Jubilant Foodworks to acquire stake in master franchisee of Domino’s Pizza in 4 countries
Jubilant Foodworks Ltd will acquire Fides Food Systems Coöperatief U.A., Netherlands—the beneficial owner of 32.81% of equity shares in DP Eurasia—in an all-cash deal amounting to nearly £24.8 million (~Rs 252 crore). The stake will be acquired through its subsidiary, Jubilant Foodworks Netherlands B.V. DP Eurasia is the master franchisee of Domino’s Pizza in four countries- Turkey, Russia, Azerbaijan, and Georgia.
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Marico launches instant noodles under Saffola brand
Marico Limited has announced its entry into the instant noodles segment with the launch of ‘Saffola Oodles’. With this launch, the FMCG major said it is looking to strengthen its presence in the healthy, ready-to-cook snacking category under the Saffola brand. Saffola Oodles will be launched through e-commerce channels and will be available on Saffola Stores, Amazon, BigBasket, and Flipkart.
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Muthoot Finance plans to raise Rs 6,000 crore through bonds
Muthoot Finance said its board has approved a proposal to raise up to Rs 6,000 crore by issuing non-convertible debentures (NCDs). The funds would be raised through a private placement of redeemable NCDs, which will be issued in one or more tranches.
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Dr Reddy’s initiates process for emergency use approval of Sputnik V vaccine in India
Dr Reddy’s Laboratories has initiated the process with the Drugs Controller General of India (DCGI) for emergency use authorisation of Sputnik V vaccine in India. The pharma company will present the safety profile of Phase-2 study and interim data of Phase-3 study, which is expected to be completed by February 21. Sputnik V has demonstrated an efficacy rate of 91.6% in an interim analysis of Phase-3 clinical trials conducted in Russia.
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Ashok Leyland commences production of buses at new plant in Vijayawada
Ashok Leyland has started the commercial production of buses at its new plant, located in Vijayawada, Andhra Pradesh. The production facility has the capacity to manufacture 4,800 buses every year. The new plant is a complete green facility, with rooftop solar panels and battery-operated vehicles for in-plant movement.
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Board of Savita Oil Technologies approves buyback plan
The Board of Directors of Savita Oil Technologies Ltd has approved the buyback of up to 2.51 lakh fully paid-up equity shares (of the face value of Rs 10 each) at Rs 1,400 per share. The total buyback size is Rs 35.14 crore. Savita Oil Technologies is a leading petroleum specialities company based in Mumbai.
Aurobindo Pharma gets USFDA approval for generic Droxidopa capsules
Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Droxidopa capsules. The capsules are indicated for the treatment of orthostatic dizziness and lightheadedness in patients with symptomatic neurogenic orthostatic hypotension (low blood pressure). According to IQVIA data, the approved product has an estimated market size of $352 million (~Rs 2,552 crore) for the twelve months ended December 2020.
Pharma companies Lupin and Zydus Cadila have also received final approval from the USFDA for marketing Droxidopa capsules.
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Steel Strips Wheels receives orders worth €53,000 from Europe
Steel Strips Wheels Ltd (SSWL) has received export orders worth over €53,000 (~ Rs 46.62 lakh) from Europe. This includes an order of nearly 5,000 wheels for the EU Caravan market. The orders will be executed in April 2021 from the company’s plant in Chennai. SSWL is a leading manufacturer of steel wheel rims for various segments of the automobile industry.
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V-Guard Industries promoter sells shares worth Rs 90 crore to fund social cause
Kochouseph Chittilappilly, the promoter and ex-chairman of V-Guard Industries, has sold 40 lakh shares in the company worth Rs 90 crore to fund social causes. He has raised funds for a signature project under K Chittilappilly Foundation (KCF), which aims to assist entrepreneurs who face shortage of funds to scale up their businesses.
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