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FMCG firm Adani Wilmar Ltd on Tuesday announced the acquisition of GD Foods Manufacturing, which sells food products under the Tops brand. Adani Wilmar sells edible oils and other food products under the Fortune brand. In a regulatory filing, the company informed that it has signed a definitive agreement to acquire G D Foods Manufacturing (India) Private Limited. The acquisition will be executed in multiple tranches, with 80 per cent of the shares to be acquired in the first tranche and the remaining 20 per cent over the next three years. In FY24, GD Foods achieved a revenue of Rs 386 crore, growing at a three-year CAGR of 15 per cent, and recorded an EBITDA of Rs 32 crore. Adani Wilmar said this acquisition offers a strategic advantage by expanding its portfolio with a broad range of value-added food products. Founded in 1984, GD Foods' owned brand "Tops" has built a strong reputation as a household brand in North India over the last 40 years, offering high-quality products in .
Getty Images is buying Shutterstock to create a $3.7 billion visual content company. The merger comes at a time when companies that use still images are facing increased competition from images generated by artificial intelligence. The companies said Tuesday that they have complementary portfolios and that a merger will provide customers with a broader array still imagery, video, music, 3D and other media. With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together," Getty Images CEO Craig Peters said in a prepared statement. Peters will serve as CEO of the combined business. We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs, Shutterstock CEO Paul Hennessy said. Getty Images shareholders will own about 54.7% of the combined company at closing and Shutterstock stockholders will own approximatel
Billionaire Mukesh Ambani's Reliance Industries has acquired technology-driven and oncology-focused healthcare platform Karkinos for Rs 375 crore, the firm said on Saturday. Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Mumbai-listed India's most valuable company, completed the acquisition of Karkinos Healthcare Pvt Ltd with allotment of requisite shares, the firm said in a stock exchange filing. Karkinos was incorporated in India on July 24, 2020, and is in the business of providing technology-driven innovative solutions for the early detection, diagnosis, and management of cancer. It had a turnover of about Rs 22 crore in the 2022-23 fiscal. "Reliance Strategic Business Ventures Ltd has on December 27, 2024, subscribed to and has been allotted 1 crore equity shares of Rs 10 each, for cash, aggregating Rs 10 crore and 36.5 crore optionally fully convertible debentures of Rs 10 each, for cash, aggregating Rs 365 crore of Karkinos," according to the ...
More than 140 systems have been integrated and 2.7 lakh reservations made by Vistara passengers have been moved to the Air India system, ahead of the two airlines' merger next month. Air India's Chief Digital & Technology Officer Satya Ramaswamy on Tuesday said significant efforts are being made to comprehensively address Vistara customers' experience across all digital systems post-merger. At a select media briefing, he also said that 2.7 lakh reservations made by Vistara passengers have been moved to Air India, and more than 140 systems have been integrated. Among others, more than 4.5 million loyalty members of Vistara have already migrated to the Air India system. "On the technology side, the Air India systems are at a different level... that is the system the customers will use. The Vistara experience in other areas like aircraft and services will be the same... we will take the best from both airlines," Ramaswamy said. Last week, Air India said Vistara routes and schedule as
The National Company Law Tribunal (NCLT) has allowed withdrawal of its order approving the merger of Zee Entertainment and Sony Pictures Networks India and recalled its earlier order passed in this regard. The Mumbai bench of the NCLT had last week recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks India. The bench observed the parties have "mutually consented" to withdraw the scheme on account of the settlement agreement and the board of directors has passed the resolutions to withdraw the scheme of amalgamation. "Accordingly, this Bench allows the withdrawal of the Scheme of Amalgamation and hereby recalls order dated 10.08.2023 in C.P.(CAA) No. 209 of 2022," said NCLT order, a copy of which was shared to bourses by Zee on Thursday. Zee, which applied for withdrawal, submitted the Composite Scheme of the Merger Cooperation Agreement executed to give effect to this scheme stands terminated and accordin