The Department of Telecom on Friday approved the merger of the country's largest mobile tower company Indus Towers with Bharti Infratel. Bharti Infratel said its board will meet on February 24 to chart out the future course of action. The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas. The combined entity will be the largest tower company in the world outside China. (Image: REUTERS/Adnan Abidi)
GMR Infrastructure has sold 49 percent of its stake in the airport business to Groupe ADP to raise Rs 10,780 crore. GMR Infrastructure said that it will receive an amount of Rs 5,248 crore immediately from Paris-based Groupe ADP. "This money will help deleverage the Group further and result in improved cash flows and profitability," GMR said in a regulatory filing on Thursday.
Axis Bank, Max Financial Services and Max Life have signed exclusivity agreement to explore the possibility of Axis Bank entering into a long-term strategic partnership with Max Life.
Biocon said the USFDA has completed a pre-approval inspection of Biocon Sdn. Bhd's Insulins manufacturing facility based in Malaysia and issued a Form 483 with 3 observations, which it believes are procedural in nature. “We will respond to the FDA with an appropriate Corrective and Preventive Action Plan (CAPA) and are confident of addressing these observations expeditiously,” the company said.
Aurobindo Pharma said that the USFDA inspection at its Unit IV is still open and under review. The drug regulator has also rescinded the Voluntary Action Initiated (VAl) status given to the facility, it said.
Dilip Buildcon on Saturday said it has executed an EPC agreement for construction of a new greenfield airport at Rajkot in Gujarat. The project cost is Rs 570.06 crore and completion period is 30 months.
Dr Reddy’s Laboratory said it has received the Establishment Inspection Report (EIR) from the USFDA, for its formulations manufacturing plant at Duvvada, Visakhapatnam, indicating closure of the audit. As intimated earlier the facility has been classified as V AI (Voluntary Action Indicated).
Senior officials of the telecom department and other key ministries met on Sunday to discuss urgent relief measures that can be extended to the telecom industry, reported PTI. The meeting, held at the Department of Telecom, lasted for over an hour and is said to have deliberated on options before the government to provide a much-needed lifeline to the AGR-hit industry.
Mahindra & Mahindra said its unit Mahindra Renewables (MRPL) has agreed to sell its 100% stake in subsidiaries Cleansolar Renewable Energy (CREPL), Divine Solren (DSPL) and Neo Solren (NSPL) to CLP India.
Agro-chemical firm UPL Ltd said its Mauritian subsidiary has raised $400 million (around Rs 2,840 crore) by issuing bonds. The proceeds would be used to repay the existing debt of UPL Corporation, it added.
PNB Housing Finance said Crisil has downgraded its long-term rating to CRISIL AA/Stable from AA+/Negative. The current downgrade is driven by lower than expected equity raise which will result in the correction in gearing metrics being lower than earlier envisaged.
Reliance Communications (RCom) said a meeting of the company's committee of creditors is scheduled to be held on Monday. "The 18th meeting of committee of creditors (CoC) of Reliance Communications Ltd is scheduled to be convened on Monday, February 24, 2020," RCom said in a regulatory filing. No other details were disclosed.