Va Tech Wabag, Wipro and Dr. Reddy's to see some action today

Va Tech Wabag has secured an order worth around Rs 850 million from Nama Water Services in the Sultanate of Oman towards Operation & Maintenance (O&M) of the Al Duqm Desalination Plant for a period of 5 years. WABAG constructed this 8 MLD Desalination Plant over 10 years back and was responsible for the O&M of the Plant until 2018. This long term O&M order which has been won against international competition entails O&M of the Plant, the sea water intake and outfall systems.

Wipro has collaborated with the Centre for Brain Research (CBR), an autonomous, non-profit research organization, hosted at the Indian Institute of Science (IISc). This partnership will focus on harnessing the power of artificial intelligence (AI), machine learning (ML), and big data analytics to develop new technologies that will provide precision support towards the prevention and management of long-term health disorders.

Dr. Reddy's Laboratories’ step down wholly owned subsidiary -- Dr. Reddy's Laboratories LLC, Russia (DRL LLC), has entered into a distribution agreement with Novartis Pharma LLC (Novartis Pharma) to sale and distribute the anti-diabetes products - Galvus and Galvus Met - leading brands among Dipeptidyl Peptidase-4 (DPP4) molecules having combined sales of around Rs 253 crore (around $30 million) as per IQVIA Moving Annual Total (MAT) March 2024, retail market, in Russia.

Asian Paints’ wholly-owned subsidiary--Asian Paints International (APIPL), Singapore, has entered into a Share Purchase Agreement with certain minority shareholders of SCIB Chemicals S.A.E., Egypt (SCIB), a subsidiary of APIPL and SCIB for the acquisition of 24.3% of the share capital of SCIB for a consideration of $4.13 million (around Rs 34.42 crore) on May 26, 2024.

Lumax Auto Technologies has received approval for investment of up to Rs 5 crore in Lumax FAE Technologies, a subsidiary of the company in the form of Equity/Debt/Optionally Convertible Redeemable Debentures (OCRDs) or Loan. The company also received approval for investment of Rs 0.475 crore to acquire upto 49% stake in the Equity Share Capital of Clean Max Magnus (the Special Purpose Vehicle ‘SPV’) for being qualified as Captive User in terms of the provisions of Electricity Act, 2003 and Electricity Rules, 2005, for the solar energy to be generated by the power plant of the SPV for Manesar (Haryana) Plant of the Company. The said acquisition is expected to be completed in around 2 months. 

Praveg has received approval for execution of the Share Purchase and Share Subscription agreement with the existing shareholders of Abhik Advertising (Abhik) and Bidhan Advertising and Marketing (Bidhan) for the acquisition of 51% stake, in one or more tranches, by way of purchase of equity shares from its existing shareholders of Abhik and issuance of Preferential Equity Shares of Abhik and Bidhan, on a fully diluted basis (Transaction). Pursuant to the said acquisition of equity shares, Abhik and Bidhan will become subsidiaries of the Company. 

Lakshmi Machine Works has received in-principal approval for incorporation of a Wholly Owned Subsidiary company in the United Arab Emirates for an investment amount not exceeding $25 million. The name of the subsidiary and the actual amount to be invested in the proposed wholly owned subsidiary will be determined in due course subject to the aforementioned limit.