HIL: The CK Birla Group company announced on Monday that it has entered into an agreement with Crestia Polytech to acquire Topline, a well-known brand of pipes and fittings, for an enterprise value of ₹265 crore. In addition, HIL will take over four fully-owned subsidiaries of Crestia – Topline Industries, Aditya Polytechnic, Aditya Industries, and Sainath Polymers, who are prominent players in the pipes, fittings, and water tank sectors in Eastern India, with brands such as Topline, Rockwell, and Soniplast.
Mahindra & Mahindra: An official from Mahindra & Mahindra (M&M) confirmed on Monday that the company will continue to focus on the utility vehicles segment, including the emerging electric vehicle (EV) sector within passenger vehicles. Based on sales trends from April to February, the company is on track to surpass 8 lakh units in the current fiscal year, an increase from 6.9 lakh units in FY23.
Pitti Engineering: On March 11, Pitti Engineering announced that it has entered into an agreement to acquire 100% equity share capital of Bagadia Chaitra Industries Pvt. Ltd. (BCIPL) and other shareholders at an enterprise valuation of ₹124.92 crore.
Religare Enterprises: The International Finance Corporation (IFC), the World Bank’s private finance division, has divested its remaining stake in Religare Enterprises, marking the end of its 12-year association with the Delhi-based financial services firm.
SpiceJet: Amidst the airline’s revival efforts, two top executives of SpiceJet have resigned. Shilpa Bhatia, the Chief Commercial Officer, and Arun Kashyap, the Chief Operating Officer, are set to leave the company, with their last day being March 31. It is speculated that Bhatia and Kashyap may venture into their own charter airline business.
Indian Oil Corporation: The company is set to issue a revised tender by the end of March for its inaugural green hydrogen plant in Panipat, according to people in the know. A senior IOCL official explained that the re-tendering process will involve different clauses. The previous tender was cancelled due to the Right of First Refusal (ROFR) clause.
Bharti Airtel: The telecom major is anticipated to be the frontrunner in the forthcoming auction of eight spectrum bands, given that Reliance Jio has already made substantial acquisitions in the 2022 auctions and Vodafone Idea is currently grappling with financial constraints.
Aditya Birla Capital: Aditya Birla Capital announced on Monday its decision to merge with its subsidiary, Aditya Birla Finance. This move allows the unlisted subsidiary to bypass the Reserve Bank of India’s (RBI) directive for public listing. While Aditya Birla Capital is a listed entity, its fully-owned subsidiary, Aditya Birla Finance, is among the 15 top-tier non-bank lenders that the RBI has mandated to be publicly listed by September 2025.
ITC: British American Tobacco is reportedly gearing up for a much-anticipated sale of its stake in ITC within the next fortnight, according to two individuals familiar with the development. The company intends to offload a 4% stake in the Indian firm at a share price of ₹380-390, which represents a 5-8% markdown from Monday’s closing price of ₹409, as per the sources.
InterGlobe Aviation: Rakesh Gangwal, co-founder of IndiGo, sold a larger than expected 5.8% stake in InterGlobe Aviation, the airline’s parent company, via a block deal on the BSE on Monday. This transaction is part of a series of divestments by Gangwal and his family, indicating a steady decrease in their ownership of the company. Gangwal sold 22.5 million shares of InterGlobe Aviation for a total of ₹6,785.7 crore, at an average price of ₹3,015.88 per share on Monday.
