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Nirma Group’s Nuvoco Vistas to Acquire Vadraj Cement Through NCLT

Leave a Comment / By / Human Resource Community

Nuvoco Vistas Corp, a cement subsidiary of the Nirma Group, announced on Monday its successful bid to acquire Vadraj Cement through the corporate insolvency resolution process (CIRP). The acquisition is expected to bolster Nuvoco’s cement capacity by 20%, increasing it from 25 million tonnes per annum (MTPA) to 31 MTPA. The transaction, described by Nuvoco as a “value-buy,” includes Vadraj Cement’s existing infrastructure: a 3.5 MTPA clinker unit in Kutch, a 6 MTPA grinding unit in Surat, and significant limestone reserves. While these facilities are currently non-operational, Nuvoco plans to invest in a phased refurbishment over 15 months to resume production by Q3 FY27, subject to necessary approvals. The resolution plan has already been approved by Vadraj Cement’s committee of creditors, with a Letter of Intent (LoI) issued to Nuvoco. The acquisition will be executed by a wholly-owned subsidiary, without significantly increasing the company’s debt burden, according to Nuvoco. Nuvoco, promoted by Niyogi Enterprise of the Nirma Group, has grown significantly since its 2016 acquisition of Lafarge India’s assets in a $1.4 billion deal. In 2020, it acquired Emami Cement for ₹5,500 crore, further strengthening its position as India’s fifth-largest cement producer by capacity. Vadraj Cement, formerly ABG Cements, was admitted to the National Company Law Tribunal (NCLT) in 2024 due to financial distress, with admitted claims totaling ₹8,180.61 crore. The acquisition aligns with Nuvoco’s strategic growth plans, leveraging cost-effective refurbishment over greenfield expansions to drive efficiency and market competitiveness. Nuvoco expects this move to solidify its presence in the Indian cement market, with enhanced capacities in the East, North, and West regions, positioning it for sustained long-term growth.  

UK Set to Create 38,000 Jobs Following Record £63 Billion Investment

Leave a Comment / By / Governance Community
ArdorComm news

Nearly 38,000 jobs will be created across the UK following the announcement of a record-breaking £63 billion in investments around the International Investment Summit. This total more than doubles last year’s £29.5 billion commitment at the Global Investment Summit and will drive growth and innovation in key sectors like infrastructure and technology. Among today’s new announcements are investments from DP World, Associated British Ports (ABP), and Imperial College London, totalling over £1 billion. The UK’s stable governance has attracted tens of billions in new investments, reinforcing the government’s focus on delivering economic growth. These investments demonstrate global confidence in Britain as a prime investment destination, with a particular focus on areas such as artificial intelligence (AI), data centre expansion, and renewable energy. Tech Firms Invest £6.3 Billion in Data Centres Four major US-based tech firms have announced £6.3 billion investments in UK data centres, which are essential for enhancing AI capabilities. These data centres will power AI systems and store the vast amount of information generated, providing the infrastructure for future AI development and economic growth. Key Infrastructure Investments: ABP, Imperial College London ABP, the UK’s largest port operator, will invest over £200 million alongside Stena Line to develop a new freight ferry terminal at the Port of Immingham, creating around 900 jobs during construction and operation. Additionally, Imperial College London has announced a £150 million investment to expand its R&D campus in West London, contributing to the growing deep tech ecosystem and boosting job creation. Government’s Commitment to Economic Growth Business and Trade Secretary Jonathan Reynolds highlighted the UK’s leading position as an investment hub, stating: “The record-breaking investment total secured at today’s Summit marks a major vote of confidence in the UK and our stability dividend across industry and innovation.” Chancellor Rachel Reeves echoed this sentiment, emphasizing the impact of these investments on businesses across the UK, from large corporations to small enterprises, all contributing to job creation and economic prosperity. Other Major Investments Announced: Iberdrola: Doubling its UK investment to £24 billion, including £4 billion for the East Anglia 2 wind farm. Blackstone: £10 billion investment in Northumberland for Europe’s largest artificial data centre, creating 4,000 jobs. Amazon Web Services: £8 billion investment, supporting 14,000 jobs annually. CCUS Investors (Eni, BP, Equinor): Unlocking £8 billion for carbon capture clusters, creating 4,000 jobs. Orsted and Greenvolt: Offshore wind projects unlocking £8 billion (Orsted) and £2.5 billion (Greenvolt), creating thousands of jobs. These investments solidify the UK’s position as a global leader in innovation and economic growth, with the government’s Industrial Strategy providing further certainty for future global business ventures. Source : Gov.UK

