L&T Realty, a wholly-owned subsidiary of Larsen & Tourbo (L&T), has executed a share purchase agreement for selling its entire stake in L&T South City Projects to Pragnya group for Rs 190 crore. L&T Realty owns 51 percent stake in L&T South City Projects, which is engaged in the development of a 92-acre residential township at Siruseri, Chennai. Pragnya group is an investment firm with a specific focus on fund management, property development and asset management.
IndusInd Bank has entered into an agreement with Infrastructure Leasing and Financial Services (IL&FS) the Promoter Shareholders of IL&FS Securities Services (ISSL) to acquire 100% of ISSL. The proposed transaction is conditional on definitive agreements and approvals, including regulatory approvals. The proposed transaction is expected to be made effective within the next 3 months. ISSL was incorporated in FY 2007 as a subsidiary of IL&FS and ISSL is a leading Capital Market Intermediary for Professional Clearing, Depository and Custodial Services.
Indiabulls Real Estate’s wholly owned subsidiary (WOS) - Indiabulls Infrastructure (IIL) has signed a definitive agreement to acquire 100% share capital of India Land and Properties (ILPL), for an aggregate consideration of Rs 685 crore, from Indiabulls Distribution Services (a WOS of Indiabulls Ventures), and the deal is expected to be completed in the current financial year. Post completion of the deal, ILPL will become 100% WOS of the company.
NMDC has reported 30.33 million tonnes (MT) of iron ore production and logged sales volume of 32.33 MT up to the month of February 2017. The company’s Chhattisgarh mines produced 19.41 MT of iron ore and registered sales volume of 20.81 MT, while Karnataka mines produced 10.92 MT of iron ore and sold 11.52 MT of iron ore up to February 2017.
Talwalkars Better Value Fitness (TBVF), chain of health and fitness centers has signed a MoU to acquire equity shares of Force Fitness (SNAP), India’s third largest gym company exclusive master franchisee in India of ‘Snap Fitness Inc.’. TBVF will invest 50.01% equity in SNAP largely through funds in SNAP for growth. Snap Fitness Inc is the world’s premier 24/7 fitness 2,000 clubs open or in development in 18 countries.
TVS Motor Company, a leading two-wheeler manufacturer in India has launched its BSIV compliant ‘TVS Jupiter’ and added two new colours - Jade Green and Mystic Gold. The refreshed scooter is now BSIV compliant, with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS). SBS ensures rider safety as it automatically activates the front brakes when the rear brakes are used. The feature, previously available on ZX range will now be available on the Base variant as well. There is no revision in the prices for the BS IV models of Jupiter, priced at Rs 49,666 (ex-showroom Delhi), the scooter is available across all TVS dealerships.