L&T Finance has announced its entry into the gold loan business through the proposed acquisition of Paul Merchants Finance Pvt. Ltd.’s (PMFL) gold loan business undertaking in an all-cash deal at a lump sum consideration of Rs 537 crore. The gold loan franchise will be an addition to LTF’s portfolio of secured loan products. The acquisition includes a fully operational network and security centre for 24/7 remote monitoring of all gold loan branches, strategically located in less penetrated markets such as Chandigarh, Punjab, Haryana, Delhi, Rajasthan, Gujarat, Madhya Pradesh, and Uttarakhand. It also brings approximately 700 employees and 130 branches.
As many as 97.53% of the shareholders of Religare Enterprises (REL) have rejected the reappointment of Rashmi Saluja as director in the company in an annual general meeting (AGM). The e-voting for her reappointment, along with other resolutions, had started on Wednesday. Saluja, who was supposed to retire by rotation, had offered herself for reappointment. Religare’s AGM was originally planned for September, but rescheduled to December, and then to February 7 due to several legal and regulatory issues,
VA Tech Wabag has secured a consortium order worth $371 million (about ₹3,251 crore) from Al Haer Environmental Services Company at Riyadh, Saudi Arabia. The order is for engineering, procurement and construction (EPC) of a 200 MLD Independent Sewage Treatment Plant (ISTP), including connections to outfall delivery facilities, the company said.
Tejas Networks has signed Technology Collaboration Agreements with NEC Corporation, Japan, for the development of advanced wireless technologies for the global telecom industry. About $60 million (Approx. Rs 525 crore), payable over the next 1 year as per milestones, and it will provide opportunity to participate in NEC’s go-to-market efforts.
SEBI has ordered the attachment of bank accounts as well as shares and mutual fund holdings of 10 individuals to recover ₹1.25 crore, saying they have not complied with the regulator’s investigation in the matter of Eros International Media Ltd. The recovery proceedings were initiated against 10 individuals — Gourab Ray Chaudhuri, Manisha Kumari Singh, Vinod Kumar Agarwal, Sutapa Mukherjee, Sumit Bhoot, Abhishek Das, Dev Govind Binani, Debosmita Ghosh Dastidar, Debjit Medda, and Anindya Bikas Datta — after they failed to pay the fine imposed on them by the regulator.
Western Carriers (India) Ltd (WCIL), a multi-modal logistics firm, on Saturday said it has clinched a ₹1,089-crore contract from Vedanta Ltd. One of the largest contracts in the sector, the four-year agreement, spanning until 2028, involves transporting of aluminium products, pig iron, and export-import cargo from Vedanta’s Jharsuguda (Odisha) facilities to domestic hubs and international ports, the company said.
Thomas Cook (India) has signed a 24-month strategic partnership with the Moscow Project Office for Tourism and Hospitality Development. This partnership aims at capitalising on Thomas Cook and SOTC Travel’s viable leisure and corporate MICE segments in a multi-pronged initiative that focuses on deepening product development, destination knowledge and training, marketing and communication and consumer promotions to create top-of-mind visibility and drive visitations from the India market to Moscow and beyond, according to a joint statement.
Waaree Energies on Saturday said it has started commercial production at its 1.4 GW Monocrystalline PERC (Mono PERC) solar cell production line in Chikhli, Gujat. This marks the first phase of commissioning at the country’s largest solar cell manufacturing facility, which has a total planned capacity of 5.4 GW, including 4 GW of high-efficiency TOPCon solar cells to be commissioned in the next phase.
Bharat Heavy Electricals Ltd (BHEL) on Saturday said it has secured an order worth Rs 8,000 crore from Maharashtra State Power Generation Company Ltd (Mahagenco). The order is for a 2×660 (1320) MW BTG (boiler turbine generator) package for Koradi Thermal Power Station, which includes supply of equipment, erection & commissioning and civil works, a BSE filing stated.
DLF’s joint venture firm DCCDL’s rental income from office and retail spaces rose by 10 per cent to ₹1,194 crore in the third quarter of this fiscal year on higher occupancy and rent appreciation. DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore’s sovereign wealth fund GIC. DLF holds nearly 67 per cent stake in the JV firm, while the GIC has the remaining 33 per cent.
Cube Highways Trust (Cube InvIT) has signed an agreement with NIIF for the acquisition of 100 per cent stake in two road assets at an enterprise value of ₹4,184.7 crore. The proposed acquisition will complement the existing portfolio of assets of Cube InvIT and fit in with its strategy of deploying its debt capacity to acquire high-quality assets.
Ircon International Ltd (IRCON) has been awarded a ₹194.45-crore Letter of Acceptance (LOA) by the Central Railway for survey, design, supply, installation, testing and commissioning of 665 towers for Kavach and other associated works. The order has to be executed within 14 months. It has also been awarded an EPC contract (Package No-04) in JV (AMRIL (74%) -IRCON (26%) through Letter of Acceptance by the Office of the Project Director, Externally Aided Projects (EAP), Public Works Department (PWD), Manipur for ₹531.90 crore (Ircon share: 138.29 crore).
Bharat Electronics Ltd (BEL), has signed a Rs 610-crore contract for supply of Electro Optic Fire Control System (EOFCS) for the Indian Navy. This fully indigenously developed system will be installed and integrated on board Indian Naval Platforms.
The board of Zaggle Prepaid Ocean Services Ltd has approved the acquisition of equity shares equivalent to 16.67 per cent of the issued and paid-up capital of Mobileware Technologies Pvt Ltd from its promotor. Acquisition of the equity shares will be done at a mutually agreed valuation, which has not been disclosed for reasons of confidentiality, it said further.