Cipla to Acquire Full Ownership of Cipla Jiangsu, Strengthening Its Presence in China

  • calendar25 Sept, 04:53 AM (GMT+5:30)
  • time2 Min
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Summary

Cipla Limited announced on Wednesday, September 25 that its wholly owned subsidiary, Cipla (EU) Limited, has entered into a definitive agreement to acquire the remaining 6.9124% equity interest in Cipla (Jiangsu) Pharmaceuticals Co., Ltd.

Cipla to Acquire Full Ownership of Cipla Jiangsu, Strengthening Its Presence in China

Key Takeaways from the Acquisition

  • Cipla will acquire 6.9124% of Cipla Jiangsu, making it a wholly-owned subsidiary.
  • The deal is valued at RMB 35,849,118.
  • The acquisition is expected to be completed by November 15, 2024.

Cipla (Jiangsu) Pharmaceuticals Co., Ltd., established in 2019 as a joint venture, specializes in manufacturing and distributing pharmaceutical products, with a focus on inhalation results. Before the acquisition, Cipla (EU) Limited held 93.0876% equity in Cipla Jiangsu, while Jiangsu Xidi Pharmaceuticals owned 6.9124%. Cipla has now agreed to purchase the remaining shares for RMB 35,849,118 in cash, making Cipla Jiangsu a fully owned subsidiary of Cipla (EU) Limited.

The acquisition is classified as a related party transaction, carried out following the existing joint venture agreement between Cipla and Jiangsu Xidi. It will be conducted on an arm’s length basis, with no additional involvement from Cipla’s promoter group.

The transaction is subject to regulatory approvals from Chinese authorities as well as compliance with all applicable laws. The process is expected to conclude by November 15, 2024.

The acquisition is expected to provide Cipla with full control over Cipla Jiangsu’s operations, strengthening its footprint in the Chinese pharmaceutical market.

About Cipla Limited

Cipla is a leading pharmaceutical company, ranked as the 3rd largest in India’s domestic prescription (Rx) market. It holds leadership positions in generics (Gx) and respiratory therapies and ranks among the top five in urology and anti-infectives. The company also has a strong digital presence with over 500,000 downloads for its "Breathe Free" app and a field force of over 7,500 representatives, 85% of whom regularly prescribe Cipla products. Cipla is the 3rd largest player in the private Rx market in SAGA (South Africa, Sub-Saharan Africa, and Global Access) and is the fastest-growing generic player in North America.

Cipla boasts a diversified portfolio with over 1,500 products in more than 50 dosage forms, covering 65 therapeutic categories. In FY22 alone, the company launched 93 products globally.

Source - NSE

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Adani Enterprises Incorporates New Arm AGCC

  • calendar25 Sept, 05:13 AM (GMT+5:30)
  • time2 Min
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Summary

On September 24, Adani Enterprises announced that it had incorporated a wholly owned subsidiary, Adani GCC Private Limited (AGCC), though the Certificate of Incorporation was received on 25th September 2024.

Adani Enterprises Incorporates New Arm AGCC

Key Takeaways from Adani Enterprises Incorporates New Arm AGCC:

  • On 24 September 2024, Adani Enterprises established a wholly-owned subsidiary Adani GCC Private Limited, (AGCC).
  • Its authorised and paid-up share capital is Rs 5,00,000, divided into equity shares of a face value of Rs 10 each.
  • There is no turnover for the subsidiary as the business operations have not commenced yet.
  • AGCC will provide business transformation, back office support, IT services, digital transformation, data processing, and supply chain management.

The authorised and paid-up share capital of AGCC would be Rs 5,00,000 divided into equity shares of the face value of Rs 10 each. As of now, the company does not have any turnover because it does not have business operations yet.

The subsidiary would focus on a diverse set of services such as business transformation, back office support in finance and accounts and human resources, IT services, digital transformation, data processing and supply chain management.

About Adani Enterprises Limited:

Adani Enterprises Limited (AEL) is part of the Adani Group, a mega company in India's energy and infrastructure sectors, having completed large projects. AEL is viewed as one of the largest business incubators listed in India and operates in four key areas of business - energy and utility, transportation and logistics, consumer goods, and primary industry. The firm does well balancing old well-established ventures with emerging businesses.

Since its inception, AEL has developed new business ideas under the Adani portfolio. By providing them additional time to mature into significant, standalone companies, it has regularly added value to the shareholders. Over the past 25 years, AEL incubated and listed six companies: Adani Ports, Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas, and Adani Wilmar of which have returned very significantly to investors.

