NIBE, REC and MPS to see some action today

NIBE has signed definitive agreement on August 29, 2023, to acquire the 51% stake in Karmayogi Manufacturing (Karmayogi). Pursuant to aforesaid agreement, the Company has acquired 51% stake in Karmayogi on August 29, 2023, resulting in Karmayogi becoming its subsidiary company in terms of section 2(87) of the Companies Act, 2013. 

REC has received an approval for the sale and transfer of the entire shareholding of Beawar Transmission, presently held by REC Power Development and Consultancy (RECPDCL), wholly owned subsidiary of REC, to M/s Sterlite Grid 27, the successful bidder selected through Tariff Based Competitive Bidding process. The Board of Directors of the company in its meeting held on August 29, 2023, has approved the same.

MPS Interactive Systems (MPSi), one of the wholly-owned subsidiaries of MPS, has agreed to acquire 65% of the issued and paid-up share capital of each of Liberate Learning (Australia), Liberate eLearning (Australia), App-eLearn (Australia), and Liberate Learning (New Zealand) (Liberate Group) and has executed a Share Purchase Agreement (SPA) dated August 29, 2023, for consideration of AUD 9.32 million. The consideration is payable as per the terms of SPA and other transaction documents. 

Ugro Capital has raised Rs 40 crore through the allotment of 800 Commercial Papers (CPs) of face value Rs 5,00,000 each, at a discounted rate of 9.90% p.a. The aforesaid Commercial Papers will be listed on BSE. The Investment and Borrowing Committee of the Board of Directors of the Company (Committee), on August 29, 2023 has made an allotment of the same. 

Shish Industries has received approval for incorporation of wholly owned subsidiary of the company namely Varni Wood & Paper Packaging (VARNI). The VARNI is being incorporated to acquire 100% Business through Takeover of Sole Proprietorship Entity -Varni Packaging. VARNI will leverage the growth opportunities in the business of Wood and Paper Packaging Products and thereby the company will hold Wood and Paper Packaging Products in its portfolio as well apart from plastic packaging products. 

HCLTech has announced an exclusive preferred professional services agreement with Cloud Software Group, to help implement, upgrade, modernize and provide services for all TIBCO products for enterprise customers across the globe. This partnership will help drive better value for end customers leveraging TIBCO products to further accelerate their data-driven digital transformation.

Mumbai Metro One Private (MMOPL), a joint venture of Reliance Infrastructure with Mumbai Metropolitan Regional Development Authority (MMRDA) (where the Company holds 74% and MMRDA holds 26%), operating the Metro Line between Versova - Andheri - Ghatkopar Corridor in Mumbai, is in receipt of the Arbitral Award in the matter of arbitration between MMOPL and MMRDA for various disputes. Award 1 is in favour of MMOPL for Rs 992 crore & Award 2 is against MMOPL for Rs 103 crore including interest till date.