the board of VA Tech Wabag has approved sale of 1 Wabag Water Services SRL, Romania (Wabag Romania). This move is a part of the business strategy to optimise the Group’s structure and in line with the company’s strategic focus to reduce its exposure to European Geographies. The consideration received from such sale/disposal is EUR 1,200,000. The expected date of completion of sale/disposal is on or before July 19.
Godrej Industries’ Chemicals Business has signed a business transfer agreement with Shree Vallabh Chemicals Unit II (Kheda), with the intention to acquire their Ethoxylation Unit II. As a leading player in Oleochemicals, Surfactants, Specialities and Biotech, this transaction will help the company expand its product offerings by adding the Ethoxylation technology to its portfolio of process and batch technologies. Located at Kheda, Gujarat, the Shree Vallabh Ethoxylation unit II has a manufacturing capacity of 24,000 MTPA of finished products.
Dixon Technologies (India) Ltd has announced plans to divest its entire 50 per cent stake in the joint venture company AIL Dixon Tech to Aditya Infotech. As part of the transaction, Dixon Technologies will acquire 6.5% stake in Aditya Infotech in exchange for the divestment, according to an exchange filing. The agreement involves Dixon Technologies subscribing to 73,05,805 equity shares of AIL. Concurrently, Dixon Technologies has signed a shareholders’ agreement with AIL and its existing shareholders to govern the relationship post-acquisition of the minority stake.
Jupiter Wagons Ltd on Monday (July 8) said its Fund Raising Committee has approved the launch of a qualified institutional placement (QIP), setting the floor price at ₹689.47 a share. Shares of Jupiter Wagons ended at ₹ on the BSE.
The Adi–Nadir Godrej The family has acquired a 12.65 per cent stake in Godrej Industries for about Rs 3,803 crore from RKN Enterprises, which owned by Rishad K Naoroji, a cousin of Adi Godrej, and others. Nadir Godrej acquired a 7.57 per cent stake worth Rs 2,277 crore at a price of Rs 893 a share, according to exchange data. On May 2 this year, the Godrej family had announced an amicable settlement under which the Adi-Nadir and Jamshyd-Smita families bought each other’s stakes for zero consideration in each other’s companies. Several transactions are expected in Godrej group companies post the family settlement.
Gas Corporation has hiked prices for CNG and domestic piped natural gas (PNG) in and around Mumbai starting July 9 to offset the rising input cost, the state-run firm said in a statement. The natural gas company will increase the price of delivered CNG by Rs 1.5 per KG, while domestic PNG will see a hike of Rs 1/SCM. After this, the revised delivered price, inclusive of taxes, for CNG will be Rs 75.00/Kg and domestic PNG price will be Rs 48/SCM in and around the financial capital of the country.
HEC Infra Projects Ltd has received Work order worth Rs 28.44 crore.