8.41 lakh

Maruti Suzuki India (MSI) on Wednesday said it has launched a CNG trim of its compact SUV Fronx with price starting at Rs 8.41 lakh (ex-showroom). The two trims -- Sigma and Delta -- are tagged at Rs 8.41 lakh and Rs 9.27 lakh, respectively. The CNG variants come mated with a 1.2 litre petrol engine with a power output of 77.5PS and a fuel efficiency of 28.51 km/kg. "In 2010, we introduced our first CNG-equipped model, and since then, we have sold more than 1.4 million S-CNG vehicles in the country, which is a true testament to our customers' trust and faith in our technology," MSI Senior Executive Officer (Marketing and Sales) Shashank Srivastava said in a statement. The company is confident that the Fronx S-CNG will increase the share of S-CNG cars in its overall sales, and further strengthen the green mobility portfolio, now consisting of 15 models which is the best in the industry, he added.

Aye Finance allocates Rs 100 cr for credit to women micro enterprises

Fintech lender Aye Finance on Wednesday said it has allocated Rs 100 crore for Shakti Loan in current financial year and targets to extend credit to 10,000 women engaged in micro enterprises. Aye said it has developed Shakti Loan in collaboration with CGAP, a global partnership of more than 30 leading development organisations, including the World Bank, UNDP, and Mastercard Foundation, which works to advance the lives of poor people, especially women, through financial inclusion. Incorporated in 2014, Aye is backed by CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners and MAJ Invest. Since its inception, the lender said it has enabled the financial inclusion of over 6.5 lakh micro businesses having disbursed over Rs 7,000 crore to them. "We are very optimistic about Shakti Loan being the game changer for women micro enterprises and have allocated INR 100 crore to this product in the current financial year," said Niraj Kaushik, Deputy CEO, Aye Finance. Aye's Shakti L

NCLT dismisses plea seeking insolvency proceedings against Religare

The National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC). A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held that the petition filed by Ligare Aviation Ltd against Religare Enterprises was "not maintainable" and does not fall under the definition of "Corporate Debtor", which means a corporate person who owes a debt to any person. "We are of the considered view that the corporate debtor (Religare Enterprises) as alleged does not come within the meaning of corporate person and therefore, we are unable to accept the prayer of the applicant to initiate the CIRP against the Corporate Debtor," said NCLT. Ligare Aviation has approached NCLT against Religare Enterprises, which is a corporate guarantor of the principal borrower Auriga ...

Kinetic Engineering to raise Rs 54 cr from promoters, non-core assets' sale

Kinetic Engineering Ltd on Tuesday said it will raise Rs 54 crore through preferential issue of shares to promoters and sale of non-core assets to cut debt and invest in new business and electric vehicle vertical. The company's board in a recently concluded meeting approved the raising of over Rs 54 crore from various available sources, including promoters and sale of its non-core assets, Kinetic Engineering Ltd (KEL) said in a regulatory filing. "Accordingly, the board approved the issue of 22.85 lakh equity shares on preferential basis, to promoters and promoter group companies totalling Rs 26.27 crore at a price of Rs 115 per share, including a premium of Rs 105 per share," it said. This is the third year in a row where promoters have increased their stake in the company, which will stand at 59.35 per cent. The previous conversions include 9,95,000 shares in 2021-22 and 11,72,879 shares in 2022-23, the company added. The board also approved issuance of Optionally Convertible ...

Usha Martin arm Espana incorporates wholly owned subsidiary in Spain

Usha Martin International Limited (UMIL) has incorporated a wholly-owned subsidiary, Usha Martin Espana, SL, in Spain. Usha Martin Espana, SL will work in the area of distribution, manufacturing, sale and application of metallurgical products, high-performance wire ropes, LRPC strands, wires, pre-stressing accessories, machinery and cables, Usha Martin said in a regulatory filing on Tuesday. "Usha Martin Espana, SL has been formed as a wholly owned subsidiary of Usha Martin International Limited (UMIL), a wholly owned subsidiary of Usha Martin Limited," it said. UMIL has subscribed to the share capital of euros 3,000, with a face value of euro 1 per share. UMIL holds 100 per cent of the paid-up share capital of Usha Martin Espana, SL. Usha Martin Ltd is a leading global manufacturer of wire ropes with manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and the UK.

