RIL said it has signed a definitive agreement with BP relating to the formation of new Indian fuels and mobility joint venture. This follows the initial heads of agreement signed in August this year. The venture is expected to be formed during the first half of 2020. The new venture will include an India-wide fuels retail service station network and aviation fuel marketing business.
Indiavidual Learning Private Limited, a subsidiary of RIL has acquired equity shares of eDreams Edusoft Private Limited (Funtoot) for a cash consideration of Rs 71.64 crore representing 90.5% holding in the equity share capital of Funtoot.
Cipla said it has acquired the brand name and trademark rights for Vysov & Vysov M (Vildagliptin + Metformin) of the anti-diabetic drug, Vildagliptin for the Indian market. The company has been co-marketing Vildagliptin in agreement with Novartis under brand names Vysov & Vysov M and has witnessed a strong uptake for the product in India for the last couple of years.
Shriram Transport Finance said S&P Global Ratings has revised the outlook to 'Negative' on Weaker Economic Conditions from 'Stable'. According to S&P Global Ratings weaker economic activity is likely to affect commercial vehicle utilization in India. The negative outlook reflects a one-in-three chance that it will lower the rating within the next 12 months or so.
NIIT Technologies said the meeting of board of directors of the company will be held on Monday, December 23, 2019, to consider the proposal for Buy-Back of the fully Paid-up Equity Shares of the company.
IRB Infrastructure Developers said Share Transfer Committee of the board of directors of the company at their meeting held on 16 December 2019, has approved the allotment of Secured, Redeemable, Unlisted Non-Convertible Debentures (NCD) amounting to Rs 1,400 crore on a private placement basis. NCDs will bear current interest rate of 11.75% per annum; 50% of this issue has been subscribed by GIC affiliate and balance 50% by IRB's subsidiary-limiting net external borrowings to Rs 700 crore.
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