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NCLT clears merger of Inox Wind units

Economic Times

Economic Times · 2m ago

NCLT clears merger of Inox Wind units

The National Company Law Tribunal has approved the merger of Inox Wind Energy Limited (IWEL) with Inox Wind Limited (IWL), enhancing the INOXGFL Group's business structure in clean energy. The merger aims to improve financial health by reducing debt by ₹2,050 crore and increasing operational efficiency through better resource management and streamlined processes. This consolidation also eliminates the need for a separate holding company, giving INOXGFL Group promoters a direct stake in Inox Wind.

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Related News

Inox Wind sells Rs 175 cr stake in EPC subsidiary at ₹7,400 cr valuation

Economic Times

Economic Times · 9d ago

Inox Wind sells Rs 175 cr stake in EPC subsidiary at ₹7,400 cr valuation

Inox Wind sold a ₹175 crore stake in its EPC subsidiary, Inox Renewable Solutions, at a ₹7,400 crore valuation. The subsidiary provides end-to-end wind project services, including project commissioning and transmission infrastructure construction. This move follows the merger of Inox Wind Energy into IWL, reducing liabilities by ₹2,050 crore. Last year, the subsidiary raised ₹350 crore for a small stake. Inox Wind's shares rose 3.18% on the BSE after the announcement.

Inox eyes better times ahead as govt focusses on enhancing wind power capacity

Thehindubusinessline

Thehindubusinessline · 1y ago

Inox eyes better times ahead as govt focusses on enhancing wind power capacity

Inox Wind, an end-to-end wind power solutions provider, expects rapid growth in the Indian wind sector due to the government's focus on adding 100 GW of wind capacity over the next decade. Supported by favorable macroeconomic conditions and a strong order book, the company turned profitable in Q3 FY24, reporting a revenue of ₹507 crore and a profit after tax of ₹1.8 crore. Inox Wind has secured orders totaling around 1,850 MW and aims to capture a share of 18 GW of wind projects. The company anticipates significant growth in the coming months with the commissioning of 8-10 GW of wind capacity in FY24.

Air India-Vistara merger: NCLT approves, paves way for world's largest airline

Livemint

Livemint · 1y ago

Air India-Vistara merger: NCLT approves, paves way for world's largest airline

The National Company Law Tribunal (NCLT) has approved the merger of Air India and Vistara, creating one of the largest airline groups worldwide. Singapore Airlines will hold a 25.1% stake in Air India following the merger. The NCLT confirmed that the necessary approvals from shareholders, creditors, the Competition Commission of India, and the Directorate General of Civil Aviation had been obtained. The merger is expected to be finalized by the end of the year. The order specified that Vistara would dissolve without undergoing the winding-up process after the merger, subject to necessary approvals and clearances.

NCLAT reserves order on IDBI, Axis Bank pleas against Zee-Sony merger

Livemint

Livemint · 1y ago

NCLAT reserves order on IDBI, Axis Bank pleas against Zee-Sony merger

The National Company Law Appellate Tribunal (NCLAT) is considering pleas filed by IDBI Bank and Axis Bank challenging the Zee-Sony merger, which has been called off. The banks are urging NCLAT to defer the case until the National Company Law Tribunal (NCLT) decides on Zee's plea to enforce the merger. However, Zee argues that the pendency of the plea in NCLT should not affect the current case. The merger was called off due to disagreements over the leadership of the merged entity. Sony has initiated emergency arbitration proceedings against Zee.

Gokaldas Exports board clears merger proposal with BRFL Textiles

Economic Times

Economic Times · 19d ago

Gokaldas Exports board clears merger proposal with BRFL Textiles

Gokaldas Exports Ltd plans to merge with BRFL Textiles Pvt Ltd, a year after investing in the company, to create a vertically integrated apparel and textile business. The merger aims to enhance fabric capabilities, improve margins, and ensure consistent fabric supply, thus supporting garment manufacturing operations. The merger is subject to regulatory approvals. BRFL was earlier formed from Bombay Rayon Fashions Limited’s restructuring, focusing on fabrics like cotton and polyester.

New benches for company law tribunals to speed up merger case approvals: Experts

Livemint

Livemint · 1y ago

New benches for company law tribunals to speed up merger case approvals: Experts

The addition of specialized benches to the National Company Law Tribunal (NCLT) in India, as proposed in the budget speech, is expected to significantly reduce the time taken to process merger cases. Currently, the NCLT handles both merger and bankruptcy cases, leading to delays. The new benches would solely focus on company law cases, potentially reducing the processing time from eight-12 months to three to four months. Experts suggested that increasing the number of benches would expedite the process and boost investor confidence, but delays from regulators and authorities also need to be addressed.

NCLT issues notice to Sony on ZEEL's plea on enforcing merger

Thehindubusinessline

Thehindubusinessline · 1y ago

NCLT issues notice to Sony on ZEEL's plea on enforcing merger

The National Company Law Tribunal (NCLT) has issued a notice to Culver Max (formerly Sony Pictures Network India) in response to a plea from Zee Entertainment Enterprises (ZEEL) regarding the merger between the two media companies. The tribunal has directed Sony to reply to ZEEL's petition within two weeks, and the matter will be heard on March 12. ZEEL's counsel argues that since the NCLT has already approved the merger, it has jurisdiction to address petitions related to its implementation.

Amazon India board clears merger of logistics arm with marketplace entity

Economic Times

Economic Times · 3m ago

Amazon India board clears merger of logistics arm with marketplace entity

Amazon Transportation Services (ATS), Amazon's Indian logistics arm, is merging with Amazon Seller Services to simplify the organizational structure and reduce legal compliance. Approved by the National Company Law Tribunal, the merger aims to streamline resources and infrastructure management. ATS, primarily serving Amazon, recently opened to third-party clients. Amazon, like its rivals, has in-house logistics. The merger is unrelated to any plans for a public listing of Amazon's India business.

CCI Greenlights Slice’s Merger With North East SFB

Inc42 · 1y ago

CCI Greenlights Slice’s Merger With North East SFB

The Competition Commission of India (CCI) has approved the merger of fintech unicorn slice with North East Small Finance Bank. The merger will cover slice's parent company GIPL, its NBFC arm Quadrillion Finance, and its subsidiary IFPL, as well as the bank's subsidiary RGVN (North-East) Microfinance Limited. This approval clears the way for the merger, with the filing of the composite scheme of amalgamation before the National Company Law Tribunal (NCLT) being the remaining step. The merger was announced in October 2023, with slice looking to expand its offerings and streamline customer experience.

NCLT approves merger of Slice and North East Small Finance Bank

Economic Times

Economic Times · 1y ago

NCLT approves merger of Slice and North East Small Finance Bank

The National Company Law Tribunal (NCLT) has approved the merger of Slice with North East Small Finance Bank. This finalizes the merger of the Bengaluru-based fintech company with the Guwahati-based bank. The Reserve Bank of India had already given its approval in October. The merger involves several entities including Slice, Garagepreneurs Internet Private Limited, Quadrillion Finance Private Limited, Intergalactory Foundry Private Limited, RGVN (North East) Microfinance Limited, and North East Small Finance Bank Limited. The merger will enable Slice to offer technology-backed financial services to customers of North East Small Finance Bank.

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