Apollo 24/7 Secures Rs 2,475 Crore Investment and 12.1% Advent Stake in Mega Merger with Keimed

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Apollo HealthCo Limited, a subsidiary of Apollo Hospitals Enterprise Limited, has unveiled a major development with plans to raise Rs 2,475 crore ($339 million) in equity capital from Advent International, a prominent private equity investor. This strategic move is part of a merger initiative that will also integrate Keimed Private Limited, India’s leading wholesale pharmaceutical distributor, within the next two years. The merger deal entails Advent International acquiring a 12.1% stake in the merged entity, while Apollo HealthCo and Keimed will hold 59.2% and 25.7% stakes, respectively. The combined entity is valued at an impressive enterprise value of Rs 22,481 crores ($3 billion). Dr. Prathap C Reddy, Chairman of Apollo Hospitals Group, emphasized the mission to provide high-quality healthcare to all Indians at an affordable cost. He highlighted the significant outreach achieved by Apollo 24/7, which has positively impacted over 33 million Indians. Dr. Reddy expressed confidence that with Advent’s investment and the merger with Keimed, the combined entity will emerge as one of the leading retail health companies in India. The integration is poised to deliver substantial industry benefits and capitalize on potential business synergies. With a pan-India presence, the merged entity aims to become a frontrunner in the retail health sector. Shobana Kamineni, Executive Vice Chairperson of Apollo Hospitals, underscored the enhanced accessibility to genuine medicines for 1.4 billion Indians within 24 minutes to 24 hours, 7 days a week, facilitated by the merged supply chain. Suneeta Reddy, Managing Director of Apollo Hospitals, described the merger with Keimed as a pivotal step towards building a comprehensive supply chain. She outlined the revenue projections and emphasized the collaborative strengths that will drive exponential value for Apollo Hospitals and its shareholders. Advent International sees this partnership as an opportunity to invest in India’s rapidly growing healthcare sector and contribute creatively to value creation. The merger positions Keimed at an enterprise value of Rs 8,003 crores, with Keimed shareholders holding a maximum of 25.7% stake in the combined entity, while Apollo Hospitals remains the largest controlling shareholder with at least 59.2% stake. The merger is subject to further corporate approvals.  

