Hero MotoCorp: The country's largest maker of two-wheelers, Hero MotoCorp on Thursday said it is finalizing a collaboration agreement with an American EV maker to jointly develop electric motorcycles, presumably for the Indian market. Hero MotoCorp said its collaboration with California-based Zero Motorcycles will focus on co-developing e-bikes. Zero is a manufacturer of premium electric motorcycles and powertrains, the company said. It added that Zero is a "global leader" in its segment.
Adani Power: The Competition Commission of India (CCI) on Thursday said it has approved the acquisition of 100 per cent share capital of Diliigent Power Private Limited and DB Power Limited by Adani Power Limited. Diligent Power is primarily engaged in the activities of a holding company. It also provides project management and consultancy services, limited to DB Power. DB Power operates a coal-based thermal power plant with an installed capacity of 1200 MW per hour in Chhattisgarh.
JSW Energy: Competition Commission of India on Thursday approved the acquisition of 18 subsidiaries of Mytrah Energy by JSW Neo Energy Ltd, a subsidiary of JSW Energy. The proposed combination envisages to the acquisition of shareholding of 18 subsidiaries of Mytrah Energy (India) Pvt Ltd (Mytrah) through individual share purchase agreements by JSW Neo Energy Ltd, according to an official release. The combination presents an opportunity to JSW Neo Energy to acquire an operational renewable portfolio of 1,753 MW.
Indian Oil Corporation: Indian Oil Corporation (IOC), the nation's largest oil firm, on Thursday said it will float a new company to carry out finance activities including global treasury services in GIFT City, Gandhinagar. In a stock exchange filing, IOC said its board has accorded approval for the formation of a wholly-owned subsidiary and opening its office in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City) in Gandhinagar.
LIC: Life Insurance Corporation on Thursday announced buying an additional stake in speciality chemicals maker Deepak Nitrite to take its overall shareholding in the company to over 5%. The Corporation's shareholding in Deepak Nitrite has increased from 67,88,327 to 68,58,414 equity shares, increasing its stake from 4.977 per cent to 5.028% of the paid-up capital of the said company, LIC said in a regulatory filing on Wednesday.
InterGlobe Aviation: Largest Indian airline IndiGo today inducted its first freighter aircraft in a bid to start a dedicated cargo service. The airline has inducted an Airbus A321 freighter aircraft, which has been converted from passenger jet to a full freighter configuration in Singapore. The aircraft will be used for both domestic and international missions by transporting products such as valuables, express shipments, perishables, general cargo, documents, and couriers, IndiGo said.
Blue Dart: Courier delivery service provider Blue Dart Express Ltd will increase the price for shipments by an average of 9.6% with effect from Jan 1, 2023. Customers signing up from 1 October to 31 December will not be impacted by the price increase, the company added. The company said that it adjusts its prices annually, taking into account inflation, currency dynamics, fuel cost instabilities, growing regulatory costs and other mandatory costs, such as expenses related to compliance for the workforce with enhanced security regulations across more than 55,000 locations.
Motherson Sumi Wiring: Leading solutions provider to OEMs, Motherson Sumi Wiring India (MSWIL) is considering the issuance of bonus shares to its existing shareholders. The company's board of directors will meet today to consider the bonus issue proposal. In its regulatory filing, MSWIL said, "we wish to inform that a meeting of the Board of Directors of the company is scheduled to be held on Friday, September 30, 2022, inter-alia, to consider the proposal for issue of bonus shares to the equity shareholders of the company."
Adani Green: Adani Green Energy Ltd (AGEL) on Thursday said it has commissioned the world's largest wind-solar power plant of 600 MW capacity in Jaisalmer, Rajasthan. The plant has a power purchase agreement with Solar Energy Corporation of India (SECI) at ₹2.69/kwh for 25 years, a company statement said.
Lupin: Drug firm Lupin on Thursday said it has received a warning letter from the US health regulator for its Tarapur-based manufacturing facility in Maharashtra. The US Food and Drug Administration (USFDA) inspected the site from March 22, 2022 to April 4, 2022. "The company does not believe that the warning letter will have an impact on disruption of supplies or the existing revenues from operations of this facility," the Mumbai-based company said in a regulatory filing.
