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BUSINESS

ICRA gets NCLT’s nod to merge two wholly owned subsidiaries

has received approval from National Company Law Tribunal (NCLT), New Delhi, for scheme of amalgamation filed by ICRA Management Consulting Services. The said scheme of amalgamation will be effective upon sanctioning of the scheme filed by the ICRA Online by the NCLT, Kolkata. Earlier, the company had proposed merger of ... Read More »

SVP Global Ventures’ arm to demerge into core, non-core businesses

‘ subsidiary — Citron Infraprojects’ board on recommendation of the Audit Committee, has filed a demerger application for re-organizing of its business into two parts i.e. Core business and Non-core business separately in order to focus more on core activities. The company will be able to achieve its target of ... Read More »

State Bank of India signs MoU with NABARD: Report

State Bank of India (SBI) and National Bank for Agriculture and Rural Development (NABARD) have reportedly joined hands, by signing a Memorandum of Understanding (MoU) for formation and credit linkage of 13,00 joint liability groups (JLGs) across Tamilnadu. The groups will be purveying credit in the rural areas that would ... Read More »

Hero MotoCorp launches special edition of Splendor: Report

Hero MotoCorp has reportedly launched a special edition of the Splendor to celebrate the 25th anniversary of their iconic motorcycle ‘Hero Splendor’. It is priced at Rs 56,600 (ex-showroom). Based on the Splendor Plus variant, the special edition gets a new colour scheme and graphics. Hero MotoCorp is an India-based ... Read More »

Coal India’s arm commissions new wharf-wall: Report

Coal India’s subsidiary– Northern Coalfields has reportedly inaugurated a new wharf-wall at MGR route line of company’s Nigahi coal producing area to reduce coal transportation by road. The said route line is used by Nigahi for transporting coal to NTPC Vindhyachal. The new wharf-wall will help supply additional 3-4 rakes ... Read More »

IOC organizes ‘5th Capacity Building Training Program’: Report

Indian Oil Corporation (IOC) has reportedly organized ‘5th Capacity Building Training Program’ at New Delhi. Nearly 50 leaders attended the programme. IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream ... Read More »

NCLT approves amalgamation of Zydus Wellness’ two subsidiaries

National Company Law Tribunal (NCLT), Bench at Ahmedabad has given an approval to Zydus Wellness for the Scheme of Amalgamation (Scheme) between two subsidiaries, Heinz India (Heinz) with Zydus Nutritions (ZNL). Upon amalgamation, Heinz has ceased to be in existence and also to be the subsidiary of the company. The ... Read More »

Gokak Textiles to raise Rs 30 crore on private placement basis

Gokak Textiles has received approval for issuance of Non-cumulative, Non-convertible, Non-participating, Redeemable Preference Shares of Rs 10 each aggregating to Rs 30 crore in one or more tranches on Private Placement basis to the Shapoorji Pallonji and Company, Promoter and / or any other Promoter Group Company. The Board of ... Read More »

Universal Auto Foundry establishes project at Rajasthan

Universal Auto Foundry has almost established a Project at B-51, SKS Industrial Area, Reengus, District Sikar, Rajasthan (UNIT II) and in relation to the same Test run & sample making for approval of products from the customers has started. Normally, sample approval and field trial take 6 months, as soon ... Read More »

Ador Multiproducts signs agreement with Amazon India

Ador Multiproducts has signed an agreement with Amazon India to create a line of premium grooming products. Business is likely to commence in Q2 of this FY 2019-20. Ador Multiproducts is a part of the Rs 500 crore ($115Mn.) Ador Group, dedicated to personal care products and is listed on ... Read More »

Omax Autos inks agreement with Hema Engineering Industries

Omax Autos has entered into an Asset Purchase Agreement with Hema Engineering Industries on May 22, 2019 for sale of its identified assets. The assets are located at Village Sidhrawali in Gurgaon and Dharuhera, district Rewari in the state of Haryana. Omax Autos manufactures a range of components for automobiles ... Read More »