Latest News on Corporate Actions

JSW Group on Monday announced the appointment of Gaurav Sachdeva as CEO of its e-commerce venture JSW One Platforms. "Gaurav Sachdeva takes over the role of CEO at JSW One Platforms after his successful tenure at JSW Ventures, where he led venture capital investments for the fund," JSW Group said in a statement. JSW One [...]

E-commerce platform for pre-owned vehicles CARS24 has cut nearly 600 jobs in India, which the company on Thursday described as "performance-linked exits". CARS24, which also has presence in the Middle East, Australia and Southeast Asia, employs around 9,000 people in India. "This is business-as-usual performance-linked exits that happen every year," the company said when reached [...]

Brokerage house HDFC Securities on Thursday said it will be opening multiple digital centres in the country to boost digital adoption for its customers. This announcement is a part of the company’s commitment to empower its clients with the latest technological solutions to ease their trading journey, while helping them to take charge of their [...]

Cloud certification and skilling platform QwikSkills has raised Rs 3.85 crore in a seed funding round led by Indian Angel Network (IAN) along with other investors. The funding was led by angel investors Manish Sinha and Naveen Gupta of IAN, according to a statement. IAN leads Rs 3.85 crore investment in cloud certification and skilling [...]

The platform will utilise funds to enhance existing products and launch new offerings for college students New Delhi, 19th May 2022: Internshala, a career tech platform for college students, raised an undisclosed amount in the Series A funding round from LC Nueva Investment Partners that raised the investment through their venture capital fund – LC [...]

Wow Skin Science, a beauty and wellness focused brand, on Wednesday said it has received funds from Singapore's sovereign wealth fund GIC. The company did not disclose the amount received but said it wants to invest the fresh capital in brand building and talent acquisition. It will also be looking at acquisition-led growth opportunities, an [...]

Cooling products maker Blue Star has doubled its production capacity of deep freezers as the company looks to tap the rising demand in the commercial refrigeration business. The company has augmented its manufacturing facility at Wada, Maharashtra with a capital expenditure of around Rs 130 crore. Now, it has the capacity to produce around 2 [...]

The country's largest domestic budget carrier IndiGo on Wednesday announced the appointment of Pieter Elbers as its Chief Executive Officer, replacing incumbent Ronojoy Dutta. The 71 year-old Dutta, who came to helm the airline in January 2019, has decided to retire on September 30, after guiding the airline through the turbulent Covid period, IndiGo said in [...]

Sun Pharma on Wednesday said it is planning to launch a medication to reduce low-density lipoprotein (LDL) cholesterol. The Mumbai-based drug major said one of its wholly-owned subsidiaries plans to launch a first-in-class oral drug, Bempedoic Acid, in India for reducing LDL cholesterol. The company will launch the drug under the brand name Brillo. The [...]

Infrastructure firm Tata Projects Ltd on Wednesday announced the appointment of Vinayak Pai as its CEO and managing director designate. Pai has been recently inducted into the company's board as executive director. Before joining Tata Projects, Pai was the group president at Worley, based out of Hague, the Netherlands, the company said in a statement. [...]

Telecom operator Bharti Airtel on Tuesday announced the appointment of former cabinet secretary P K Sinha, and former PwC India head Shyamal Mukherjee as independent directors on its board. The appointments are subject to approval by shareholders at Airtel's upcoming Annual General Meeting, the company said in a regulatory filing. PK Sinha served as the [...]

Vedanta Aluminium on Tuesday said that it has entered into long-term pact with the National Highways Authority of India to construct greener roads with fly-ash in Odisha. Fly-ash is a by-product of thermal power generation using coal. "The company has... entered a long-term partnership with the National Highways Authority of India (NHAI) for building greener [...]

Leading stock exchange BSE on Tuesday said its board has appointed S S Mundra, a public interest director, as the chairman of the bourse. Mundra will replace Justice Vikramajit Sen. "This is to inform that the board of directors of the company on Monday had considered and approved the appointment of S S Mundra, public [...]

RBL Bank on Tuesday said it has raised USD 100 million (about Rs 770 crore) through its first issuance of Basel III-compliant unsecured and subordinated tier 2 bonds. The tier 2 bond issuance increases the bank’s total Capital Adequacy Ratio to 17.85 per cent, RBL Bank said in a statement. The bonds with a tenor [...]

Xanadu Realty Ltd, a realty tech business accelerator firm, on Tuesday announced that it has received a strategic investment from HDFC Ltd and HDFC Life Insurance Co. Ltd. However, the company did not disclose the investment amount. The investment from HDFC Ltd and HDFC Life Insurance Co. Ltd will bolster Xanadu Realty's plans of strategic [...]

Aditya Auto Products & Engineering on Tuesday said it has signed a 50:50 joint venture agreement with international equipment supplier Edscha to tap the increasing domestic automotive systems market potential. The collaboration with Bengaluru-based Aditya Auto, the first venture for Edscha in India, is aimed at developing, manufacturing and distributing door checks, hinge systems, parking [...]

