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TOP CORPORATE NEWS – 27 FEB 2020

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CORPORATE NEWS

Sadbhav Infra gets Rs833cr in connection with six operational road projects.

Sadbhav Infrastructure Project has received Rs833cr towards the first tranche in connection with the sale of entire equity share capital held by the company in six operational road projects to the Indlnfravit Trust. We have been credited 6.20cr units of Indinfravit Trust worth Rs724.3cr and the company has received Rs833.3cr towards 1st Tranche in connection with the sale of entire equity share capital held by the Company in six Operational Road Projects to the Indlnfravit Trust. Balance funds are expected to be received soon,

Glenmark and Hikma enter into an exclusive licensing agreement in the US.

Glenmark Pharmaceuticals Ltd. (Glenmark), a research-led global integrated pharmaceutical company, announced that its Swiss subsidiary, Glenmark Specialty S.A., has entered into an exclusive licensing agreement with Hikma Pharmaceuticals PLC (Hikma) for commercializing its novel nasal spray Ryaltris in the US. The agreement with Hikma is Glenmark fourth regional licensing deal for Ryaltris. Glenmark has already signed licensing deals for commercializing Ryaltris in China, Australia, New Zealand and South Korea.

Axis Bank appoints Puneet Sharma as Chief Financial Officer.

Axis Bank has approved the appointment of Puneet Sharma as the Chief Financial Officer and the Key Managerial Personnel of the bank with effect from March 6, 2020, in place of Jairam Sridharan, who has resigned as the Group Executive & Chief Financial Officer of the Bank, with effect from the close of business hours on March 5, 2020. Puneet Sharma has over 23 years of experience across Banks, Financial Institutions and Consulting. Prior to joining Axis Bank Limited, he spent 12 years at Tata Capital as a senior management functionary & was the Group Chief Financial Officer since 2014 accountable for financial control, financial planning & accounting and taxation amongst other deliverables. He has also worked with Citibank in roles covering Structured Cash Solution, Treasury Operations & Risk monitoring among others. His responsibilities included managing the risk reporting, operations and regulatory functions relating to fixed income security transactions of the Bank.

InterGlobe Aviation denies allegations of wrongdoing or avoidance of process.

InterGlobe Aviation (IndiGo) Ronojoy Dutta, the Whole Time Director and CEO of the company said that it has responded to all queries by the SEBI on related-party transactions (RPTs). Statement by Ronojoy Dutta, Whole Time Director and CEO said in a statement that, A section of the media has reported regarding the outcome of a “preliminary SEBI enquiry” on InterGlobe Aviation (‘IndiGo’). As already notified to the Stock Exchanges yesterday, IndiGo once again clarifies that it has not received any communication from the SEBI regarding any outcome of any preliminary enquiry by SEBI. Further, IndiGo strongly denies any allegations of wrongdoing or avoidance of processes. It reiterates that it has strong processes for ensuring arm length dealings with related parties and that such transactions were entered into in the ordinary course of business and were in the best interests of IndiGo.

TVS Motor partners with Motomundo SA for Honduras.

TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers in the world, today announced their partnership with Motomundo SA, one of the largest, respected business groups in Honduras. Headquartered in India, TVS Motor Company is the flagship company of the $8.5bn TVS Group with exports to over 60 countries. As a part of this association, Motomundo SA will facilitate the sales and service of TVS products across all Motomundo stores in the country in a phase-wise manner. Motomundo stores will start with an exclusive outlet for TVS Motor Company and will within a year will expand it to 3 stores in the country. TVS Motor Company will be present in 40 Motomundo outlets and over 25 dealers across Honduras. The company will also operate 25 service outlets to ensure complete service and spare support. The range of two-wheeler offerings will be supplemented with attractive retail finance schemes.


 

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