Biocon, Cosmo Films and Intellect Design Arena to see some action today

Biocon Biologics (BBL), a subsidiary of Biocon and Serum Institute Life Sciences (SILS), a subsidiary of Serum Institute of India have entered into a strategic alliance. Under the terms of the agreement, BBL will offer approximately 15% stake to SILS, at a post-money valuation of $4.9 billion, for which it will get committed access to a 100 million doses of vaccines per annum for 15 years, primarily from SILS's upcoming vaccine facility in Pune with commercialization rights of the SILS vaccine portfolio (including COVID-19 vaccines) for global markets.

Cosmo Films has received approval from board of directors to setting up of new production line for BOPP (Biaxially Oriented Poly Propylene) Film at Aurangabad, Maharashtra with rated capacity of 67KL MT annually. This line will require investment of about Rs 350 crore to be funded through internal accruals and debts. This line is estimated to be commissioned by 2024-25. The Board of Directors of the Company at its meeting held on September 16, 2021 has approved the same.

Intellect Design Arena has signed a large multiple-year digital transformation destiny deal today with Resurs Bank, a Nordic bank with Market leadership in Sales Finance business in Sweden, Norway, Denmark and Finland. The bank has chosen Intellect to implement Intellect Digital Core (IDC) and iKredit360. The contract was signed in Helsingborg, Sweden and a press release has been sent by the Resurs bank to the Swedish press.

Mahindra and Mahindra’s subsidiary Erkunt Traktor Sanayi A.S. (Erkunt), will acquire the Agriculture Machinery business from Hisarlar Makina Sanayi ve Ticaret Anonim ?irketi (Hisarlar), also a subsidiary of the company. In a reverse deal, Mahindra Overseas Investment Company (Mauritius) (MOICML), a wholly owned subsidiary of the Company, and Erkunt have agreed to sell their entire stake of 94.3% in Hisarlar, for an aggregate consideration of Turkish Lira 6.6 million (equivalent to approx. Rs 5.6 crore).

SpiceJet is planning to start 38 new domestic and international flights during September 15-25. It has launched flights on the Delhi-Surat-Delhi, Bengaluru-Varanasi-Bengaluru, Mumbai-Jaipur-Mumbai, Mumbai-Jharsuguda-Mumbai, Chennai-Pune-Chennai, Chennai-Jaipur-Chennai and the Chennai-Varanasi-Chennai routes.

Action Construction Equipment has developed an indigenous Special Low Silhouette Knuckle Boom Crane for DRDO, Ministry of Defence (MoD). The Company has received a letter of Intent from Tata Advanced Systems for manufacturing and supply of the said cranes which have been integrated on TATA HMV 8X8 chassis. The said Knuckle Boom Cranes of the specified capacity are the first of its kind being developed by an Indian company using advanced technology.

Saregama India has received approval to raise funds through issue of securities by way of private placement or preferential issue or public issue or through any other permissible mode and/or combination thereof, including by way of qualified institutions placement, for an aggregate amount not exceeding Rs 750 crore, in accordance with applicable laws and subject to appropriate sanctions, permission and approvals including shareholders’ approval and statutory and regulatory approvals, as may be required.