Mahindra & Mahindra, Godrej industries and NLC India to see some action today

Mahindra & Mahindra (M&M) is planning to increase its stake in Carnot Technologies to 52.69 per cent with an investment of around Rs 14 crore. M&M currently holds 15.60 per cent of the equity share capital of Carnot Technologies, which provides products and services related to internet connected devices for monitoring performance of vehicles and equipment. The company will make a primary infusion of approximately Rs 2.5 crore for subscription of 1,613 Series C CCCPS (cumulative compulsorily convertible preference shares) of Carnot of Rs 100 each at a premium of Rs 15,391.65 per CCCPS.

Godrej industries (GIL) has made further investment in Godrej Capital, its subsidiary on March 16, 2022. Consequently, the company now holds 87.11% of the total paid up share capital of Godrej Capital. Godrej Capital is an investment holding company which holds Godrej Housing Finance and Godrej Finance (formerly known as Ensemble Holdings and Finance). This further acquisition of Shares of Godrej Capital is done by GIL based on the Valuation Report for a total consideration of Rs 100.16 crore.

NLC India and TANGEDCO have entered into Power Purchase agreement for procuring 1500 MW power from Thermal Power Project at Talabira in Odisha. The company is in the process of setting up a thermal power Plant with a capacity of 2400 MW consisting of 3 Units of 800 MW super critical technology.

Shree Cement has commenced trial run of its new Clinkerisation Unit (Kiln -3) at Baloda Bazar, near Raipur in Chhattisgarh. This clinkerisation unit shall augment Company’s clinker supply to its various grinding units in Eastern region. The Company has also set up Waste Heat Recovery Power unit alongside the kiln, which will produce green power and help meet Company’s power requirement.

Energy Policy Institute at the University of Chicago (EPIC India) has signed a Memorandum of Understanding (MoU) with REC and REC Power Development and Consultancy (RECPDCL), a wholly-owned subsidiary of REC to enable an evidence-based approach to improve the electricity distribution utility performance by designing innovative policy interventions for pilot and evaluation.

Tata Starbucks, a 50:50 joint venture between Tata Consumer Products and Starbucks Corporation, is planning to open eight airport stores in six cities to expand its network in the country. The cities are Bengaluru, Bhubaneswar, Goa, Guwahati, Jaipur and Lucknow.

IOL Chemicals and Pharmaceuticals has incorporated wholly owned subsidiary company namely ‘IOL-Foundation’ under Section 8 of the Companies Act, 2013 on is March 15, 2022. The company has incorporated wholly owned subsidiary company to promote and support CSR activities.