Tech Mahindra, PTC India Financial Services and Eris Lifesciences to see some action today

Tech Mahindra through its wholly owned subsidiary viz., Tech Mahindra (Americas) Inc. has approved the proposal to acquire 100% equity shares in Activus Connect LLC and Activus Connect PR LLC (together called as Project Activus or Target). The acquisition will bolster Tech Mahindra’s capability in the work-at-home Customer Experience Management (CXM) space, by employing Target’s unique delivery model and disruptive platform called SmartVirtual. Tech Mahindra will pay total consideration of up to $62 million including earnouts.

PTC India Financial Services (PFS) has announced that it shall receive its share of around Rs 125 Crore as part of the total resolution amount from one of its stressed loan account in the thermal segment namely 2x600 MW coal power plant located at Cuddalore District in Tamil Nadu. The instant project has been implemented by IL&FS Tamil Nadu Power Company (ITPCL). PFS had sanctioned total loan of Rs. 200 crores under consortium arrangement to ITPCL for implementing the instant project.

Eris Lifesciences has formed a joint venture with Mumbai-based MJ Biopharm to enter the insulin segment. Eris MJ Biopharm, the 70:30 joint venture (with Eris holding a 70 per cent stake), would primarily engage in marketing and distribution of human and analogue insulin including Aspart, Glargine and Lispro and GLP-1 agonists and potentially other biopharma products in India. MJ will be responsible for the development, manufacturing and supply of these products to the JV.

LIC Housing Finance has opened its remodeled back office in Guwahati, Assam. The aim is to bringing down the processing time for home loan aspirants besides improving customer convenience. The processing at Guwahati back office will leverage the tools under Project Red in conjunction with ‘HomY’ App to ensure delivery of entire home loan service at customer's doorstep. The existing customer base under Guwahati back office is approximately 17,000 with an outstanding portfolio of more than Rs 2100 crore. The company has started its digital transformation in October 2020 through Project Red.

Ritesh Properties and Industries and Narayana Hrudayalaya (NHL) have joined hands to set up NHL’s first State-of-the-Art Multi-Specialty Hospital in State of Punjab at Ludhiana. The Hospital will come up in Hampton project on NH-05 (Ludhiana-Chandigarh Highway). Spread over 2 Lakh Sq. Ft. with a capacity of 225 beds, the hospital will provide world class healthcare & diagnostic facilities to the people of Punjab. With the agreement signed the hospital is estimated to be operational by the year 2024. This Multi-Speciality Hospital in Ludhiana is another step towards realization of their vision.

Safari Industries (India) has executed Sale-Purchase agreement with Lear Automotive (India) on December 03, 2021 for the purpose of purchase of land with constructed property along with the buildings and utilities present on site situated at Mouje: Halal, Taluka Halal, District Panchmahal, Gujarat for a total consideration of Rs 22.51 crore including all taxes, if any. 

Reliance Capital’s subsidiary company -- Reliance Nippon Life is aiming more than 20 per cent growth in new business premium in the current financial year. In the current fiscal (year-till-date October), new premium growth has been 20 per cent. The company is looking forward to improving performance in the rest of the financial year and grow over 20 per cent (for fiscal 2022). The company's new business premium stood at Rs 553 crore for the April-October period as against Rs 462 crore in the same period of last fiscal.