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BUSINESS

Reliance Industries’ Subsidiary Acquires 23% Stake in US-Based Exyn Technologies

RSBVL and Exyn have entered into a strategic agreement for technical collaboration and commercialisation of Exyn technology.

Reliance Industries announced in a December 22 regulatory filing that its wholly-owned subsidiary, Reliance Strategic Business Ventures Limited, has acquired a 23.3% stake in US-based Exyn Technologies Inc for $25 million.

Reliance Strategic Business Ventures acquired a stake in Exyn, a company developing autonomous aerial robotic systems. Reliance will make investments and strategic moves in drones, industrial safety and robotics, the company said in a statement.

It also said the deal would accelerate Exyn’s product and technology development and commercialization across multiple application areas.

Reliance’s statement further mentioned that the stake acquisition does not require applicable statutory government approval. It was clarified that RIL’s promoters/promoter group/group companies are still interested in the transaction.

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BUSINESS

Haldiram’s Signs Agreement with Singapore’s Temasek

Dhruva Kulkarni

Haldirams has partnered with Singapore-based investment firm Temasek, which will acquire an equity stake to support the brand’s expansion in India and globally.

PwC Investment Banking acted as the exclusive financial advisor, while Khaitan & Co provided legal counsel for the deal. The transaction is subject to regulatory approvals and is expected to close soon.

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A Haldirams spokesperson welcomed Temasek’s investment, emphasising its expertise in the consumer sector.

PwC India Chairperson Sanjeev Krishan called the deal a milestone, highlighting PwC’s long-term advisory role and noting that it is India’s largest private equity consumer deal, reflecting the global rise of domestic businesses.

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BUSINESS

Godrej Properties Sold Homes Worth Rs 1,000 Crore 

Ali Waghbakriwala

Godrej Properties Ltd. announced on Tuesday, 25 March, that it has sold homes in its Godrej Madison Avenue project in Kokapet, Hyderabad, which occupied over 0.84 million square feet and brought in over Rs 1,000 crore. The corporation began the project in January 2025.

The Golden Mile Road project offers access to shopping, schools, hospitals, and other lifestyle amenities. It also provides access to key areas such as the Financial District, Gachibowli, HITEC City, and the Outer Ring Road.

“We are thrilled with the response to our first project in Hyderabad,” said Gaurav Pandey, MD & CEO of Godrej Properties. “This success reiterates the huge growth opportunity available to Godrej Properties in Hyderabad and the strong demand for premium residential developments in Kokapet. This strengthens our commitment to expanding in Hyderabad where we will be launching a second project shortly.”

Additionally, the real estate firm revealed last week that it has acquired roughly 10 acres of land in the Yelahanka suburb of Bengaluru, which could generate Rs 2,500 crore in revenue.

The project’s estimated 1.5 million square feet of developable potential is mostly made up of high-end residential flats and high-street shops.

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BUSINESS

Larsen and Toubro Signs MoU with Cockerill Energy

Ali Waghbakriwala

Larsen and Toubro said on Monday, 24 March that L&T Energy Green Tech Ltd, its wholly-owned subsidiary, has entered into a Memorandum of Understanding (MoU) with John Cockerill Energy to investigate solutions in thermal energy storage and concentrated solar power.

The company’s exchange filing states that the MoU seeks to find and create strategic partnership prospects in production, component supply, and technology solutions.

L&T Energy Green Tech offers integrated green energy solutions through collaborations, advanced technology, and research and development on a development, production, and EPC basis. John Cockerill, who has over 200 years of experience in both industry and energy, has been developing technological solutions to help with the energy transition.

Subramanian Sarma, the whole-time director and president (energy), L&T, said, “Ensuring round-the-clock availability of renewable power is crucial for driving the global energy transition. Our collaboration with John Cockerill marks a significant step in this direction, combining L&T’s end-to-end expertise in manufacturing, EPC and services with John Cockerill’s global leadership in energy.”

“With our expertise and references, including five solar thermal receivers for concentrating solar power plants in the UAE, China, Chile and South Africa, we are confident this partnership will enable us to deliver these offerings to companies in India that are actively pursuing low carbon energy solutions,” John Cockerill Energy’s CEO Thomas Bohner said.

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BUSINESS

Adani Enterprises Completes Full Acquisition of Parserlabs India

Ali Waghbakriwala

Adani Enterprises announced that Sirius Digitech Limited, a joint venture of Adani Global Limited, Mauritius, has acquired the remaining 22.5% stake in Parserlabs India Private Limited (PIPL). 

The transaction, finalized on 19 March 2025, strengthens the Adani Group’s expansion in data centres and cloud services.

This follows Sirius Digitech’s initial 77.5% stake purchase in PIPL, announced on 16 July 2024. With the latest Rs 45 crore investment, PIPL is now a wholly-owned subsidiary of Sirius Digitech.

Founded on 25 March 2019, PIPL fully owns Coredge.io India Private Limited (CIPL), a deep-tech startup specializing in sovereign AI and cloud platforms. CIPL serves cloud providers, government agencies, and telecom firms, contributing to strong financial growth. 

PIPL reported a turnover of Rs 45.63 crore in FY 2023-24, up from Rs 28.94 crore in FY 2022-23 and Rs 12.09 crore in FY 2021-22.

The 22,500 equity shares (Rs 1 face value each) were acquired at Rs 20,000 per share through a cash transaction. Adani Enterprises emphasized that this acquisition enhances its expertise in cloud computing and data centre infrastructure.

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BUSINESS

Bharat Forge Subsidiary and Compal Electronics Partner to Boost India’s Server Manufacturing

Ali Waghbakriwala

Bharat Forge Ltd on Thursday, 6 March, announced that its wholly-owned subsidiary Kalyani Powertrain has announced signing a technology licensing agreement with Compal Electronics for manufacturing X86 platform servers in India. 

Kalyani Powertrain and Compal Electronics have signed a Memorandum of Understanding (MoU) to develop the server business in India, aligning with the Make in India initiative. Under this partnership, Compal Electronics will provide technological expertise to Kalyani Powertrain, overseeing local production, assembly, testing, and server sales.

Amit Kalyani, Vice Chairman & Joint Managing Director of Bharat Forge, highlighted that this partnership with Compal, a global leader in technological products, will significantly enhance India’s manufacturing competitiveness and strengthen its position in the industry.

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Tony Bonadero, CEO of Compal Electronics, emphasized that this collaboration aligns with Compal’s strategy to expand its server business through strategic partnerships. He noted that Kalyani Powertrain’s deep expertise in the Indian market would create strong synergies, paving the way for further ICT-related opportunities and long-term value creation.

Additionally, Kalyani Powertrain’s electronics division has announced the launch of Made-in-India servers from its state-of-the-art manufacturing facility in Pune, Maharashtra, in February 2025. The company expects the facility to play a crucial role in boosting local businesses, attracting investments, and contributing to the region’s expanding manufacturing ecosystem.

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