Reliance Industries, Dr. Reddy's and Tata Motors to see some action today

Reliance Industries’ wholly owned subsidiary -- Reliance Strategic Business Ventures (RSBVL) has acquired 2,28,42,654 equity shares of Rs 10 each of Strand Life Sciences for a cash consideration of Rs 393 crore only. A further investment of up to Rs 160 crore is expected to be completed by March, 2023. The total investment will translate into 80.3% of equity share capital in Strand on a fully diluted basis. The said investment is part of group's digital health initiatives, to foster affordable access to world class technology and innovation led healthcare ecosystem in India.

Dr. Reddy's Laboratories has entered into a definitive agreement with Citius Pharmaceuticals, Inc. (Citius) pursuant to which it sold all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets. Under the terms of agreement, Dr. Reddy's will receive $40 million upfront upon the closing of the transaction, followed by approval milestone payment of up to $40 million related to the CTCL (cutaneous T-cell lymphoma) indication approval and up to $70 million for additional indication approvals.

Corresponding to its retail acceleration strategy, Tata Motors has inaugurated 70 new sales outlets across Southern India in a single day. Spread across 53 cities, these outlets have been strategically mapped to key emerging markets of the Southern region. These modern showrooms will be home to the company’s ‘New Forever’ range of passenger vehicles, including its electric vehicles portfolio.

HealthCare Global Enterprises (HCG) has acquired oncology hospital labs and clinical trials business from Strand Lifesciences as well as simultaneous the company divested its 38.5% stake (on paid-up capital basis and 34.5% on fully diluted basis) in Strand to Reliance Industries group company.

Jindal Steel & Power (JSPL) has received approval from shareholders to sell 96.42 per cent stake in its arm Jindal Power (JPL) for Rs 7,401 crore to its promoters owned firm Worldone. Out of total consideration, Rs 3,015 crore will be payable by cash, and the balance Rs 4,386 crore (approximately) will be by way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances paid by JPL to JSPL.

Engineers India has bagged order from Chennai Petroleum Corporation (CPCL) for execution of EPCM-1 with MPMC & EPCM-3 Services for 9 MMTPA Cauvery Basin Refinery (CBR) Project at Nagapattinam, Tamilnadu. The total awarded order value is Rs 1039 crore with a total project schedule of 42 months for Mechanical Completion.

LIC Housing Finance’s parent organization -- Life Insurance Corporation (LIC) has picked up nearly 4 per cent equity shares of Bank of India through an open market transaction a day earlier. Before the latest acquisition of shares in the bank, LIC held over a 3.17 per cent stake in Bank of India. LIC's stake in Bank of India has now increased to 7.05 per cent, equivalent to 28,92,87,324 shares.