Adani Power would seek the approval of shareholders for the
proposed related-party transaction worth up to Rs 5,000 crore with Adani ConneX
during its annual general meeting (AGM), to be held on July 27. The proposed
transaction will involve the sale by Adani Power of its special purpose
vehicles or subsidiaries to AdaniConneX. These subsidiaries have ownership or
leasehold rights in land and land parcels, Adani said in its AGM notice.
Tata Consultancy Services
IT giant TCS has been selected by Finnish stainless steel
company Outokumpu to transform its IT landscape with an agile and secure
cloud-based digital core to reduce its carbon footprint and support its
strategic aspirations. Outokumpu is based in Finland and operates in more than
30 countries with around 9,000 employees. It aims to strengthen its industry
leadership and competitive differentiation and has therefore signed a
multi-year deal with TCS to build a hybrid cloud platform.
Subsidiary Biocon Biologics has received an EU GMP
certificate from the Health Products Regulatory Authority (HPRA), Ireland, for
its new monoclonal antibodies (mAbs) drug substance manufacturing facility (B3)
at Biocon Park, Bengaluru. This follows a good manufacturing practice (GMP) inspection
conducted in April 2022 by the authority.
The company has bought 60,81,946 equity shares or a 62.65%
stake in Saankhya at a price of Rs 454.19 per equity share. The transaction
amounted to Rs 276.24 crore. With this, Saankhya has become a subsidiary of the
The company shareholders have voted against a resolution to
authorize the board to make investments, give loans and provide guarantees of
up to Rs 5,000 crore in the AGM concluded last week. The special resolution for
approval to increase limits for making investments, loans, Special guarantees,
and security “not Passed with requisite majority,” said a regulatory
filing from Britannia Industries on June 29, 2022.
KPI Green Energy
The company has bagged the biggest order for executing a
solar power project of 23.60 MWdc capacity from Nouveau Jewellery LLP and 3
MWdc capacity from Nouveau Diamonds Manufacturing India LLP. The order is under
the ‘captive power producer (CPP)’ segment of the company.
The company has finished the sale of its entire
shareholding in its subsidiary, Equitas Technologies (EPTL). With this, the
company complied with the condition stated by RBI as part of its no objection
letter for the amalgamation of Equitas Holdings with Equitas Small Finance
Bank. Accordingly, EPTL has ceased to be a subsidiary of the company.
The company has secured an order worth over Rs 105 crore
from the National Council of Educational Research and Training (NCERT). The
company will supply 11,000 tonnes of Maplitho paper of 80 GSM in sheets and
reels for the printing of textbooks.
The UK’s leading SME-focused business financial platform,
Tide, began setting up operations in India in 2020. It has partnered with
Transcorp International, an Authorised Dealer Category II and perpetual Prepaid
Payment Instrument (PPI) license holder. They will release co-branded prepaid
cards (Tide Expense Card) as an entry product. Tide will provide payment
services to small businesses across India, starting with a tide business
account, accompanied by a Tide Expense Card.
J Kumar Infraprojects
The company has secured a Letter of Acceptance from
Brihanmumbai Municipal Corporation, for the design, build, and commissioning of
priority sewer tunnel-Phase I from Don Bosco to New Malad IPS with segment
lining method in Mumbai. The cost of the project is Rs 571.01 crore. A joint
venture between J Kumar Infraprojects and Michigan Engineers bagged this
project with a 60:40 proportion.