Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of Reliance Industries (RIL) has acquired 2,28,42,654 equity shares of Rs.10 each of Strand Life Sciences (Strand) for a cash consideration of Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March, 2023. The total investment will translate into ~80.3% of equity share capital in Strand on a fully diluted basis.
Hero MotoCorp and Harley-Davidson, the legendary motorcycle brand have expanded the touch points for customers in the country. Hero MotoCorp now has an expanded network of 14 full-fledged dealerships and seven authorized service centers across the country, exclusively for Harley-Davidson customers.
Dr. Reddy's Laboratories announced that it has entered into a definitive agreement with Citius Pharmaceuticals, Inc. (Citius) pursuant to which it sold all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets.
Punjab National Bank said that the meeting of the board of directors of the bank is scheduled on 10 September 2021, to consider and approve raising of capital through issuance of Basel-III Compliant Additional Tier-1 Bonds and/or Tier-II Bonds or combination thereof, in one or more tranches
ICICI Lombard said that the company has received regulatory and other approvals from the Insurance Regulatory and Development Authority of India (IRDAI) for the demerger of the general insurance business of Bharti AXA General.
Engineers India said that Chennai Petroleum Corporation entrusted the execution of EPCM-1 with MPMC & EPCM-3 services for 9 MMTPA Cauvery Basin Refinery (CBR) project at Nagapattinam, Tamil Nadu to the company. The total awarded order value is Rs 1,039 crore, with a total project schedule of 42 months for mechanical completion.
HealthCare Global Enterprises announced the acquisition of oncology hospital labs and clinical trials business from Strand Lifesciences as well as simultaneous divestment of its ~38.5% stake (on paid-up capital basis and 34.5% on fully diluted basis) in Strand to Reliance Industries group company.
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