Max Healthcare’s Ambitious Expansion Plans in Uttar Pradesh

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Blog on health

Max Healthcare Institute Ltd (MHIL), a prominent private hospital chain based in Delhi, has recently unveiled its ambitious plans to invest a staggering ₹2,500 crore in developing hospitals in Lucknow and bolstering its presence in Uttar Pradesh (UP). This strategic move underscores the company’s commitment to providing top-notch healthcare services and contributing to the state’s economic growth. The announcement, made by Abhay Soi, Chairman and Managing Director of Max Healthcare, highlights the company’s vision to actively participate in UP’s journey towards achieving a $1 trillion economy by 2027. With a keen focus on expansion and innovation, MHIL aims to play a pivotal role in the state’s healthcare landscape. A significant portion of the investment will be allocated towards the development of a new 500-bed hospital and the expansion of the recently-acquired Max Super Specialty Hospital in Lucknow. This expansion initiative is a testament to MHIL’s dedication to meeting the growing healthcare needs of the region and catering to a larger patient base. The acquisition of the 550-bed Sahara Hospital, now rebranded as Max Super Specialty Hospital, has significantly bolstered MHIL’s presence in UP. With approximately 700 beds in its arsenal post-acquisition, the company is poised to emerge as a key player in the state’s healthcare sector. Furthermore, MHIL’s investment plan includes doubling its overall capacity across its network of hospitals by adding a whopping 4,200 beds over the next four to five years. This ambitious endeavor underscores the company’s commitment to expanding access to quality healthcare services and addressing the escalating demand for medical facilities. In addition to creating a substantial number of employment opportunities, MHIL’s investments are set to usher in cutting-edge medical technologies and advancements. From robotics to radiation therapy in oncology, the company aims to introduce state-of-the-art medical equipment and procedures, ensuring that patients receive the highest standard of care. Max Healthcare’s expansion in UP is not merely about infrastructure development; it is also about enhancing medical education and research. The company’s investment will provide a significant boost to nursing education and facilitate the adoption of advanced medical practices. With these strategic investments, Max Healthcare is poised to become the largest private healthcare provider in Uttar Pradesh, with over 2,000 beds serving approximately 1.5 million people. The upgraded facilities, including the introduction of the Max Institute of Cancer Care and the expansion of organ transplantation programs, underscore the company’s commitment to delivering comprehensive and specialized healthcare services. Moreover, the planned enhancements to the Lucknow facility, such as the introduction of world-class robotic surgical systems and the strengthening of tertiary and quaternary care services, signal MHIL’s dedication to elevating healthcare standards in the region. In conclusion, Max Healthcare’s ambitious expansion plans in Uttar Pradesh represent a significant milestone in the company’s journey towards redefining healthcare delivery in the state. With a strong emphasis on innovation, accessibility, and quality, MHIL is poised to make a lasting impact on the healthcare landscape of Uttar Pradesh, setting new benchmarks for excellence in the industry.

RJ Corp Acquires Rs 379 Crore Worth of Global Health Shares in Open Market Transaction

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RJ Corp, led by Ravi Kant Jaipuria, has made a significant acquisition in the healthcare sector by purchasing 1.07% or 2.8 million shares of Delhi-based Global Health. The transaction, conducted through an open market deal, amounted to Rs 379 crore, as per BSE bulk deals data. The shares were acquired at Rs 379 apiece, marking a substantial investment by RJ Corp in Global Health. The selling party, Dunearn Investments Mauritius, divested its holdings, which amounted to a 16.02% stake in Global Health as of December 31, 2023. Jaipuria, known as the promoter of Devyani International, adds another feather to his cap with this strategic investment. Devyani International operates renowned brands such as KFC, Pizza Hut, and Costa, among others. This move signifies RJ Corp’s intent to diversify its portfolio and expand its presence in the healthcare sector. Prior to this acquisition, RJ Corp held a 5.52% stake in Global Health. With the latest transaction, RJ Corp strengthens its position in the company, signaling confidence in the growth prospects of Global Health and its contribution to RJ Corp’s overall business strategy. The acquisition underscores the dynamic nature of the market, with investors seeking strategic opportunities to enhance their portfolios. RJ Corp’s move aligns with its vision of identifying promising ventures and leveraging its expertise to drive growth and value creation. As the healthcare sector continues to evolve and witness rapid transformation, investments such as these are poised to play a pivotal role in shaping the industry landscape. RJ Corp’s strategic acquisition in Global Health reflects its commitment to exploring new avenues for growth and maximizing shareholder value in the competitive market environment.

