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February 22, 2023

Mahindra and Mahindra: The automaker has entered into an asset transfer agreement with Mahindra Electric Automobile Ltd., the EV wholly-owned subsidiary for transfer of certain identified assets. Transfer of the balance assets will be completed by June 30, 2026.

Hindustan Zinc: The company has called shareholders to meet on March 29 in the matter of the scheme of arrangement with the company and shareholders.

This comes on the back of the government opposing the use of Hindustan Zinc’s balance sheet by the Vedanta Group to fund the purchase of its global zinc assets. Vedanta holds 64.92 percent of the equity share capital of Hindustan Zinc.

BEL: The company signed an MoU with Aeronautical Development Agency and DRDO for the Advanced Medium Combat Aircraft programme (AMCA).

The MoU was announced on the sidelines of the ‘Bandhan, event held at Aero India 2023. The AMCA is a fifth-generation, multi-role, all-weather fighter aircraft designed with high survivability and stealth capability.

Lemon Tree Hotels: Company has signed a franchise agreement for a 34 room property in Manali under the Lemon Tree Hotel brand name. The hotel is expected to be operational by June 2023.

United Spirits: Company has approved the sale of all equity shares held in non-operative, wholly-owned subsidiary – Sovereign Distilleries Ltd. for a consideration of Rs 32 crore.

The definitive agreement has been signed with Girish Jain and M Sukumar of Sri Lakshya Traders. The transaction is likely to be completed within 30 days of the signing of the agreement.