Lupin gets USFDA establishment inspection report for Pithampur facility

Drug firm Lupin on Tuesday said it has received an Establishment Inspection Report from the US health regulator for its Pithampur Unit-2 manufacturing facility. The Establishment Inspection Report (EIR) was issued after the last inspection of the facility, which manufactures oral solids and ophthalmic dosage forms, conducted from March 21-29, 2023, the Mumbai-based drug maker said in a statement. The US Food and Drug Administration (FDA) issues an EIR on closure of inspection of an establishment that is the subject of an FDA or FDA-contracted scrutiny. The USFDA has determined that the inspection classification of the facility is Voluntary Action Indicated (VAI). According to the the USFDA, a VAI means that objectionable conditions or practices were found, but the agency is not prepared to take or recommend any administrative or regulatory action. "This is a significant milestone as we build back our reputation of being best-in-class in quality and compliance. We look forward to ne

Carbon maker PCBL Q1 consolidated net profit down 15% to Rs 109 crore

Carbon maker PCBL Ltd's consolidated net profit for the first quarter ended June 2023 of the current fiscal was down 15 per cent to Rs 109 crore compared to the same quarter's profit of Rs 126 crore of the previous year, the company said on Tuesday. Revenue from the operation during the quarter under review was Rs 1,347 crore against Rs 1409 crore registered in the June quarter of 2022. The company informed bourses that the first phase of the greenfield Tamil Nadu project got operationalised with 63,000 tonnes of carbon black production out of the total proposed 1,47,000 tonnes. The company's Mundra plant also commenced its 40,000 tonnes speciality chemicals project, with 20000 tonnes per annum in the first phase.

DGCA puts SpiceJet under 'enhanced surveillance'; airline refutes reports

Aviation watchdog DGCA has put SpiceJet under "enhanced surveillance" amid the budget airline facing multiple financial headwinds in recent months, a senior official said on Tuesday, but the carrier refuted any such development. It also comes against the backdrop of various lessors seeking repossession of aircraft leased to SpiceJet and some of the cases have been settled by the airline. The Directorate General of Civil Aviation (DGCA) has put SpiceJet under enhanced surveillance for more than three weeks now and it is an ongoing process, the official told PTI. According to the regulatory official, the enhanced surveillance includes increased night surveillance and spot checks. The focus is to ensure that due to financial issues, there are no potential adverse impact on the flight operations and that there is no "cutting corners" on safety, the official said on the condition of anonymity. The enhanced surveillance is also to check whether safety obligations are being met or not, t

Parineeti-backed Clensta raises Rs 75 cr from TradeCred, UAE Royal Family

Personal care startup Clensta International has raised Rs 75 crore in a funding round led by TradeCred and the Royal Family from UAE, the company said on Tuesday. Other investors who participated in the current round include Export-Import Bank of India, Mumbai Angels, Keiretsu, LetsVenture and O2 VC Fund, a company release said. "We are delighted to announce our recent round of funding and are grateful to the investors who've showed their faith in Clensta's vision. This good news comes at a time when there is significant stress in the startup ecosystem in India and we hope that for the startup industry, this positive announcement will open up new doors and avenues", he said. Clensta has raised Rs 105 crore since its inception in 2016, with participation from IIT Delhi and US-AID among other investors, the company said. "We look forward to supporting Clensta as they expand and grow their business in India and globally. What attracted us to the brand was their unique selling proposit

DGCA analysing special audit report of cash-strapped Go First: Official

The Directorate General of Civil Aviation (DGCA) is analysing the report of the special audit of grounded Go First, which is undergoing insolvency resolution process, a senior official said on Tuesday. Cash-strapped Go First, which had been flying for more than 17 years, stopped operations from May 3. The official said the watchdog is currently analysing the report of the special audit of Go First. The special audit was done to check the operational preparedness of Go First. The audit, conducted from July 4 to 6, covered facilities of the carrier in Mumbai and Delhi. Meanwhile, Go First and aircraft lessors are engaged in a legal battle before the Delhi High Court. According to the official, the high court's ruling in this regard would also be a key factor in terms of the proceedings under the Insolvency and Bankruptcy Code (IBC). After taking into account the audit findings and other factors, the DGCA will decide on approving Go First's revival plan. On Monday, Go First's Resol

