SML Isuzu Limited Appoints C. S. Verma as New Chairman

Key Takeaways

• C.S. Verma was appointed as Chairman of SML Isuzu Limited, succeeding S.K. Tuteja.
• Verma has over 40 years of experience having led major companies like SAIL and NMDC.
• Recognised for excellence in corporate leadership, Verma’s appointment is expected to drive growth and innovation at SML Isuzu.

Mr. Verma has extensive experience spanning four decades, with major roles in various industries, including Chairman and Managing Director (CMD) of the Steel Authority of India Limited (SAIL) from 2010-2015. He has also served as the Chairman at National Mineral Development Corporation (NMDC) and International Coal Ventures Ltd (ICVL)

He has won prestigious awards, including the 'CEO of the Year' award at the Platts Global Metals Awards and the SCOPE Award for Excellence in Public Sector Management. The company is motivated that he will leverage his experience and vision to take SML Isuzu to new heights.

About SML Isuzu Limited

SML Isuzu Limited, originally known as Swaraj Mazda Limited, was established in July 1983 in Punjab to manufacture light commercial vehicles (LCVs). The company began its commercial operations in 1986. Currently, Sumitomo Corporation of Japan, the company’s promoter, holds a 44% stake, while Isuzu Motors, Japan, holds a 15% stake as the technical partner. SML Isuzu produces a variety of commercial vehicles, including buses, trucks, and specialised vehicles such as ambulances, tippers, police vans, and water tankers.  

Key Takeaways from Emami Group’s Acquisition:

• On September 25, Emami Group announced the acquisition of Emami Neo-Herbals International.
• The target entity is a newly incorporated wholly-owned subsidiary of Emami Group in Bangladesh, which has an authorised capital of 1 crore BDT consisting of 10,00,000 ordinary shares with a face value of 10 BDT each.
• At present the paid-up capital amounts to 25 lakh BDT comprising 2,50,000 ordinary shares issued by it.
• The subsidiary will mainly engage in the sourcing of, importing, exporting, and trading of Ayurvedic and herbal products, both in raw form and finished.
• Emami International FZE will buy 2,49,990 shares with 99.996% equity holding, and Emami International Personal Care LLC will buy 10 shares for a 0.004% shareholding.

The objective of the new subsidiary is to conduct a business that would mainly involve operations related to the buying, importing, exporting and trading of all forms of Ayurvedic and herbal products whether raw or finished products.

Emami International FZE will acquire 2,49,990 ordinary shares which represents 99.996% shareholding whereas Emami International Personal Care LLC shall acquire 10 shares representing 0.004%.

About Emami Group: 

Emami Group began in the middle of the 1970s in West Bengal by two childhood friends, RS Agarwal and RS Goenka left their prosperous jobs as Chartered Accountants with Birla Group to start with Kemco Chemicals, a small Ayurvedic medicine and cosmetic manufacturing unit in Kolkata in 1974 with just Rs 20,000 in capital. This was bold, considering the time when multinational companies dominated the Indian FMCG market. The Indian middle class was growing fast with its potential for consumption, thus creating an attractive market for personal care products. In keeping with Ayurveda's importance, the couple began to manufacture herbal cosmetic products and medicines under the Emami brand name from a small office in Kolkata's BurraBazar that it still uses today.

Key Takeaways from the International Conveyors Limited Acquisition

• ICL has acquired 85,390 equity shares in IIFL Finance Ltd.
•  IIFL, a leading NBFC, provides a wide range of financial services and loans across India.
• IIFL Finance reported a turnover of ₹10,249.43 crore in FY 2023-24, showing consistent growth over the last three years.

As per a stock exchange filing, International Conveyors Limited has acquired 85,390 equity shares of IIFL Finance Ltd. for a total consideration of ₹4.28 crore. The acquisition was carried out through a cash transaction, with the primary objective being investment purposes. This move comes as part of ICL's strategic expansion of its investment portfolio.

IIFL Finance is one of India's largest Non-Banking Financial Companies (NBFCs) and provides a wide variety of loans and financial services. In FY 2023-24, they recorded a turnover of ₹10,249.43 crore, FY 2022-23, ₹8,258.85 crore, FY 2021-22, 6,854.73 crore. With this investment, ICL will see its investment portfolio continue to expand.

About International Conveyors Limited (ICL):

Incorporated in 1973, International Conveyors Limited (ICL) specialises in the manufacture and marketing of solid-woven PVC-covered conveyor belts. Solid-woven conveyor belts manufactured by ICL are known for their fire-retardant and antistatic qualities and are most commonly used in underground mines for the transport of minerals, coal, and potash.

International Conveyors Limited (ICL) is one of the largest manufacturers of solid woven belts in the world. The company manufactures a full range of products and can manufacture conveyor belts with strengths over 3150 kN/m (type 18 width) and belt widths up to 1800 mm.

About IIFL Finance Limited:

IIFL Finance Limited is a prominent player in the financial services sector in India. With its subsidiaries—IIFL Home Finance Limited, IIFL Samasta Finance Limited (formerly Samasta Microfinance Limited), and IIFL Open Fintech Private Limited—IIFL offers a wide array of loans and mortgages. 

The company provides various financial products, including home loans, gold loans, business loans (including loans against property), medium and small enterprise financing, microfinance, developer and construction finance, and capital market finance. IIFL caters to both retail and corporate clients, ensuring diverse financial solutions to meet varying needs.

Key Takeaways from Coromandel International’s Stake Acquisition:

• Coromandel International announced its plan to acquire a further 8.82% equity stake in Baobab Mining and Chemicals Corporation (BMCC) of Senegal.
• This deal would increase Coromandel's total shareholding in BMCC to 53.8%.
• It will invest USD 3.84 million (INR 32 crores), and will provide a loan of USD 6.5 million (INR 54 crores) for expansion projects and working capital.
• Earlier, Coromandel acquired a 45% equity stake in BMCC in September of 2022 to stabilise mining operations and initiating the construction of a processing plant for rock production optimisation.

The company plans to invest USD 3.84 million (INR 32 crores) and provide a loan of USD 6.5 million (INR 54 crores) to support expansion projects and working capital needs.

Rock phosphate is used to produce phosphoric acid, which in turn is used in fertilisers. BMCC is a company that started operations in 2011 and obtained permission to process phosphate ore. 

In September 2022, the company Coromandel acquired a 45% stake in BMCC, this stabilised the mines and initiated the setting up of a processing plant to optimise rock production.

S Sankarasubramanian, Managing Director & CEO of Coromandel International said, “With India importing majority of its rock requirement, investment in rock phosphate mines will be critical for attaining long term supply security for its phosphate fertiliser production. The Senegal rock is currently being blended at Coromandel’s Visakhapatnam unit along with other rock sources thereby providing us operational flexibility.”

About Coromandel International Limited:

Coromandel International Limited is an agri-solutions major in India, that operates under two main segments - Nutrient and Allied Businesses and Crop Protection. It is a leading manufacturer and marketer of phosphatic fertilisers in India and manufactures an entire range of products including fertilisers, crop protection products, and organic products. The company has 18 manufacturing facilities across the country and runs over 750 retail outlets catering to nearly 3 million farmers.