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Corporate Briefs

Monday, May 13, 2019

UPL announces 26.75% stake buy in Allfresh
Agrochemical firm UPL on Friday said it has acquired 26.75% stake in Allfresh Supply Management for Rs 9.24 crore in an all-cash deal. The deal will be completed by May 20, 2019 and will be subject to compliance of certain conditions, UPL said in a filing to the BSE. "UPL Ltd has invested Rs 9,24,99,283 in Allfresh Supply Management Pvt Ltd constituting 26.75% (on fully diluted basis) in the paid-up share capital of Allfresh," the filing said. According to UPL, the acquisition of Allfresh will help the company in growing the post-harvest market in the country. It would also help in leveraging the association of Allfresh with farmers and strengthen the relationship, the company said.

SBI reports net profit of Rs 838 cr Mar 2019 quarter
Country's largest lender SBI Friday said it has reported net profit of Rs 838.40 crore in fourth quarter of 2018-19 fiscal on a standalone basis as non-performing assets (NPAs) came down. The state-owned lender had witnessed a net loss of Rs 7,718.17 crore during the corresponding January-March quarter of 2017-18. Income (standalone) during the March quarter of 2018-19 rose by nearly 11% to Rs 75,670.50 crore as against Rs 68,436.06 crore in the same period of the preceding fiscal, the bank said in a regulatory filing.

Airtel Thanks its Customers with a Refreshing and Bubbly new Campaign
To showcase the wide range of exclusive benefits of its recently re-launched customer program #AirtelThanks, one of the world’s leading integrated providers of telecommunication services – Airtel has rolled out a new brand campaign. Shashwat Sharma, Chief Marketing officer, Bharti Airtel said, “This is a path breaking campaign in our brand journey that is built on customer obsession. #AirtelThanks is our way of rewarding our valued customers with some super benefits that not just add value but also differentiate the whole smartphone experience on our network. Our ambition is to build #AirtelThanks into a world-class platform in collaboration with our partners and take customer delight to the next level.”

Mphasis appoints Ravi Vasantraj as Senior Vice President and Global Head of BPS
Mphasis has announced the appointment of Ravi Vasantraj as Senior Vice President, and member of the company’s Executive Council. Ravi’s portfolio will include company’s Business Process Services, including the Digital Risk portfolio. In this role, Ravi will be responsible for strategy, business development, account management and transformation of BPS operations, with a special focus on Enterprise Automation led services, to leverage Mphasis strengths in Cognitive solutions. “With Ravi’s successful track record in the Financial Services industry, he is well suited to deliver business value to our clients,” said Nitin Rakesh, Chief Executive Officer and Executive Director, Mphasis.

Mohit Bhartiya paves way for new leadership in IBJA
Mohit Bhartiya has decided not to contest IBJA's national board elections which is due in June. "As you all know, change is the fundamental truth of life and it is also necessary for growth and progress. I believe that the Association needs a new vision. A new wave of energy and new leadership based on the guidance of the old and the wise. With this thought in mind, I have decided to not contest the elections," Bhartiya said.

Mahindra launches entry level variant of XUV500
Mahindra & Mahindra (M&M) on Friday said it has launched a new entry level variant of its SUV XUV500 priced at Rs 12.22 lakh (ex-showroom Delhi). The new variant would be available across the country at company dealerships with immediate effect, M&M said in a statement.   

JLL India makes key appointments
Professional services firm JLL, has announced the appointment of Siva Krishnan as managing director, Kanchana Krishnan as Head-Markets and retail business, Chennai. Also, JLL elevated Jerry Kignsley as Head-Capital Markets, South India and Head - Sri Lanka. Kingsley who has been serving the firm for 13 years, has held multiple roles across business lines.

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