German bearings maker Schaeffler has sold its Barden factory in Plymouth, south-west England to a division of HQW Precision GmBH, securing nearly 400 jobs. Schaeffler said in March it would cut 900 jobs, shut plants and...
Siemens spins off struggling gas and power in smart digital shift
Siemens is spinning off its gas and power business, which has dragged on the German engineering firm’s performance as the rise of renewable power hits demand for gas turbines. The new firm would be a “major player” in...
McNally Bharat Engineering reclassifies EMC as its promoter shareholder
McNally Bharat Engineering (MBEL), an associate company of the Williamson Magor Group (WMG) has reclassified its former promoter EMC Ltd as a public shareholder in the firm even as MBEL faces insolvency proceedings...
NCLT rejects maintainability plea filed by Kirloskar Bros
In a relief to brothers Rahul and Atul Kirloskar, the Mumbai bench of the National Company Law Tribunal (NCLT) has dismissed the maintainability petition filed by their sibling Sanjay Kirloskar-controlled company...
Gardner Denver to merge with Ingersoll-Rand division: WSJ
Industrial machinery maker Gardner Denver Holdings Inc is nearing a deal to merge with a division of Ingersoll-Rand Plc, creating a business that would have an enterprise value, including debt, of about $15 billion, The...
Competition Commission gives nod to Schneider-L&T deal
The Competition Commission Thursday said it has given approval to Schneider’s acquisition of Larsen & Toubro’s electrical and automation business in a ₹14,000-crore deal. However, the deal is subject to...
NCLAT asks winning bidder to raise offer for United Seamless
In a likely first in India’s recent bankruptcy history, an appeals court has set aside a lender-approved resolution plan on the ground that the proposed upfront payment for the stressed asset, Indo-Malaysian joint...
EU fines GE $58 million over misleading data in Danish deal
EU antitrust regulators on Monday fined U.S. conglomerate General Electric 52 million euros ($58.4 million) for providing misleading information in its takeover of Danish rotor blade maker LM Wind two years ago. GE told...
Wipro Infrastructure Engineering unit buys Incite Cam Centre’s Automation Business
WIN Automation, the industrial automation business of Wipro Infrastructure Engineering, said on Tuesday it has acquired Bengaluru-based Incite Cam Centre’s Automation Business for an undisclosed sum. This, according to...
NCLT clears Sharad Sanghi’s revised resolution proposal for Jyoti Structures
Dedicated bankruptcy court National Company Law Tribunal (NCLT) approved a resolution plan for debt-laden Jyoti StructuresNSE 2.78 % for Rs 3,965 crore with about 45% haircut. A group of investors led by Sharad Sanghi...
NCLAT sets aside Jyoti Structures liquidation, asks considering Rs 4,000 cr plan by Sanghi, others
The National Company Law Appellate Tribunal (NCLAT) has set aside the order to liquidate Jyoti Structure and asked the Mumbai bench of NCLT to consider the Rs 4,000-crore resolution plan submitted by Sharad Sanghi and...
Coesia, Koerber to bid for Bosch packaging unit – sources
Italy’s engineering group Coesia and German industrial holding Koerber are preparing offers for the packaging machinery unit that German auto supplier Bosch has put on the block, people close to the matter said. Private...