Having committed over USD 955 million (around Rs 7,353 crore) to acquire 10 companies in the immediate past, Tech Mahindra will be less acquisitive in the new fiscal year and focus on integrating them, a senior company official said. The Mahindra Group company, with revenues of nearly USD 6 billion in FY22, will look at [...]

Hero Electric on Tuesday said it has partnered with digital consumer lending platform RevFin to provide loans to EV riders across India. The partnership aims to finance and lease 2.5 lakh vehicles over the next three years, the company said in a statement. With delivery and e-commerce segments growing exponentially, Hero Electric aims to support [...]

NBFC firm Aditya Birla Capital Ltd (ABCL) on Monday said Ajay Srinivasan has decided to step down as MD and CEO of the company and his departure has nothing to do with an investigation into alleged irregularities and corruption. According to reports, serious allegations of corruption and mismanagement have been levelled by a whistleblower against [...]

Adventum Student Living (ASL) on Monday said it has raised USD 5 million (over Rs 38 crore) from investors. ASL is an integrated destination for students pursuing overseas higher education. Within two years of its inception, ASL has introduced and unified three brands - UniAcco, UniCreds, and UniScholarz - that offer a one-stop solution for [...]

Gulf-based carrier Oman Air has partnered with IBS Software to fully digitalise its staff travel programme and simplify processes to make it easier for them to manage their personal and corporate travel. A provider of SaaS (software-as-a-service) solutions to aviation, tourism and hospitality sectors, global PE Fund-backed IBS Software caters to a host of clients [...]

Telecom operator Vodafone Idea on Monday said it has boosted the 4G experience of its customers in the national capital region, with multiple network initiatives that spurred better indoor coverage and faster speeds. The company has, till now, deployed the highly efficient 900MHz spectrum as well as 1800 MHz band on about 8,400 sites in [...]

Eyewear house Neso Brands on Monday said it has raised more than USD 100 million (around Rs 775 crore) in seed fund from several investors, including KKR, Softbank, Alpha Wave Global and Temasek. A subsidiary of Softbank-backed eyewear company Lenskart, Neso Brands will partner and invest in consumer eyewear brands around the world and grow [...]

State-owned SJVN Ltd will develop another hydro power project Arun-4 worth Rs 4,900 crore in Nepal. A Memorandum of Understanding (MoU) for the development of the 490 MW Arun-4 hydro electric project in Nepal has been signed in Lumbini, Nepal in the presence of Prime Minister Narendra Modi and Prime Minister of Nepal Sher Bahadur [...]

Honasa Consumer Pvt Ltd (HCPL), the company which owns new age FMCG brands such as Mamaearth and The Derma Co, on Monday said it has acquired a majority stake in skincare brand Dr. Sheth's at a valuation of Rs 28 crore. Its product portfolio has solutions for skin concerns like pigmentation, acne, dryness, wrinkles, and [...]

The Pune unit of Navratna Defence PSU Bharat Electronics Limited (BEL) will manufacture Li-ion battery packs for the electric trucks of US-based Triton, as part of an MoU signed between the two companies. The agreement was inked to explore manufacturing of battery cells in India for energy storage systems and electric vehicles in the heavy [...]

HDFC-backed proptech firm Reloy is targeting a three-fold jump in its revenue to Rs 13 crore this fiscal, helped by expansion to new cities and the addition of more real estate clients. Founded by Akhil Sharaf in 2018, Reloy, erstwhile Loyalie IT Solutions, has been working closely with top builders to create the perfect home-owning [...]

Fresh fruits importer IG International on Monday announced signing of an agreement with state-run Biotech Consortium India Ltd for propagation of 2.5 million rootstocks for apples, stone fruits, kiwifruit and citrus fruits. BCIL (Biotech Consortium India Ltd) has played a key role in promoting the plant tissue culture sector in India and establishing the National [...]

EverSource Capital-backed shared electric mobility platform GreenCell Mobility on Monday said it plans to deploy 50 electric buses in four districts of the state in a phased manner for inter-city travel. The first such bus is set to be launched on the Ahmednagar-Pune route from June 1, the company said in a statement. These standard [...]

Capital markets regulator Sebi has relaxed compliance rules for entities with listed non-convertible securities from dispatching physical copies of annual report to the debenture holders till December-end. The development comes after the Ministry of Corporate Affairs (MCA) on May 5, extended the relaxations related to dispatching the physical copies of financial statements for the year [...]

Homegrown drug majors Lupin, Glenmark and Dr Reddy's Laboratories are recalling different products in the US, the world's largest market for medicines, due to deviation from standard manufacturing norms. As per the latest enforcement report by the US Food and Drug Administration (USFDA), Lupin is recalling over 33 lakh bottles of Losartan Potassium tablets, in [...]

Listed Fans has raised USD 1.6 million (around Rs 12.39 crore) in funding led by Whiteboard Capital and Goodwater Capital. Listed Fans is a platform that allows people with social media followings to 'tokenise' their future potential thereby raising capital for their existing/next projects, in return giving their fans/followers an opportunity to invest in something [...]

