Larsen & Toubro, Brooks Laboratories and Paras Defence to see some action today

Larsen & Toubro (L&T) has commissioned a new green hydrogen plant at Hazira in Gujarat. The development comes five months after the company inked a joint venture with Indian Oil Corporation (IOC) and ReNew Power for the production of green hydrogen. L&T and IOC had also inked a separate joint venture for the production of electrolysers.

Brooks Steriscience, (BSL) subsidiary of Brooks Laboratories has received approval for Meropenem Injection 500mg per vial and 1gram per vial (the product) from the United States Food & Drug Administration (USFDA). The product is generic equivalent to the Merrem Injection of Pfizer Inc. This approval from USFDA marks Brooks' foray into the US, which is the largest generic market in the World. Brooks manufactures its carbapenem range of injectables at its dedicated facility at Vadodara, India. The facility is approved by several regulatory agencies, including the European Union, and is equipped to produce a wide range of products meeting global quality standards.

The Board of Directors of Paras Defence and Space Technologies at their meeting held on August 20, 2022 has approved investment by way of subscription to the equity shares in one or more tranches up to a sum of Rs 7 crore to be offered by Ayatti Innovative (hereinafter referred as 'AIPL') at a price to be determined in accordance with the relevant provision of Companies Act, 2013 and Income Tax Act, 1961. Pursuant to this acquisition, the Company shall be holding approximately 58% stake in the total equity share capital of AIPL, thus resulting AIPL to be the subsidiary company of the Company.

Gradiente Infotainment has commenced the production of web-series titled ‘Encounter with Fear', to be launched in the month of October. The cast comprises of well-known Bollywood stars and directed by renowned Director from Bollywood. This Album is expected to improve the top-line by about Rs 2.00-3.00 crore during the FY22-23 and bottom-line significantly.

RailTel Corporation of India has inked a Memorandum of Understanding (MoU) with DeenBandhu Chotu Ram University of Science and Technology (DCRUST) Murthal, Haryana. RailTeI will now provide ICT services to DCRUST.

JSW Steel has entered into a joint venture agreement (JVA) with National Steel Holding (NSHL) on August 18, 2022 for the purposes of establishing scrap shredding facilities in India using industry leading machinery, technical know-how and relevant processes in a suitable manner. This is in furtherance of the company’s endeavour to reduce its carbon footprint by setting a target of achieving 42% reduction in CO2 emissions intensity by FY 2030, from the base year of 2005.

Tejas Networks has acquired the remaining balance of 93,571 equity shares of Saankhya Labs at a price of Rs 454.19 per equity share amounting to consideration of Rs 4.25 crore through secondary purchase. With the said balance acquisition of equity shares, the company has acquired the entire 62,51,496 equity shares (as agreed in the Share Purchase Agreement with Saankhya dated March 30, 2022) at a price of Rs 454.19 per equity share amounting to consideration of Rs 283.94 crore, working out to 64.40% of the equity share capital of Saankhya, on a fully diluted basis.