Cipla has entered into agreements, through its wholly owned subsidiary Inyanga Trading 386 Proprietary (Inyanga), with the group companies of Ascendis Health, South Africa for divesting its animal health business in South Africa and Sub-Saharan Africa. Under the agreements, Cipla will divest its 100% stake in Cipla Agrimed Proprietary (Cipla Agrimed), South Africa and Cipla Vet Proprietary (Cipla Vet), South Africa.
Bharti Airtel and Millicom International Cellular S.A. (Millicom) through their respective subsidiaries have entered into an agreement for Tigo Ghana and Airtel Ghana to combine their operations in Ghana. As per the agreement, Airtel and Millicom would have equal ownership and governance rights in the combined entity. The combined business would serve nearly 10 million customers, of which 5.6 million are data customers. It would cover more than 80% of Ghana’s population with high speed data, providing the widest 3G coverage across the country, and would have revenues close to $300 million, making it one of the largest communications companies in Ghana. The transaction is subject to obtaining approvals from the relevant authorities in Ghana and the satisfaction of customary closing conditions.
ARSS Infrastructure Projects’ joint venture (JV) - ARSS-SIPS, has bagged a work order amounting to Rs 140.52 crore from Rail Vikas Nigam. The order is for execution of work of track linking (Excluding Supply of Rails, Thick Web Switches and PSC Lime sleeper) OHE, S&T and other allied works from Haridaspur (KM 0.00) to Kendrapara (KM 43.873) including Kendrapara yard in connection with construction of New BG Railway Line from Haridaspur to Paradeep (KM 81.200) in Khurda Road Division of east Coast railway in the state of Odisha.
Goa Carbon has reported production of 17,764.600 MT (million tonnes) of Calcined Petroleum Coke for the month of February 2017. Of the total production achieved for the month, Bilaspur plant produced 1,823.700 MT of Calcined Petroleum Coke; Goa plant produced 5,416.900 MT and Pradeep plant produced 10,524.000 MT of Calcined Petroleum Coke. On the sales front, the company sold a total 17,775.762 MT of Calcined Petroleum Coke products for the month of February 2017. Of the total sales achieved for the month, Bilaspur plant, Goa plant and Paradeep plant of the company sold 1,784.800 MT; 5,146.112 MT and 10,844.850 MT respectively.
Dr. Reddy’s Laboratories has completed the acquisition of 100% stake in Imperial Credit, a non-banking finance company (NBFC), based out of Kolkata, for a consideration of Rs 2.05 crore. The acquisition process was consummated on receipt of applicable regulatory approvals. The company proposes to undertake the group’s captive financial activities through this entity.
Maruti Suzuki India, the country’s automobile market leader has marked its entry into a high-performance segment with the Baleno RS. The introductory price for Baleno RS is Rs 8.69 lakh (ex-showroom Delhi). The Baleno RS brings to India Suzuki’s latest innovation - 1.0 litre Boosterjet Direct Injection Turbo Charged engine - which delivers 20% more power and 30% more torque than a 1.2 litre naturally aspirated petrol engine. The Baleno RS delivers effortless driving performance both in city conditions as well as highways.
Force Motors has reported the production, sales and export of the products manufactured by the company during the month of February 2017. The company’s production of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) stood at 1,398 units and Utility Vehicles (UV), Sports Utility Vehicles (SUV) & Tractors stood at 1,397 units. The company’s domestic sales for SCV & LCV stood at 1,417 units and UV, SUV & Tractor stood at 1,074 units, while the company has exported 287 units of SCV & LCV and 19 units of UV, SUV & Tractor in month of February 2017.
HDIL has received an approval for divesting its 100% shareholding of its wholly owned subsidiary company ‘Excel Arcade’. The Finance Committee of the board at its meeting held on March 4, 2017, has approved for the same. The company was holding 19,54,000 shares and had invested Rs 10.82 crore in Excel Arcade. It was meant to be a SPV for a project at Vikroli. Since the timeline for the project is uncertain, it was decided to divest the investment in the subsidiary company for Rs 17 crore.