Ashni Biyani, daughter of Future Group's Chairman Kishore Biyani, has resigned as the Managing Director of Future Consumer Ltd (FCL). Ashni Biyani's resignation has been accepted by the board. However, she would continue on the board and serve as the Non Executive Director of the company, a regulatory filing from FCL said. Besides, the board [...]

Jet Airways will have the best possible app, website and IT systems and services among all Indian carriers without losing the human touch, its CEO Sanjiv Kapoor said on Friday. "Human interaction cannot be fully replaced by technology -- it must always be there as a backup, especially when things go wrong (during irregular operations, [...]

Transport technology services provider Rosmerta Group on Friday announced the acquisition of Sensorise Digital Services, in which it has been a strategic investor since inception. This acquisition reinforces the belief of the group in the opportunities that Machine-to-Machine (M2M) and Internet-of-Things (IoT) space are expected to provide in the years to come, Rosmerta Group said [...]

Even as debt-ridden telecom operator Vodafone Idea's financial performance in the March 2022 quarter has been in line with the industry expectations, the long-pending fundraise is crucial for the company to remain competitive, say analysts. According to a JP Morgan report, high leverage makes the value of Vodafone Idea (VIL) equity complicated and very sensitive [...]

Amid the buzz over Elon Musk's proposed takeover of Twitter, India's homegrown microblogging platform Koo is aiming at overtaking it in the country within a year in terms of user base, which has seen a rapid growth, a senior company official said. Started in March 2020, the social media platform has witnessed 30 million downloads [...]

Vodafone Idea Ltd (VIL) and Ericsson on Friday announced achievement of a technology milestone during the ongoing 5G trials, by demonstrating a peak download speed of 5.92 gigabits per second. VIL clinched the new speed milestone on a single test device during its 5G trials in Pune (Maharashtra), according to a release. Earlier, during its [...]

Agritech startup Fyllo on Friday said it has raised USD 2 million (over Rs 15 crore) in a funding round led by Triveni Trust, Ninjacart and existing investor IAN. New investors, including Venture Catalysts, StarAgri, Kia Ora Ventures, Singularity Ventures and Mastermind Capital, also took part in the round, the company said in a statement. [...]

Brookfield Asset Management-based Pipeline Infrastructure Ltd has signed a pact with state-owned GAIL for jointly developing a hydrogen-based ecosystem in India. The MoU aims at collectively exploring the feasibility, desirability and viability of hydrogen as a source of energy and thus build a partnership between the companies, official sources said. Pipeline Infrastructure Limited (PIL) is [...]

Digital logistics startup Zipaworld Innovation on Friday said it is planning to raise USD 0.5 million (around Rs 3.8 crore) at a valuation of USD 14-million, in an early-stage round of investment from angel investors from the pharma and chemicals industry. The startup plans to harness the funds to mobilise and accelerate AI and ML-based [...]

State-owned GAIL (India) Ltd will build one of India's largest proton exchange membrane (PEM) electrolyzer at Guna in Madhya Pradesh to produce green hydrogen by the end of 2023, as it looks to supplement ‎its natural gas business with carbon-free fuel. In a statement, India's largest gas transporting and marketing firm said it has awarded [...]

State-owned power giant NTPC has invited bids for raising term-loan of up to Rs 5,000 crore, which would be utilised for capital expenditure for ongoing or new electricity generation capacity addition projects. "Proceeds of the loan shall be utilised towards capital expenditure for ongoing/new capacity addition programme, including the takeover of projects, renewable energy projects, [...]

Doorstep diesel services startup Humsafar India on Thursday said it plans to expand its services to 200 more cities in the country during this fiscal year in a bid to capture higher market share in the segment. The company also said it is looking to venture into e-mobile vehicle charging stations business and is negotiating [...]

The demand environment for technology "continues to be robust" despite the challenges seen over the last two years, and global clients have a razor-sharp focus on accelerating digital transformation with efficiency, HCL Technologies Chairperson Roshni Nadar Malhotra said on Thursday. North Asia, Central America, Eastern Europe and Africa are newer geographies for the company, she [...]

JSW Infrastructure has started commercial operations at the Paradip East Quay coal terminal in Odisha, developed at an investment of around Rs 1,300 crore. The fully-mechanised terminal at Paradip Port has an annual handling capacity of 30 million tonnes. Built as a cape compliant terminal, it can handle capesize vessels once the dredging at the [...]

Coal India-arm Northern Coalfields Ltd (NCL) on Wednesday said it has planned a capital expenditure of Rs 1,900 crore in the current financial year. To give a boost to infrastructure, most of the capex in the current financial year would be spent on the procurement of heavy earth moving machines (HEMMs), setting up coal handling [...]

Hitachi Energy India Ltd on Wednesday said it has inaugurated a transformer component manufacturing factory in Vadodara, Gujarat. Located at the company's largest plant in the country, this factory will produce dry bushings using the most reliable technology called 'resin-impregnated paper', Hitachi Energy India said in a statement. This will be the country's first facility [...]