JK Paper, ITI and Vedanta to see some action today

JK Paper has received approval for acquisition of balance 15% equity shares of its subsidiary companies Horizon Packs (HPPL) and Securipax Packaging (SPPL). Post this acquisition, HPPL and SPPL will become wholly owned subsidiaries of the Company. The said acquisitions are in synergy with the growing packaging sector and corrugated packaging business of the company's subsidiaries. The Board of Directors of the company at its meeting held on May 16, 2024, has approved the same. 

ITI has received letter of intents (LoIs) worth Rs 37.5 crore from Bihar Renewable Energy Development Authority (BREDA) for installation of Solar Street light Systems. Out of the total, the company’s Naini Unit has received LoI for Design, Supply, Installation, Testing, and Commissioning with Comprehensive Maintenance Contract (CMC for 5 years) including Remote Monitoring System (RMS) of 2800 numbers of Solar Streetlight Systems from DPRO Katihar amounting to Rs 8.58 crore under Mukhyamantri Gramin Solar Street Light Yojana.

Vedanta has received approval for investment in Vedanta Copper International VCI Company (VCI) for setting up of Continuous Cast Copper Rod Plant -- in Kingdom of Saudi Arabia (KSA).  VCI is in the process of establishing a state-of-the-art copper rod manufacturing facility with a projected capacity of 125 KTPA in KSA, which will enable the Company to explore more growth opportunities in new geographies. Post the investment, VCI shall become a direct wholly owned subsidiary of the Company.

Infosys has entered into five-year strategic collaboration with Colt Technology Services (Colt) the digital infrastructure company. Through this engagement, enterprises will stand to benefit from Colt’s award-winning SD WAN, SASE and Network-as-a-Service solutions combined with Infosys’ market-leading expertise in digital transformation offerings. 

Larsen & Toubro’s (L&T) wholly-owned arm -- L&T Valves has set up a new manufacturing facility - L&T Valves Arabia Manufacturing LLC - in Saudi Arabia. The facility will catapult the manufacturing capability of the region, providing a unique opportunity to progressively address the growing requirements in the Middle East and Africa.

L&T Finance is aiming at a 25-per cent compound annual growth rate (CAGR) over the next few years, with focus on consolidating its retail lending business. The financial services arm of Larsen & Toubro plans to completely exit the wholesale segment by 2026, transforming itself into a 100 per cent retail non-banking financial company (NBFC) from nearly 94 per cent at present. The company's new offering - 'Complete Home Loan' - signifies a fresh impetus to its mortgage business. The lender also expects this product to surpass microfinance in terms of book size in the near future.

Reliance Industries' arm, Reliance Retail, has inked a pact with ASOS, a UK-based online fashion retailer, to boost its presence in India's retail market. This exclusive agreement across online and offline channels highlights Reliance's commitment to offering diverse retail experiences to Indian consumers.