Page 61 - Companies

TPG Capital exits Landmark Cars; sells 11.25% stake for Rs 293 crore

US-based private equity major TPG Capital on Friday sold its entire 11.25 per cent stake in automobile dealership chain Landmark Cars for Rs 293 crore through an open market transaction. With this transaction, TPG has exited the automobile dealership company. According to block deal data available with the National Stock Exchange (NSE), TPG through its affiliate TPG Growth II SF Pte Ltd divested a total of 44.56 lakh shares, amounting to an 11.25 per cent stake in Landmark Cars. The transaction took place at Rs 658 per share, aggregating the transaction size to Rs 293 crore, the data showed. These shares were picked up by a host of investors, such as Societe Generale, Goldman Sachs Funds, Unifi Capital, Abakkus Asset Manager LLP, 3P India Equity Fund 1 and ICICI Prudential Life Insurance Company. Following the deal, shares of Landmark Cars surged nearly 10 per cent to end the trade at Rs 727 on the NSE. According to the shareholding pattern with stock exchanges, TPG owned 44.56

Orxa Energies inaugurates new facility ahead of electric bike launch

The announcement comes ahead of the launch of Mantis, the company's flagship electric performance motorcycle. It is expected to be available for bookings by the end of this year

Gaming-focused VC firm Lumikai launches second fund worth $50 mn

Fund will take bets in pre-seed to series A start-ups with an average ticket size ranging between $200,000 and $1.2 mn

NPCI to Meesho: Indian firms in Time's 100 most influential companies 2023

Global companies that found mention in the list were Nvidia, SpaceX, OpenAI, Crocs, Taco Bell, BYD, LVMH, and Lockheed Martin

Toyota Mobility Foundation launches $9 million global city challenge

The Toyota Mobility Foundation on Wednesday announced a USD 9 million global initiative in sustainable city mobility space in collaboration with Challenge Works and World Resources Institute. The three-year programme, Sustainable Cities Challenge, is aimed at helping cities reduce carbon, improve access and enhance data-driven concepts for more resilient transport systems, the Toyota Mobility Foundation (TMF) said. Set up in 2014 by the Toyota Motor Corporation of Japan, the foundation utilises Toyota's expertise and technologies to support strong mobility systems while eliminating disparities in mobility. The challenge aims to improve the lives of people by increasing access to jobs, education and other essential services. It will bring cities and innovators together to implement mobility solutions that could reduce carbon, improve accessibility, and use data to build resilient transport systems, it stated. With more than half of the world's population currently living in cities,

MedPlus launches discount scheme to sell over 500 off-patent drugs

MedPlus Health Services Ltd, which runs a chain of pharmacies, on Wednesday said it will be selling 500 off-patent therapeutic and chronic medicines under its own brand with a massive discount of 50-80 per cent. G Madhukar Reddy, managing director and chief executive officer, MedPlus, in a press conference here said the company tied up with multiple reputed pharmaceutical manufacturing companies to produce high quality off-patent medicines that enables the firm to pass on the benefit to the consumer. "MedPlus will initially offer discounts on over 500 therapeutic and chronic medicines and will eventually extend discounts on more than 800 products in the next three months," Reddy said. These medicines will include over-the-counter (OTC) and prescription drugs used in treating various diseases such as hypertension, diabetes and kidney ailments, he further said. The 500 products currently being offered through this discount channel constitute 53 per cent of the therapeutic segments an

Parry Enterprises, Memsift to set up membrane manufacturing facility

Parry Enterprises India Ltd, part of the diversified conglomerate Murugappa Group on Wednesday announced that it has inked a strategic partnership with Singapore-based Memsift Innovations, a provider of cutting-edge membrane technology solutions. The collaboration aims to revolutionise the manufacturing of membranes and the water industry as a whole -- by leveraging the expertise of Memsift Innovations and extensive resources and market presence of Parry Enterprises India Ltd. A state-of-the-art membrane manufacturing facility with a capacity to produce 1.2 million sq metres of high-quality membranes per year would be set up by the two entities. According to a statement, Parry Enterprises did not reveal the investment figures for setting up the manufacturing unit nor the location that has been identified to set up the facility. The facility once operational would cater to the growing demand for Memsift Technologies to serve various industries including chemical, pump and paper, ...

Sony says it's taking Sebi allegations against Zee promoters 'seriously'

Goenka and Chandra have denied the charges and moved the Securities and Appellate Tribunal (SAT), asking it to stay the order where the matter is pending

VC firm Avaana Capital announces first close of climate tech fund at $70 mn

Fund will invest in sectors like energy transition, mobility and supply chains, sustainable agriculture

Apple illegally interrogated staff about union, labour board judge rules

In a Tuesday decision, a National Labor Relations Board judge wrote that Apple violated the rights of employees at its World Trade Center store in New York City

Foreign companies shifting investment out of China as confidence wanes

Business confidence in China is "pretty much the lowest we have on record," the European Chamber president, Jens Eskelund, said

New crypto exchange backed by Citadel Securities, Fidelity goes live

A new crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. said it's gone live, a move that could reshape the digital-asset landscape

KKR to buy up to $44 bln of PayPal's 'buy now-pay later' loans in Europe

Private equity firm KKR has agreed to purchase a substantial portion, or up to 40 billion euros ($43.71 billion), of payments company PayPal's buy now, pay later (BNPL) loans in Europe

Rakesh Bhartia withdraws nomination as Fino PB part time chairman

To continue as board member, RBI yet to approve for chairman

Sebi raps Edelweiss Broking for not reporting suspicious activity

The matter is related to dematerialisation and sale of shares in dormant accounts using forged documents by certain entities between 2008 and 2013

TPG will remain strong partner in insurance, new ventures: Shriram Fin head

In a Q&A, Umesh Revankar says no move by Piramal Group and TPG to sell stake in insurance biz for now

High investor interest propels IDFC First Bank's stock to new highs

Lender's financial performance has been robust but high valuations may cap further gains

Largest Indian order: Indigo likely to place an order for 500 planes today

The value of IndiGo's order, at the list price of the A320Neo family aircraft, will be around $500 billion

Not so forthcoming: Why doesn't Adani disclose potential conflicts?

A short-seller attack earlier this year on the Adani Group had focused on a different family member. New York-based Hindenburg Research had gone after tycoon Gautam Adani's older brother, Vinod

Axtria plans to expand India operations, hire more than 1,000 techies

IT company Axtria Inc, which focuses on the life sciences industry, has plans to hire over 1,000 people in data science, software development, and data engineering in the next eight months, the company said on Sunday. The company is hiring for its offices in Gurugram, Bengaluru, Noida and new centres coming up in Pune and Hyderabad, Axtria said in a statement. "Axtria will significantly expand its headcount with over 1,000 data scientists, software developers, and data engineers across its office locations in the country in the next 8-10 months," it said. The expansion plans closely follow the increasing demand for data-driven analytics solutions and the adoption of AI technologies among life sciences businesses across the globe. "Axtria is also preparing for aggressive campus hires in the next two years. For 2023, the team is already in conversation with the placement cells of leading IITs and other premier engineering and management colleges," the statement said. Axtria at prese