Praj Industrieshas received board approval to form a 50:50 joint venture with Indian Oil Corporation for biofuel production facilities and marketing of CBG, ethanol, SAF and other co-products. Both companies will infuse Rs 50 lakh each in the joint venture. The company reported a consolidated profit of Rs 88.1 crore for the quarter ended March FY23, growing 53 per cent over the year-ago period, while revenue from operations grew by 21 per cent to Rs 1,004 crore, compared to the same period last year.
Reliance Consumer Products, the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures (a subsidiary of Reliance Industries), has completed the acquisition of a 51 per cent controlling stake in Lotus Chocolates for Rs 74 crore, and subscribed to non-cumulative redeemable preference shares of the company for Rs 25 crore. Reliance Consumer Products has also completed the acquisition of equity shares pursuant to the open offer and has taken sole control of Lotus with effect from May 24.
Page Industries: The exclusive licensee of Jockey International Inc (USA) has appointed Deepanjan Bandyopadhyay as Chief Financial Office) from June 1, after current CFO Chandrasekar K retiring due to his superannuation with effect from May 31.
Religare Finvest subsidiary of Religare Enterprises, has received the no-dues certificates (NDC) from all 16 secured OTS (one-time settlement) lenders against their total outstanding dues including dues toward their unsecured exposure. In March, Religare Finvest completed the entire OTS payment of Rs 2,178 crore to all 16 secured OTS lenders. Accordingly, the OTS stands completed.
The board of Max India has given approval for an infusion of Rs 294 crore in its wholly owned subsidiary companies – Rs 177 crore for Antara Senior Living, and Rs 117 crore for Antara Assisted Care Services – to meet their funding/business expansion requirements.
Results calendar: ABC India, Aditya Spinners, Alphageo, Ambica Cotton, Astra Microwave Products, Avalon Technologies, Batliboi, BEML, BHEL, BL Kashyap and Sons, Chambal Fertilisers & Chemicals, City Union Bank, Easy Trip Planners, Edelweiss Financial Services, Finolex Cables, Engineers India, Gateway Distriparks, Grasim Industries, HUDCO, Indigo Paints, Inox Wind, Karnataka Bank, Kanoria Chemicals, MOIL, Oil and Natural Gas Corporation, Mahindra & Mahindra, Info Edge (India), NCC, PNC Infratech, Shree Renuka Sugars, Samvardhana Motherson International, Sundram Brake Linings, Sun Pharmaceutical Industries, Sunteck Realty and Wockhardt.