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GAIL to foray into hydrogen generation, scale up its renewable portfolio

India's top gas company GAIL will foray into hydrogen generation and take the acquisition route to scale up its renewable energy portfolio as it pivots business beyond natural gas to align with energy transition being witnessed across the globe. As part of a push to embrace cleaner forms of energy, GAIL will be laying pipeline infrastructure to connect consumption centres to gas sources while also augmenting its renewable energy portfolio, 

Adani Total Gas buys 50% stake in gas meter manufacturing firm

Adani Total Gas Ltd - the city gas joint venture of Adani Group and TotalEnergies of France - has acquired 50 per cent stake in a company that manufactures gas meters to aid its gas retailing business. The firm bought 50 per cent in Smartmeters Technologies Pvt Ltd(SMTPL) for Rs 1 crore, according to a company's filing to stock exchanges. Smartmeters, which had a turnover of Rs 4.83 crore in the year up to March 31, 2021, manufactures gas meters which are used to measure consumption of gas piped into household kitchens. The objective of the acquisition is "to manufacture gas meters with a focus on prepaid smart meters," Adani Total Gas said.

Eicher Board to meet over MD's salary as shareholders reject reappointment

The board of directors of Eicher Motors is expected to meet shortly to resolve the crisis following the decision of shareholders to reject the reappointment of Siddharth Lal as managing director. While no confirmation was available whether the board would review its earlier decision to increase Lal’s salary by 10 per cent, sources familiar with the developments said that looked a distinct possibility. When contacted, a company spokesperson said the board would take a call on this soon. This comes after the shareholders of Eicher Motors voted down the proposals for reappointing Lal as managing director and increasing his salary by 10 per cent in a pandemic-hit year.

Aurobindo Pharma's Rs 450-cr deal to acquire 51% in Cronus Pharma cancelled

Aurobindo Pharma Ltd on Friday said its Rs 450-crore deal to acquire 51 per cent stake in Cronus Pharma Specialities India Pvt Ltd (Cronus) has been cancelled. On August 12, the company had announced that it had entered into definitive agreements to subscribe to fresh equity shares in Hyderabad-based Cronus, a generic veterinary pharmaceutical products firm engaged in development, manufacturing and sale of these items. The company had entered into binding agreements with Cronus for acquisition of 51 per cent ownership by subscribing to 95,059,963 equity shares of Rs 10 each at a premium of Rs 34.18 per equity share aggregating to Rs 420 crore.

Oyo raises $5 million from Microsoft at $9.6 billion valuation

Global travel technology firm Oyo has raised $5 million from Microsoft at a valuation of $9.6 billion, the firm said in a regulatory filing. At the July 16 extraordinary general meeting of Oravel Stays Pvt Ltd (Oyo), the parent company of Oyo, the issue of equity shares and Series F2 compulsory convertible cumulative preference shares (Series F2 CCCPS) was approved for "an aggregate consideration amounting to the rupee equivalent of $4,971,650 to Microsoft Corporation on a private placement basis", as per a Registrar of Companies (RoC) filing.

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