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Motherson Sumi in focus as subsidiary forms JV with Ossia Inc
10-Jan-18   08:38 Hrs IST

Motherson Sumi Systems (MSSL) said that its subsidiary has formed a joint venture (JV) with Ossia Inc. According to the company, its subsidiary Samvardhana Motherson Automotive Systems Group B.V. (SMRP BV) will hold majority share in the joint venture. Globally, the JV will focus on the integration of Cota technology into a wide range of non-military passenger, commercial and public transportation vehicles. The announcement was made after trading hours yesterday, 9 January 2018.

Power Grid Corporation of India announced that its board approved investment for transmission system for ultra mega solar power park at Tumkur (Pavagada), Karnataka - Phase-II Part-C at an estimated cost of Rs 92.13 crore with commissioning schedule of 20 months from the date of investment approval. The announcement was made after trading hours yesterday, 9 January 2018.

Infosys announced the successful conclusion of an Advance Pricing Agreement (APA) with the U.S. Internal Revenue Service (IRS). The preliminary discussions with the IRS on the APA were initiated by the Company in 2015, followed by multiple rounds of discussions. Under the APA, the company and the IRS have agreed on the methodology to allocate revenues and compute the taxable income of the company's US operations. This agreement covers financial years from 2011 to 2021. The APA will enhance predictability of the company's tax obligations in respect of its US operations. The announcement was made after trading hours yesterday, 9 January 2018.

DCB Bank announced that the managing director and CEO in consultation with the chairman and the chief financial officer has approved the issuance of unsecured non convertible tier 2 bonds for an aggregate amount not exceeding Rs 150 crore on private placement basis. The other terms and conditions of the Issue such as tenor, coupon, maturity, terms of interest payment etc would be decided by the chairman and/or the managing director and/or the chief financial officer. The announcement was made after trading hours yesterday, 9 January 2018.

Spice Mobility said that its subsidiary Spice Digital (SDL) has divested its entire equity stake in Sunstone Eduversity (Eduversity) pursuant to a share purchase agreement entered into by them. Further, Eduversity has ceased to be an associate of SDL. The announcement was made after trading hours yesterday, 9 January 2018.

Srei Infrastructure Finance will be in focus. With reference to the recent news item captioned JSW Infrastructure - Srei to buy Sterling Port in Dahej, Srei Infrastructure Finance clarified that Sterling Port is being acquired by I Log Port (Dahej) in consortium with JSW Infrastructure. I Log Port (Dahej) is wholly-owned by Srei Alternative Investment Trust - Bharat Nirman Fund (BNF), a category I, infrastructure fund registered with the Securities and Exchange Board of India (Sebi), in which Srei Alternative Investment Managers, a wholly-owned subsidiary of Srei, acts as an investment manager. Srei is only acting as a lender to the above consortium. The clarification was issued after trading hours yesterday, 9 January 2018.

Balasore Alloys said that consequent upon a scheme of arrangement sanctioned by the High Court of Zimbabwe on 20 December2017 received by the company on 8 January 2018, Balasore Alloys, by virtue of the scheme being approved by the requisite margins of members and creditors of Zimbabwe Atloys (ZAL), shall acquire either by itself and / or through its nominees and affiliates, 70% shares of Zimbabwe Alloys (ZAL), currently under Judicial Management. ZAL holds 19,780 hectares of mining areas in different parts of Zimbabwe, which has proven resourcesof 72.25 million tones of chrome ore. Zimbabwe Alloys Chrome, a wholly-owned subsidiary of ZAL has a ferro chrome plant. The clarification was issued after trading hours yesterday, 9 January 2018.

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