In a series of significant business moves, Hero MotoCorp (NS: HROM ), Cipla (NS: CIPL ) South Africa, Tata Power (NS: TTPW ) Renewable Energy Limited, and several other companies made headlines on Tuesday.
The Board of Directors at Hero MotoCorp approved an investment of up to INR 550 crore (INR 1 crore = $120,873) in the rights issue of Ather Energy Private Limited on Monday. The company, which already owns a 33.1% stake in Ather, clarified that this is a subscription to the Ather rights issue and not an acquisition.
Meanwhile, Cipla South Africa, a wholly-owned subsidiary of Cipla Limited, signed a deal with Actor Holdings (Pty) Limited to acquire all issued ordinary shares of Actor Pharma (Pty) Limited. The acquisition aims to capitalize on cost synergies in the South African market and unlock new business potential. The deal is expected to conclude in the next three to four months.
Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, signed a Power Delivery Agreement (PDA) with Neosym Industry Limited for a 26 MW AC Group Captive Solar plant. The project, set to begin operations in March 2024 in Jamkhed, Maharashtra, is anticipated to generate 59 million units of electricity annually and reduce CO2 emissions by about 32,500 tonnes per year.
In other news, the Indian Energy Exchange (NS: IIAN ) recorded a total electricity volume of 8,469 MU in August 2023, marking a 21% YoY increase. Bharat Heavy Electricals Limited (NS: BHEL ) received an order for the Electro-Mechanical (E&M) works of the 2,880 MW Dibang Multipurpose Project in Arunachal Pradesh.
One97 Communications Limited (OCL), the parent company of Paytm (NS: PAYT ), announced the launch of Card Soundbox, India's first Soundbox supporting card payments across all Visa (NYSE: V ), Mastercard (NYSE: MA ), American Express (NYSE: AXP ), and RuPay networks.
Bharti Airtel (NS: BRTI ) plans to purchase 23,000 MWh of renewable energy for its data center firm, Nxtra by Q4 FY 23-24. The company will invest in renewable energy project companies founded by Continuum Green India Pvt. Ltd. and Vibrant Energy Holdings Pte. Ltd.
SpiceJet (NS: SPJT ) announced its decision to award 48.1 million equity shares to nine of its aircraft legal or beneficial owners on a preferential basis to pay off Rs 231 crore debts. The company has also launched a fundraising effort for Rs 2,500 crore.
The board of directors at IndiGo (NS: INGL ) Airlines authorized the purchase of ten more Airbus A320 NEO family aircraft. Lastly, Oil India (NS: OILI )'s board approved up to Rs 1,738 crore equity investment in North East Gas Distribution Company (NEGDCL), aligning with its strategic investment.
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