ITC CMD Sanjiv Puri's total salary rose 53% to Rs 16.31 crore in FY23

The total remuneration of ITC Chairman and Managing Director Sanjiv Puri was increased 53.08 per cent to Rs 16.31 crore for financial year 2022-23. Puri drew a basic salary of Rs 2.88 crore, perquisites and other benefits of Rs 57 lakh and a performance bonus/ long-term incentives/ commission of Rs 12.86 crore from ITC for 2022-23. A year ago, Puri's total remuneration was Rs 10.66 crore, which included a basic salary of Rs 2.64 crore, perquisites and other benefits of Rs 49.63 lakh. However, his performance bonus/ commission was Rs 7.52 crore only in FY22. During the annual general meeting scheduled for August 11, ITC has proposed a resolution for re-appointment of Puri as a director and also as managing director & chairman for five years or till such earlier date to conform with the policy on retirement from July 22, 2024. Puri was appointed as Managing Director of ITC on July 22, 2019, and his present term will end on July 21, 2024. After Puri, Nakul Anand is the second ...

Co-working operator 315Work Avenue gives on lease 400 desks in Bengaluru

Co-working operator 315Work Avenue has given on lease 400 desks to a fintech company at its centre in Bengaluru. The company said in a statement that it has leased 400 seats in Bengaluru to a technology and service provider for the financial services industry. The centre is located at Indiranagar. 315Work Avenue has 40 centres, with a total capacity of 40,000 seats, across Bengaluru, Mumbai and Pune. The company manages 1.75 million square feet of office space. Manas Mehrotra, Founder of 315Work Avenue, said: "Flexible spaces are becoming mainstream now. The demand for co-workspaces is constantly increasing not only because such spaces perfectly fit the new normal, but they also help companies save costs, boost productivity and enhance work experience of employees.

ITC's FMCG biz records 21% rise in annual consumer spend at Rs 29,000 cr

Diversified conglomerate ITC's FMCG business has recorded a 21 per cent rise in annual consumer spend to nearly Rs 29,000 crore in 2022-23, according to the latest annual report of the company. ITC operates in the FMCG space with 25 home-grown brands. The company measures annual consumer spend as the sum total of what the consumer spends on buying the goods of the company. It is the net sales turnover of the brands along with channel margins and taxes. "Your company's vibrant portfolio of over 25 world-class Indian brands, largely built through an organic growth strategy in a relatively short period of time, represents an annual consumer spend of nearly Rs 29,000 crore and reaches over 230 million households in India," ITC said addressing its shareholders in the report. This is around 21 per cent higher than the financial year 2021-22. In the last annual report, ITC said its FMCG business had an annual consumer spend of over Rs 24,000 crore. In terms of distribution reach, ITC sai

Credsquare Technologies to set up R&D hub in Goa; eyes Rs 600 cr funding

Credsquare Technologies Private Limited, a Bengaluru-based artificial intelligence company, on Tuesday said it plans to set up a Research and Development hub in Goa. The move marks the company's commitment towards advancing Make in India artificial intelligence (AI) technology and fostering innovation in the state under the Atmanirbhar Bharat initiative, the company said. The centre will serve as a hub for AI research, development, and experimentation, focusing on creating groundbreaking AI solutions that cater to the unique needs of the region, it added. Further, the company is looking to raise over Rs 600 crore, which will help fund the project, it said. Gaurav Sharma, founder and chief executive officer, Credsquare Technologies, said, "We are excited to bring our R&D hub to Goa, a vibrant and progressive state." "We are raising over Rs 600 crore and are in advanced stages of due diligence with numerous investors globally. The fundraising will help Credsquare Technologies expand