On Monday, the country’s third-largest private sector lender, Axis Bank announced that it would acquire 17% stake in Max Life Insurance, instead of 29% as per the deal decided back in April. After the questions raised by the Insurance Regulatory and Development Authority of India (Irdai), the deal has been restructured.
In April, the deal was announced that Axis Bank will raise its stake in Max Life Insurance from 1% to 30% for Rs 1,592 crore at Rs 28.61 apiece as it will elevate their bancassurance partnership in the joint venture. Analjit Singh, promoter of Max Financial holds 73.5% in Max Life, Mitsui Sumitomo Insurance about 25.5% and the remaining 1% by Axis Bank.
The deal was structured in a way that Mitsui Sumitomo Insurance would hold a stake of 21.87% in Max Financial Services in an exchange of 20.57% stake of Max Life through a share swap transaction and then, Max Financial Services and Max Financial Insurance would take 1% stake in Max Life from Axis. Later, Max Financial Services would sell 29% stake in Max Life and then finally Max Financial Services would acquire balance 5.17% stake from Mitsui Sumitomo Insurance.
The Axis Bank-Max Life Insurance Joint Venture is expected to help Max Life in its distribution, like other rivals including SBI Life Insurance, HDFC Life Insurance and ICICI Prudential Life who have their JV partners as Banks or NBFCs.
Larsen and Toubro Signs MoU with Cockerill Energy
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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Adani Enterprises Completes Full Acquisition of Parserlabs India
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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Bharat Forge Subsidiary and Compal Electronics Partner to Boost India’s Server Manufacturing
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.
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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Ola Electric Layoff 1,000 Jobs Amid Internal Restructuring
Ola Electric, the electric two-wheeler startup led by Bhavish Aggarwal, has laid off around 1,000 workers in the marketing, sales, and distribution divisions as a result of a significant internal restructuring effort.
The company is figuring out what needs to be reorganized. According to people acquainted with the matter, a number of workers were let go, and a number of distribution networks on the ground were shut down.
Ola Electric acknowledged that restructuring had taken place, although it did not specify the number of jobs that were impacted.
Ola Electric spokesperson said, “We have restructured and automated our front-end operations delivering improved margins, reduced cost, and enhanced customer experience while eliminating redundant roles for better productivity.”
This move comes after a similar downsizing that affected at least 500 employees in November 2024.
The latest restructuring coincides with several high-level departures. In December 2024, both chief technology officer Suvonil Chatterjee and chief marketing officer Anshul Khandelwal resigned.
Ola Electric has undergone multiple phases of reorganization in recent years. In September 2022, the company streamlined operations and hired a number of new employees in anticipation of its first public offering. However, recent layoffs suggest a shift in approach as the business struggles in the competitive EV sector.
Industry sources speculate that the purpose of these layoffs may be to improve financial efficiency as Ola Electric is ready to expand in the future despite changing market conditions.
Ola Electric revealed its December quarter results on February 7, indicating that its losses had grown compared to the same time last year.
The company’s net loss this quarter was Rs 564 crore, as opposed to Rs 376 crore in the same quarter the previous year. The December quarter’s revenue was Rs 1,045 crore, a 19.4% drop from the year before.
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SpiceJet Announced its Q3 Earnings
SpiceJet Ltd announced its financial results for the September and December quarters on Wednesday, 26 February.
The airline posted a net profit of Rs 24.9 crore for the third quarter, a significant drop from Rs 301 crore in the same period last year. However, Chairman and Managing Director Ajay Singh highlighted that the company has turned net worth positive for the first time in a decade. “The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet,” he stated.
Total income for the quarter stood at Rs 1,650 crore, down from Rs 2,148 crore in the corresponding quarter of the previous fiscal. Meanwhile, aviation turbine fuel (ATF) expenses for the December quarter were recorded at Rs 167 crore, compared to Rs 234 crore in the prior year.
The company’s auditors noted that SpiceJet’s accumulated losses have reached Rs 8,170 crore. Additionally, the airline and some of its subsidiaries are reportedly non-compliant with various laws and regulations, though the exact impact on consolidated financial results remains uncertain.
The auditor further pointed out that SpiceJet’s current liabilities exceed its current assets by Rs 3,925 crore, raising concerns about the company’s ability to continue as a going concern due to material uncertainties.
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