Source - NSE

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Infosys Collaborates with Polestar to Set up Tech Hub in India

  • calendar25 Sept, 05:04 AM (GMT+5:30)
  • time2 Min
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Summary

Infosys on Wednesday, September 25, partnered with Polestar, the Swedish electric performance car brand, to set up a technology hub in Bengaluru, India. The partnership will help Polestar grow in areas such as in-car infotainment, software and electrical/electronics engineering, user experience and cloud-based digital services.

Infosys Collaborates with Polestar to Set up Tech Hub in India

Key Takeaways from Infosys Collaboration with Polestar:

  • Infosys partnered with Polestar to open a new technology hub in Bengaluru, India.
  • The partnership will upgrade infotainment for automobiles, software and electrical engineering, user experience, as well as cloud services.
  • The hub will focus on developing and validating software for EVs, infotainment, and ADAS.
  • This would allow Polestar to strengthen its product management as well as customer engagement by utilising the best possible digital solutions.

The global tech hub would be functioning on the development of electric vehicle (EV) software on validation in areas such as infotainment, Advanced Driver Assistance Systems (ADAS), and telematics. 

The partnership would also strengthen Polestar's product management and customer engagement through advanced digital services.

Jasmeet Singh, Executive Vice President and Global Head of Manufacturing, at Infosys, said, “Building on Infosys' extensive experience in automotive engineering, digital transformation, and global delivery leadership, we aim to bring the infrastructure and innovation to co-create next-generation EV capabilities.”

About Infosys Limited

Infosys is a leader in next-generation digital services and consulting, with more than 300,000 professionals working across over 56 countries. Infosys offers support to clients on their journey of digital transformation. For more than 40 years, Infosys has focused on managing the enterprise systems of its clients through changes in digital-navigating it with the power of cloud and artificial intelligence technologies. This company is dedicated towards constantly driving improvement and innovation, while, at the same time, fostering an inclusive workplace and promoting sustainability.

About Polestar:

Polestar is a Swedish electric performance car brand. It is based in Gothenburg, Sweden and its company believes in design and technology to change the future of mobility, accelerating progress toward a climate-neutral society. The company sells its cars directly on the Internet in 27 markets across North America, Europe, and Asia Pacific. The five performance electric vehicles are planned for 2026, including the Polestar 2 and Polestar 3, with further models such as Polestar 5 and Polestar 6. Polestar is also working on the next target of a climate-neutral production car by 2030 under its project Polestar 0.

Source - NSE

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Greenlam Industries Incorporates New Subsidiary in Bangladesh

  • calendar25 Sept, 03:56 AM (GMT+5:30)
  • time2 Min
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Summary

Greenlam Industries Limited, a leading player in high-pressure laminates and wood-based products, announced on Wednesday, September 25 the incorporation of a new subsidiary in Bangladesh, named Greenlam Overseas Bengal Limited.

Greenlam Industries Incorporates New Subsidiary in Bangladesh

Key Takeaways from the Announcement

  • Greenlam Industries has established a new subsidiary in Bangladesh, Greenlam Overseas Bengal Limited.
  • The subsidiary will operate in the distribution and wholesale of high-pressure laminates and wood-based products.
  • Greenlam Industries holds a 99.9% stake, having invested BDT 4,99,800 in 4,998 ordinary shares.
  • The incorporation of this subsidiary strengthens Greenlam’s regional presence in Bangladesh.

As per a stock exchange filing, Greenlam Industries holds a 99.9% share in the new subsidiary, which was incorporated with an authorised share capital of BDT 2 crore and an initial subscribed capital of BDT 5 lakh. The subsidiary will act as a distributor and wholesaler of high-pressure laminates and other related products, further expanding Greenlam's presence in the South Asian market.

This move aligns with Greenlam's core business strategy and will help enhance its distribution network for wood-based products in Bangladesh.

About Greenlam Industries

Greenlam Industries is a leading manufacturer of laminates, decorative veneers, and allied products. With two manufacturing facilities in Behror (Rajasthan) and Nalagarh (Himachal Pradesh), the company operates through a vast distribution network comprising nine regional distribution centres, 21 branch offices, and five warehouses. Greenlam's products are available in over 100 countries, supported by three international distribution centres, 14 overseas offices, and five operational subsidiaries. Its wide-reaching network includes over 14,000 distributors, dealers, and retailers, with a diverse team of 100+ multicultural employees.

Source - NSE

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