State Bank Of India

Bharat Forge through its E -Mobility subsidiary, Kalyani Powertrain, has inaugurated its first E-bike manufacturing facility at MIDC Chakan on March 8, 2023. The facility has a production capacity of 60,000 units per annum and scalable to 100,000 units per annum, will undertake assembly of E-bikes for Tork Motors, 64.29% owned by Kalyani Powertrain.

Shiseido Asia Pacific has signed a strategic distribution partnership agreement with Global SS Beauty Brands, a subsidiary of India’s leading premium fashion and beauty destination, Shoppers Stop, to expand its brand footprint in India. Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics (NARS, headquartered in New York), in second half of 2023 in key cities in India.

Vaibhav Global’s (VGL) German subsidiary -- Shop LC GMBH has expanded its presence in Germany by partnering with Vodafone Germany on its nation-wide cable network.  With this arrangement, Shop LC added around 13 million additional households in Germany. Launched in July 2021, Shop LC was airing across cable and satellite TV networks and serving around 25 million households in Germany and additional around 2 million households in Austria. With this move, Shop LC’s teleshopping network will now be present in around 90% of total households in Germany (around 38 million).

Allcargo Logistics has received an approval from the board to acquire 38.87% stake from its partner in the contract logistics business at an enterprise value of Rs 373 crore. With the acquisition, Allcargo Logistics will take its stake to 100% in the contract logistics business. The acquisition reflects the group's vision for robust growth by creating an effective synergy between contract logistics and express distribution.

Ramkrishna Forgings has incorporated wholly owned subsidiary company in the name of ‘RKFL Engineering Industry’ on March 6, 2023. The wholly owned subsidiary company has been incorporated to implement the resolution plan under Corporate Insolvency Resolution Process (CIRP) for JMT Auto.

Indian Oil Corporation (IOC) is planning to develop its existing refinery in West Bengal's Haldia into a petrochemicals complex for ‘sustaining operations profitably’. IOC has sought land from Hindustan Fertilizer Corporation (HFC), whose factory is lying defunct, for developing the petrochemicals complex.

State Bank of India (SBI), has raised Rs. 3,717 crore through its third Basel III compliant Additional Tier 1 bond issuance in the current financial year at coupon rate of 8.25 per cent. The proceeds of bonds will be utilized in augmenting Additional Tier 1 Capital and overall capital base of the Bank and for strengthening capital adequacy in accordance with RBI Guidelines. The tenor of these bonds is perpetual with a call option after 10 years and every anniversary thereafter.