Byju’s Seeks Fresh Funds, Slashes Valuation by 90% to Tackle Financial Woes

Leave a Comment / By / Education Community

Indian education giant Byju’s is reportedly planning to raise funds through a share issuance next month, seeking over $100 million from existing investors. The catch, however, is that the valuation of the once $22 billion startup will plummet by more than 90%, now placing the company at less than $2 billion. Sources familiar with the matter revealed that Byju’s founder, Byju Raveendran, will partake in the share sale to maintain his stake in the company. The move comes as Byju’s grapples with financial challenges, planning to utilize the proceeds to settle outstanding payments to vendors and stabilize its operations. Byju’s had previously attained a valuation of $22 billion during its funding round in late 2022, marking a significant decline in its perceived value. The company has been navigating a cash crunch for several months and is concurrently engaged in a legal dispute with creditors over a missed interest payment on a $1.2 billion term loan. In a bid to alleviate financial pressures, Byju’s is set to sell its US-based kids’ digital reading platform for approximately $400 million. The spokesperson for the company has declined to comment on the recent developments. Post the share sale, Byju’s aims to refocus on its core business and intensify efforts in the realm of generative artificial intelligence for hyper-personalized learning. Backed by prominent investors like the Chan Zuckerberg Initiative, General Atlantic, and Prosus NV, Byju’s had previously embarked on a global acquisition spree before encountering the challenges of a tech funding downturn. Noteworthy participants in the upcoming share sale include existing shareholders, such as the Chan Zuckerberg Initiative, General Atlantic, and Prosus NV. Byju’s endeavors to rebuild its business amid the financial restructuring, emphasizing innovation in education technology. The company’s proactive measures highlight the resilience of Byju’s leadership in adapting to market dynamics while ensuring a sustainable future for the prominent education technology firm.

Cipla Boosts Digital Health with Major Investment in GoApptiv

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Cipla Limited, a leading pharmaceutical company, has announced a further investment of approximately Rs. 42 crore in the digital tech company GoApptiv Private Limited. This move aims to bolster Cipla’s presence in the healthcare sector, particularly in underserved regions of India, by enhancing access to life-saving treatments. With the completion of this investment round, Cipla’s total stake in GoApptiv will rise to 22.99 percent on a fully diluted basis. This marks Cipla’s third investment in GoApptiv, demonstrating a continued commitment to supporting the digital tech company’s expansion in underpenetrated areas and product lines. The investment will be made in a combination of equity shares and compulsorily convertible preference shares. Cipla’s collaboration with GoApptiv has already yielded positive results in increasing penetration in underserved rural areas of India and addressing critical healthcare gaps where pharmaceutical coverage is limited. The expansion of this partnership aligns with Cipla’s strategy in the era of technology-driven healthcare, aiming to deliver patient-centric solutions and advance its digitization agenda for the next phase of growth. Umang Vohra, MD and Global CEO of Cipla Limited, emphasized the significance of the long-standing partnership with GoApptiv in addressing healthcare disparities. He stated, “In this era of technology-driven healthcare, this expanded investment will help us deliver patient-centric solutions and further strengthen our digitization agenda to drive Cipla’s next phase of growth.” GoApptiv, known for using technology to provide quality and affordable healthcare, shares Cipla’s commitment to making a positive impact on communities through innovative solutions. The current investment round is expected to deepen the collaboration between Cipla and GoApptiv, focusing on addressing healthcare disparities in underserved regions of India.

Sintex BAPL’s Investment in Telangana to Create 1000 Jobs and Strengthen Building Materials Industry

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Sintex BAPL, a wholly-owned subsidiary of Welspun Corp, has inked a formal agreement with the Telangana government to establish a manufacturing facility in the state. This partnership is based on a memorandum of understanding (MoU) recently signed. Under Telangana’s incentive program, this manufacturing unit will necessitate an investment of Rs 350 crore over the next three years and is poised to generate employment for 1,000 individuals within the state. The primary focus of this facility will be the production of water tanks and PVC pipes within Telangana. Sintex BAPL, which is experiencing significant growth in the water tank segment, also has plans to commence the manufacturing of pipes, including PV pipes and fittings. This strategic move is aimed at solidifying Welspun’s presence in the building materials sector. The groundbreaking ceremony for this manufacturing unit took place in the presence of Telangana’s IT and Industries Minister, KT Rama Rao, and BK Goenka, Chairman of Welspun World, along with other notable figures. It’s worth noting that Telangana has been actively prioritizing job creation initiatives. Earlier this year, the Central government designated several locations for the establishment of PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks, particularly aimed at bolstering the textile industry. Telangana was identified as one of the seven states for this endeavour, alongside Tamil Nadu, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, and Uttar Pradesh. These parks are anticipated to yield significant employment opportunities. The PM MITRA Parks model involves collaborative efforts between the central and state governments to attract substantial investments (up to Rs 70,000 crore), foster innovation, and contribute to making India a global hub for textile manufacturing and exports.