Foxconn, a Taiwanese electronics manufacturer, has announced its decision to withdraw from a joint venture with Vedanta, led by billionaire Anil Agarwal. The joint venture aimed to produce semiconductors in India. Foxconn has also stated that it is working on removing its name from the venture, which is now fully owned by Vedanta. Foxconn emphasized that it has no affiliation with the entity and that keeping its original name would lead to confusion for future stakeholders. On the other hand, Vedanta has expressed its unwavering commitment to its semiconductor fab project and has lined up alternative partners to establish India’s first foundry, according to CNBC-TV18.
The largest lender in the country, State Bank of India, has proposed participating in the initial public offering (IPO) of National Securities Depositories (NSDL). The bank plans to offer for sale up to a 2% equity stake or 40 lakh shares in NSDL. Currently, the bank holds a 5% stake in NSDL.
Tata Communications International Pte Ltd (TCIPL), a subsidiary of Tata Communications, has entered into a share purchase agreement to acquire the remaining equity ownership of Oasis Smart Sim Europe SAS (OSSE France). This acquisition will increase TCIPL’s equity shareholding in OSSE France from its current stake of 58.1% to 100%.
Sharad Kumar Khaitan has been appointed as the Chief Financial Officer of Tega Industries, a company specializing in mining and material handling equipment. Khaitan assumed the role on July 10.
According to sources with direct knowledge of the matter, cited by several reports, private equity firm Bain Capital has shown interest in acquiring Vadilal Industries, a prominent Indian ice cream brand. Bain Capital aims to obtain a controlling stake in the combined entity comprising Vadilal Industries, Vadilal Enterprises, and the Vadilal brand. The potential deal values the ice cream maker at over Rs 3,000 crore. However, Vadilal Group has clarified that there is no undisclosed information that has not been communicated to the stock exchanges.
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