SMRC Automotive Holdings Netherlands B.V., a wholly-owned subsidiary of Samvardhana Motherson International Limited, has recently set up a new wholly-owned subsidiary named Motherson International Limited, Abu Dhabi. They have received the certificate of incorporation for this new company on August 16, 2024. The acquisition does not involve related party transactions. There are no interests from …
On August 16, 2024, Titagarh Rail Systems Ltd provided a shortfall undertaking for its joint venture, Ramkrishna Titagarh Rail Wheels Limited (RTRWL). This undertaking, dated August 16, 2024, covers certain covenants related to a term loan of ₹1,527 crore that RTRWL is availing. The undertaking is proportionate to the company’s 49% shareholding in RTRWL, with …
On August 17, 2024, Genus Power Infrastructures Limited announced that its wholly-owned subsidiary secured 3 Letters of Award (LOA), totalling ₹2,925.52 crore (excluding taxes). These contracts are for the role of Advanced Metering Infrastructure Service Providers (AMISPs). The scope of work includes designing an Advanced Metering Infrastructure (AMI) system and supplying, installing, and commissioning approximately …
On August 17, 2024, Brigade Group, a well-known property developer in India, teamed up with global hospitality company Accor to launch the Ibis Styles Mysuru on KRS Road. This is the fourth hotel they’ve opened together and their second in Mysuru, following the Grand Mercure Mysuru. Ibis Styles Mysuru aims to offer a unique hospitality …
Tourism Finance Corporation of India (TFCI) is set to diversify its operations by establishing an alternative investment fund and foraying into retail lending. Through these strategic initiatives, the company aims to bolster its loan book. TFCI has secured government approval for a significant capital infusion of ₹10,501 crore, which will be utilised to strengthen its …
Central Bank of India is poised to acquire Future Enterprises’ stakes in 2 insurance joint ventures, Future Generali India Insurance Co. and Future Generali India Life Insurance Co. This move comes as the debt-ridden conglomerate undergoes insolvency proceedings. The state-owned bank emerged as the preferred bidder for the insurance assets, out-competing other interested parties, including …
Maruti Suzuki India has announced a significant one-time impact on its profit after tax due to the withdrawal of indexation benefits on long-term capital gains from debt mutual funds. This change, introduced in the Finance (No.2) Act 2024, necessitates an increase in deferred tax liability by approximately ₹850 crore. The removal of the indexation benefit …
TVS Motor Company has expressed optimism about its growth prospects for the current fiscal year, anticipating outperformance in both domestic and international markets. The company attributes this positive outlook to a combination of factors, including new product launches, strengthened operations, and favourable market conditions. Domestically, TVS expects sustained growth momentum bolstered by a promising agricultural …
Techno Electric & Engineering Company has entered into a strategic partnership with IndiGrid to jointly develop 2 greenfield Interstate Transmission System (ISTS) projects. Under this collaboration, Techno Electric will invest minority capital in IndiGrid’s Ishanagar Power Transmission Limited (IPTL) and Dhule Power Transmission Limited (DPTL) projects. Moreover, Techno Electric will assume full responsibility for executing …
On August 22, 2024, TVS Motor Company (TVSM), a global leader in the two—and three-wheeler market, introduced the brand-new TVS Jupiter 110. This scooter’s next-generation engine powers it and includes advanced, first-of-its-kind features in its segment. The new TVS Jupiter 110 offers “more”—more style, better mileage, enhanced performance, improved comfort, added convenience, increased safety, and …
