Force Motors, Aurobindo Pharma and JK Paper to see some action today

Force Motors has commenced the production of its next-generation shared mobility platform Urbania, developed at an investment of Rs 1,000 crore. The company showcased the new shared mobility platform, then code-named T1N, at the Auto Expo in 2020. However, its launch was postponed due to the pandemic. Force Motors has now named the platform Urbania. Serial production of the vehicle has now commenced at the new manufacturing facilities created for this platform.

Aurobindo Pharma is aiming to complete its Rs 2,000 crore Penicillin G (Pen G) plant in Andhra Pradesh by March 2024 even as the trial or the pilot batches will take place starting October next year onwards.

JK Paper has entered into Share Purchase and Shareholders' Agreements (SPSHAs) for the acquisition of 85% shares of Horizon Packs (HPPL) and Securipax Packaging (SPPL), and the balance 15% within a period of 3 years as per the respective SPSHAs. HPPL and SPPL together are India's largest Corrugated Packaging manufacturers with seven (7) plants across the country. In FY 2021-22, HPPL and SPPL had a consolidated Revenue of Rs. 832 crore Corrugated Packaging is a rapidly growing segment in the Indian Paper & Packaging industry driven by growth in end-use industries such as Food & Beverage, FMCG, etc.

Lokesh Machines has entered into a Memorandum of Understanding (MoU) with Advanced Manufacturing Technology Development Centre, IIT Madras (AMTDC) and the confirmation letter for the same has been received by the Company on November 21, 2022. The MoU is to develop critical technologies like Rotary Drive unit for Milling Head and Integrated Milling Spindle which will replace critical imported technologies required for the development of 5-axis machine tools and also to work on building a thermally stable machine tool structure and other machine tool elements which will ensure a thermally efficient high precision machine.

Larsen & Toubro (L&T) has hired more than 3,000 fresh engineering trainees in the current financial year (FY23). The onboarding of over 3,000 graduate and postgraduate engineering trainees in the ongoing fiscal marks a more than three-fold rise as against 1,067 trainees last fiscal.

Reliance Industries’ (RIL) telecom arm -- Reliance Jio Infocomm (Jio) has received National Company Law Tribunal’s (NCLT) approval to acquire Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets.  On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.

Deepak Fertilisers and Petrochemicals Corporation (DFPCL) has signed a long-term binding contract with Aarti Industries (AIL) for offtake and supply of Nitric Acid, valued at over Rs 8,000 crore. The agreement is expected to be executed before the close of this calendar year. The supply arrangement will come into effect from April 1, 2023.