1 / 9Whirlpool | Consumer durables maker said it has entered into a definitive agreement with PG Electroplast Ltd (PGEL) for the contract manufacturing of select models of Whirlpool-branded semi-automatic washing machines. Under the new arrangement, PGEL will manufacture certain SKUs for Whirlpool at its factory in Roorkee, Uttarakhand. PG Electroplast is already an existing supplier of Whirlpool-branded air conditioners and both companies will continue to evaluate the potential expansion opportunities.
2 / 9HG Infra Engineering | Jodhpur-based company announced that its wholly-owned subsidiary, HG Banaskantha Bess Private Ltd, has entered into a battery energy storage purchase agreement with NTPC Vidyut Vyapar Nigam Ltd. The agreement involves the procurement of 185 MW/370 MWH of battery energy storage capacity on a long-term basis.
3 / 9Muthoot Capital Services | Non-bank lender announced the resignation of three key members from its board of directors, effective December 23, 2024. The company accepted the resignation letters of Thomas George Muthoot, managing director, Thomas John Muthoot, non-executive chairman, and Thomas Muthoot, non-executive director. Following these resignations, Muthoot Capital has made three new appointments.
4 / 9TVS Motor | The company has successfully completed the acquisition of a 39.11% stake in DriveX Mobility Private Ltd for ₹97.78 crore. With this acquisition, TVS Motor’s holding in DriveX has increased to 87.38%, making DriveX a subsidiary of the company. The deal was executed through the purchase of 7,914 equity shares with a face value of ₹10 each from existing shareholders.
5 / 9Power & Instrumentation | The company announced plans to increase its shareholding in Peaton Electricals Company Ltd (PECL) from 15% to 60%. This strategic acquisition is expected to bolster PIGL’s presence in the electrical manufacturing sector and align with its growth-oriented vision. The move comes as PECL secures a licence from Siemens to manufacture, assemble, and sell SIEPAN 8PU low-voltage switchboards.
6 / 9Indian Bank | Public sector lender said the financial intelligence unit of the Central Bank of Sri Lanka has imposed a monetary penalty of LKR (Lankan rupee) 2 million (approximately ₹5.85 lakh) on the bank for failing to comply with the provisions of Sri Lanka’s Financial Transactions Reporting Act. The penalty pertains to non-conformity with the regulatory framework under the FTRA and associated rules and regulations.
7 / 9MMTC | Government-run company said it received warning letters from the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on December 20, 2024. The warnings were issued due to the company’s failure to convene a “stakeholders relationship committee” during the financial year 2023-2024, as required under regulatory guidelines.
8 / 9Oberoi Realty | Real estate developer said it has executed a development agreement for an 81.05-acre land parcel in Alibaug, Maharashtra. The agreement covers 328,010 square meters of land in Tekali village, Raigad district. The agreement includes a plan to construct a luxury five-star hotel or resort on 8.6 acres, utilising 30,000 square meters of floor space index (FSI).
9 / 9Symphony | Air cooler and appliances maker said it has entered into a second addendum to its loan agreement with Symphony AU Pty Ltd (SAPL), its wholly-owned subsidiary in Australia. The addendum increases the loan facility from A$10 million to A$15 million. The additional funding will be provided in one or more tranches to meet SAPL’s working capital requirements and general corporate purposes.
