The Ahmedabad bench of NCLT has asked Swan Energy, the firm that had won the bid to buy Reliance Naval and Engineering Ltd in an insolvency proceeding, to make the upfront payment it had proposed in the resolution plan...
GG Engineering, Integra Essentia get board approvals to execute merger plan
The board of GG Engineering Ltd has approved a merger plan of the company with Integra Essentia Limited, which is in the steel and renewable energy business. The proposal remains subject to several other necessary...
Punj Llyod fails to get bids in second auction
Debt-ridden Punj Lloyd has failed to secure bids in the second e-auction held for the sale of the engineering company as a going concern, people familiar with the matter said. “Auction has failed as two or three...
Meritor acquisition: CCI levies Rs 10 lakh penalty on Cummins
The Competition Commission of India (CCI) has levied a penalty of Rs 10 lakh on Cummins for failing to notify the regulator about the acquisition of sole control of Meritor. The transaction pertains to the acquisition...
L&T eyes green energy, plans to sell non-core biz as Naik exits
I am leaving, but I am still there,” said A. M. Naik, the departing chairman of engineering and construction giant Larsen & Toubro (L&T) Ltd, while addressing his final and the conglomerate’s 78th annual...
Carlyle to buy 30% of Quest Global for $500 mn
Private equity (PE) giant Carlyle has agreed to acquire a significant minority stake in engineering services firm Quest Global, the two companies said on Tuesday. Simultaneously, Carlyle and Quest will together buy back...
NCLAT reviewing dismissal of Simplex insolvency case
The principal bench of the National Company Law Appellate Tribunal (NCLAT) is reviewing an order by a lower court that had dismissed a plea by the Central Bank of India to commence bankruptcy proceedings against Kolkata...
NCLT grants Punj Lloyd liquidator extension till July 23 for dissolution
The National Company Law Tribunal allowed the liquidator in the Punj Lloyd case time till July 23 for the liquidation of the company. The liquidator can file a fresh application after July 23 for seeking more time, the...
HCLTech to acquire German engineering firm ASAP Group for $279 million
HCLTech has signed a definitive agreement to acquire a 100 per cent equity stake in ASAP Group, a German automotive engineering services provider, for Euro 251.1 million (about $279 million). The acquisition is expected...
Sachin Tendulkar picks up small stake in AZAD Engineering
Cricket legend Sachin Tendulkar has made an undisclosed strategic investment and picked up a small stake in AZAD Engineering, provider of engineering and technology solutions for global OEMs in the Clean Energy...
NCLT junks insolvency plea against Simplex, cites co’s stuck receivables
In a setback to banks, the Kolkata bench of the National Company Law Tribunal (NCLT) has dismissed a petition by the Central Bank of India to start insolvency proceedings against Simplex Infrastructures, noting that the...
Bosch to buy TSI Semiconductors, invest $1.5 billion to expand US output
Germany’s Bosch Group said it is acquiring key assets of US chipmaker TSI Semiconductors. Bosch said on Wednesday it plans to invest $1.5 billion to retool TSI’s chip production facilities in Roseville...
