Adani Enterprises, Lupin and Infosys to see some action today

Adani Enterprises’ (AEL) wholly-owned subsidiary --Adani Road Transport (ARTL) will acquire a 49 per cent stake in Maharashtra Border Check Post Network, with an option to acquire additional stake subject to regulatory approval. The acquisition is at an enterprise value of Rs 1,680 crore implying an attractive EBITDA multiple of 7x.

Lupin has received tentative approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Brivaracetam Tablets, 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, to market a generic equivalent of Briviact Tablets, 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, of UCB Inc. This product will be manufactured at Lupin’s Nagpur facility in India. Brivaracetam Tablets are indicated for the treatment of partial-onset seizures in patients four years of age and older.

Infosys has agreed with TidalScale Inc, leading software-defined-server technology startup, to invest an additional sum of $0.45 million (till date, the company had invested $3 million), taking the cumulative investment to $3.45 million as of date), subject to necessary closing conditions. The investment is intended to be utilised for R&D, business development and working capital needs.

Sadbhav Infrastructure Project (SIPL) and Adani Road Transport (ARTL) have executed Share Purchase Agreement (SPA) on August 16, 2021, for sale of its equity shares of Maharashtra Border Check Post Network a wholly owned subsidiary of the Company or a Special Purpose Vehicle of the Company (SPV)(including that held by nominees), out of which 49% shares will be acquired initially by ARTL along with an option to purchase additional stake, in one or more tranches, subject to inter alia the satisfaction of the relevant conditions precedent and receipt of requisite regulatory approvals/consents. The Transaction has an Enterprise Value of Rs 1,680 crore.

Consortium of Olectra Greentech and Evey Trans (EVEY) have received Letter of Award (LOA) from one of the State Transport Authorities for 50 Electric Buses under FAME-I1 scheme of Government of India.  This order for supply of 50 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis for a period of 10 years (Contract Period). Value of this Contract is approximately Rs 70 crore to the Company.

Roto Pumps has received approval from board of directors for further investment upto Euro 500,000 as a further share capital in Roto Pumpen Gmbh, a wholly owned subsidiary in Germany. The board also approved investment upto Rs 445.00 lakh as a further Share capital in Roto Energy Systems, a wholly owned subsidiary in India in one or more tranches from time to time.

Gravita India has increased capacity of its existing recycling unit situated at Chittoor, Andhra Pradesh. The existing capacity of said unit of lead recycling has been increased by 10,200 MTPA and as on date the total capacity of this unit for lead recycling is 38,200 MTPA. The production from said plant will cater the needs of domestic as well as international customers.