SBI Cards partners with Paytm to tokenise cards
SBI Cards & Payment Services Ltd has partnered with One97 Communications to enable cardholders to tokenise their cards on devices and make payments through Paytm. Tokenisation refers to masking the original card number by replacing it with a set of unique characters (termed as tokens) that secure the customer’s card details when a transaction is under process. The card tokenisation facility will be available only on Android NFC (near field communication) devices.
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RBL Bank gets RBI approval to appoint Rajeev Ahuja as interim MD, CEO
The Reserve Bank of India (RBI) has approved the appointment of Rajeev Ahuja as the interim MD and CEO of RBL Bank for three months or till there is a regular appointment. In a sudden turn of events, the board of RBL Bank had sent the then Managing Director and Chief Executive Officer Vishwavir Ahuja on leave last Saturday. It also elevated Rajeev Ahuja as the interim MD and CEO to take care of the day-to-day operations of the bank. To learn more about the events that unfolded at RBL Bank, click here.
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NTPC’s arm to float global tender to set up 3GW RE project by February
NTPC Renewable Energy Ltd (NREL) will float a global engineering procurement and construction tender to set up a 3 gigawatts (GW) renewable energy project with a battery storage system. This project entails an investment of about Rs 15,000 crore. NREL, a wholly-owned subsidiary of NTPC Ltd, currently has a renewable project portfolio of 3,850 GW.
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Kalpataru Power secures order worth Rs 1,560 crore
Kalpataru Power Transmission Ltd (KTPL) has secured new orders worth Rs 1,560 crore from India, Africa, CIS, and South America. The company’s international subsidiary has also secured new power transmission projects in Europe. KTPL provides engineering, procurement, and construction (EPC) services relating to power transmission & distribution, civil construction, railway track laying & electrification in India and internationally.
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Firstsource Solutions acquires American Recovery Services
Firstsource Solutions Ltd (FSL) has entered into an agreement to acquire American Recovery Services, Inc., a legal collections network based in Southern California. The acquisition enhances FSL’s leadership in consumer debt management services by adding legal stage collections capabilities. The cost of the acquisition is $53 million (~Rs 394 crore), including earnouts done through cash consideration.
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Granules India gets USFDA approval for Amphetamine Mixed Salts tablets
Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Amphetamine mixed salts tablets. The drug is used to treat attention deficit hyperactivity disorder (ADHD) and narcolepsy (a chronic sleeping disorder). As per IQVIA data, the current annual US market for Amphetamine Mixed Salts immediate release tablets is approximately $335 million (~Rs 2,490 crore).
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Cars24 partners with Bajaj Finance to provide seamless financing for used car buyers
CARS24 has partnered with Bajaj Finance Ltd to provide used car financing and facilitate a streamlined shopping experience for consumers. This mutually beneficial partnership is expected to increase penetration in the used cars industry. It will also enable consumers to further enjoy CARS24’s hassle-free customer experience with the financial solutions of Bajaj Finance.
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Manappuram Finance raises Rs 250 crore via bonds
Manappuram Finance Ltd has raised Rs 250 crore by issuing bonds, and the amount will be utilised to repay its debt and shore up capital resources. The company’s board has approved the allotment of secured, rated, listed, redeemable, non-convertible debentures for an amount of Rs 250 crore on a private placement basis. The bonds will be listed on BSE and hold an interest rate of 6.95% per annum. It will mature on December 30, 2024.
Nitin Spinners’ board approves capex plan of Rs 950 crore
The Board of Directors of Nitin Spinners Ltd (NSL) has approved a capital expenditure (capex) of Rs 950 crore for an expansion project. The company’s capacity addition is proposed to meet increasing demand, widen its product portfolio, and bring competitive cost advantage by having economies of scale. As part of the expansion plan, NSL will add 1.51 lakh equivalent spindles. The textile manufacturer currently has 3.32 lakh spindles (used for spinning wool and other fibers into thread).
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CCI approves acquisition of 96% stake in JPL by Worldone
The Competition Commission of India (CCI) has approved the acquisition of over 96% stake in Jindal Power Ltd (JPL) by Delhi-based Worldone Pvt Ltd. In July 2021, Jindal Steel & Power Ltd (JSPL) had received a Rs 7,401-crore revised offer from Worldone to acquire a 96.42% stake in Jindal Power Ltd (JPL). Worldone Pvt Ltd is a private company owned by the Promoter Group of JSPL. It manages and holds investments across various listed and unlisted companies.
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