Vedanta: Foxconn Technology Group has pulled out of its joint venture with Vedanta Ltd which had planned to invest $20 billion in India for setting up a semiconductor fabrication unit, display unit and semiconductor assembly and testing unit. The 60:40 partnership could have set up the country’s first semiconductor manufacturing unit under the $10 billion government-backed financial incentive scheme and was once estimated to be ahead of two other consortia in the fray for getting the sops.
Zee Entertainment: The Mumbai bench of the National Company Law Tribunal has reserved its order on the proposed merger between Zee Entertainment Enterprise and Sony Pictures (Culver max Entertainment), according to people familiar with the matter. The merger has so far been opposed by financial creditors like Axis Finance, IDBI Bank and JC Flower ARC, on the grounds that Zee had not paid their outstanding dues. Appearing for ZEE, senior counsel Janak Dwarkadas said that the public shareholding of ZEE is 96.01%, of which 70% is by public institutions.
TCS: Tata Consultancy Service (TCS) has been postponing the onboarding of several lateral hires by at least three to four months, according to a media report. The IT giant has been making lateral hires with 1.8 to 15 years of experience. All these hires had been initially facing a one-month delay in onboarding, however, according to the media report, these people are now facing at least a three-month delay in onboarding. Over 200 lateral recruits across cities including Bangalore, Pune, Kochi, Bhubaneswar, Delhi NCR, and Indore have been impacted.
State Bank of India: State Bank of India (SBI) today said it proposes to sell 2% stake by offloading 40 lakh shares in depository organisation NSDL. State Bank of India proposes to participate in an Initial Public Offering (IPO) of National Securities Depositories Limited (NSDL) by way of an offer for sale of up to 2% equity stake held by the Bank in NSDL (being up to 40,00,000 equity shares). The bank intends to participate in an IPO of NSDL, SBI said in a regulatory filing.
L&T: Spain's Navantia and Larsen & Toubro on Monday signed a Teaming Agreement (TA) on the premises of the Spanish Embassy here, with the purpose of submission of a techno-commercial bid for the Indian Navy's prestigious P75 (India) submarine program. The agreement was signed in the presence of SN Subrahmanyan, L&T CEO & MD and Augustin Alvarez Blanco, Naval Construction Vice President, and Member of the Board- Navantia.
SpiceJet: The legal battle between low-cost carrier SpiceJet and its former promoter drags on, the Maran Group have stated that there is no question of an amicable settlement with the airline. "There is no question of an amicable settlement with SpiceJet Ltd in view of the matter having reached finality by virtue of the order dated July 7, 2023, of the Honorable Supreme Court of India," a statement from Marans Group firm KAL Airways said.
Tata Communications: Tata Communications will acquire the remaining 41.9% stake in eSIM company OSSE France for ₹99.3 crore, the company said on Monday. Following the transaction, which the company expects to close in about a month, Tata Communications' Singapore-based subsidiary Tata Communications International Pte (TCIPL) would acquire 100% equity shareholding in Oasis Smart SIM Europe. In 2020, TCIPL acquired a majority equity stake of 58.1% in Oasis Smart Sim Europe SAS (OSSE France) and Oasis Smart E-Sim Pte Ltd (OSEPL) Oasis, making OSSE France and OSEPL its subsidiaries.
Nazara Technologies: Online sports platform Nazara Technologies on Monday said its board has approved raising of up to ₹750 crore through equity shares. The board, in a meeting held on Monday, also authorised the increase in share capital from ₹30 crore to ₹50 crore, according to a regulatory filing. "The board considered and approved raising of funds by way of issuance of such number of equity shares having a face value of ₹4 each of the company for an aggregate amount not exceeding ₹750 crore," the filing stated.
Taylormade Renewables: Taylormade Renewables Ltd on Monday said its board has approved a proposal to migrate its equity shares from the BSE SME platform to the main board of BSE. However, the decision remains subject to necessary approvals and eligibility criteria prescribed by the BSE/SEBI, the company said in a regulatory filing. July 7, 2023, has been fixed as the cut-off date for ascertaining the list of shareholders to whom notice of postal ballot shall be sent and for reckoning voting rights.
Max Ventures and Industries: Max Ventures and Industries Ltd's (MaxVIL) real estate arm Max Estates has sold properties worth ₹1,800 crore in its luxury housing project at Noida, Uttar Pradesh. Max Estates has "achieved pre-formal launch sales of over ₹1,800 crores for its first luxury residential project, Estate 128, located in Sector 128, Noida", MaxVIL said in a regulatory filing. The project is spread over 10 acres, with three high-rise towers having 201 units. The company did not disclose the number of units sold and at what price.
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