Auto components major Motherson Sumi Systems Ltd (MSSL) on Wednesday said it has successfully completed the acquisition of a majority stake in Bengaluru-based CIM Tools Private Ltd. In October last year, MSSL had announced acquiring a 55 per cent stake in CIM Tools Private Limited (CIM), which is a leading supplier in the aerospace supply [...]
Mumbai, Apr 6 (PTI) AI-driven tech firm LocoNav has formed a strategic partnership with business-to-business logistics optimisation startup Locus.Following the collaboration, LocoNav's fleet management solutions (FMS) will help Locus optimise and operate multiple vehicles with ease on a single platform, a release said on Wednesday.LocoNav's fleet management solution includes offerings like track and trace, fuel [...]
Coffee Day Enterprises Ltd on Wednesday said it has defaulted a total of Rs 479.68 crore on repayment of loans and unlisted debt securities in the quarter ended March 31, 2022. In a regulatory filing, the company said it has defaulted Rs 224.88 crore on repayment of loans or revolving facilities like cash credit from [...]
New Delhi, Apr 6 (PTI) Despite investing Rs 2.5 lakh crore on track infrastructure in the 2008-19 financial year, the railways has failed to improve on its mobility outcomes, the CAG has said in its latest report and pulled up the national transporter for avoidable expenses. In the report submitted in Parliament on Wednesday, the [...]
New Delhi, Apr 6 (PTI) TThe proposed merger of HDFC Bank and HDFC Ltd will moderately hurt the lender's profitability in the next 2-3 years, driven by higher funding costs to meet the regulatory liquidity norms, global rating agency Moody's Investors Service said on Wednesday.The rating agency, however, affirmed all the ratings of HDFC Bank, [...]
New Delhi, Apr 6 (PTI) Online food delivery platforms Zomato and Swiggy were down for nearly 20 minutes on Wednesday afternoon, triggering a flood of complaints on social media from customers. According to an industry official, the two main online food ordering platforms faced outage around 2 pm due to a technical snag with Amazon [...]
New Delhi, Apr 6 (PTI) The Supreme Court on Wednesday took note of the consent of US e-commerce major Amazon and Future group and ordered the resumption of arbitral proceedings before the SIAC tribunal over Future Retail's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd. A bench comprising Chief Justice [...]
Mumbai, 6th April, 2022: The Board of Purple Finance met today (5th April 2022) and approved the merger of Purple Finance Ltd. with Canopy Finance Ltd subject to regulatory approvals. The Equity shares of Canopy Finance Ltd are listed on BSE Ltd. & Calcutta Stock Exchange Ltd. Post-merger the capital base of the merged entity [...]
New Delhi, Apr 6 (PTI) Coworking operator IndiQube on Wednesday said it has raised USD 30 million (over Rs 226 crore) from promoters, WestBridge Capital and others. The funding round saw participation from IndiQube’s promoters, investment firm WestBridge Capital and angel investor Ashish Gupta, the company said in a statement. "Out of USD 30 million, [...]
Lenders on Wednesday discussed a proposal for 90 days of extension to close the resolution process of debt-ridden Reliance Capital Ltd (RCL) promoted by the Anil Ambani Group, sources said. The Committee of Creditors (CoC) of Reliance Capital met on Wednesday to discuss bids received. As per the Insolvency and Bankruptcy Code (IBC), the administrator [...]
