The Competition Commission of India has cleared healthcare and energy conglomerate Torrent Group’s proposal to acquire a majority stake in IPL franchisee Gujarat Titans. “The proposed combination relates to the purchase of 67 per cent of the shareholding (on a fully diluted basis) of the target (Irelia Sports India Pvt Ltd) and control by the acquirer (Torrent Investments),” a notice submitted to the CCI said on Wednesday. Torrent Investments is the ultimate holding company of the Torrent Group. Irelia Sports India operates the Ahmedabad franchisee of the Indian Premier League Gujarat Titans.
NTPC Green Energy and Bharat Light and Power have agreed to work jointly in green hydrogen space, an official statement said on Thursday. State-owned NTPC Green Energy Ltd (NGEL) is the listed arm of power giant NTPC, while Bharat Light and Power is a private clean energy generation player. The memorandum of understanding between NGEL and BLP aims “to jointly explore the off-take of green hydrogen and its derivatives from NGEL and its affiliates to third parties,” NTPC said.
Goldman Sachs has exited ISGEC Heavy Engineering, by selling its 1.4 per cent stake in the company for Rs 96 crore through an open market transaction. The US-based Goldman Sachs India Equity Portfolio sold 10.43 lakh shares, or 1.42 per cent stake, in ISGEC Heavy Engineering at an average price of Rs 915.49. Nippon India Mutual Fund has acquired 8.32 lakh shares, or 1.13 per cent stake, in Noida-based ISGEC Heavy Engineering.
Kotak Mahindra Bank on Thursday announced some senior-level appointments, under which Vyomesh Kapasi will move to the private sector lender as the head of products in the consumer bank. Kapasi was earlier leading its in-house NBFC Kotak Mahindra Prime. Company veteran Shahrukh Todiwala has been elevated to replace Kapasi, as per a statement.
Power Finance Corporation through its a wholly-owned subsidiary PFC Consulting Limited has incorporated a special purpose vehicle for the development of a transmission system for proposed green hydrogen projects in Andhra Pradesh. The SPV, Kakinada Transmission Ltd, has been incorporated as a wholly-owned subsidiary of PFCCL to develop the transmission system for proposed green hydrogen/ green ammonia projects in Kakinada area (Phase-I) transmission scheme.
Infrastructure company Ceigall India has achieved financial closure for two projects in Uttar Pradesh. Total project value is Rs 2,498.50 crore, Ceigall India said in a statement. Both closures were secured within 83 days — well ahead of the 150-day timeline set by the National Highways Authority of India (NHAI).
As many as 15 entities, including promoters and officials of Electrosteel Castings, on Thursday settled an insider trading case with Sebi after paying Rs 18 crore in settlement amount. Apart from the settlement amount, a Sebi committee also asked the 15 entities to disgorge unlawful gains along with interest totalling Rs 11.68 crore. Also, the entities, including Electrosteel Castings Managing Directors Umang Kejriwal and Mayank Kejriwal, will voluntarily stay away from the securities markets for six months.
Vedanta on Thursday said it has raised Rs 2,600 crore through issuance of non convertible debentures.
Tata Steel on Thursday said it has acquired over 191 core equity shares of T Steel Holdings Pte Ltd for USD 300 million (Rs 2,603.16 crore). T Steel Holdings Pte.Ltd (TSHP) is the Singapore-based arm of home-grown steel giant Tata Steel.
Rail Vikas Nigam Ltd (RVN), along with HFCL and Aerial Telecom Solutions, has partnered with BSNL. Under the Project Implementation Agency (PIA) agreement, the consortium led by RVNL will develop, upgrade, and maintain the middle-mile network for BharatNet
HG Infra Engineering has completed the sale of its entire stake in Rewari Bypass to Highways Infrastructure Trust for Rs 133.03 crore.
JM Financial informed the exchanges that it has received a tax order confirming a refund of Rs 230 crore, including interest, for the assessment year 2008-09. The order, issued by the Deputy Commissioner of Income Tax on February 19, comes under Section 254 read with Section 143(3) of the Income-tax Act, 1961.
Rewrite this news article and keep the same structure, information and length.
