The company has completed the acquisition of the entire stake and management control of Essar Power M P Ltd. The cost of acquisition of Essar Power M P Ltd is over Rs 4,250 crore for a 1,200 MW power plant.
Indiabulls Housing Finance
The board on March 22 will consider fund-raising through bonds, in one or more tranches, on a private placement basis.
The company will enter into a joint venture arrangement with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly (Group) Company. With this JV, the company will engage in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials & components required for manufacturing these products.
The company has received Rs 82.68 crore as a bonus from Uttar Pradesh Expressways Industrial Development Authority for the early completion of its project.
The company secured two prestigious contracts from Public Health Engineering Department, Region Churu (Rajasthan).
The specialty and fine chemicals maker has received board approval for a capital expenditure of Rs 350 crore in Phase 1 for its greenfield project at Pakhajan (Dahej), Gujarat. The company intends to manufacture lubricant additives and rubber chemicals with a total capacity of 15,500 MT per annum in phase 1 at this new facility. The project is expected to be completed in 24 months after receiving all necessary governmental approval.
Mahindra & Mahindra
M&M will buy a majority stake in its precision agriculture technology provider Carnot Technologies for Rs 14 crore. Carnot Technologies is an associate company of M&M.
The firm said subsidiary Numaligarh Refinery will invest Rs 6,555 crore for implementation of the petrochemical project at Numaligarh, Assam. The board also approved the formation of a joint venture company between Assam Gas Company and Oil India for the three geographical areas offered by the Petroleum and Natural Gas Regulatory Board.
The company has completed the transaction for the sale of its trademarks pertaining to ‘lodex’ and ‘Ostocalcium’ brands in India to GlaxoSmithKline Asia Ltd.