Third-party logistics (3PL) services provider Aqua Logistics Ltd said it signed an agreement to buy Chennai-based logistic company, Star Distribution Logistics Pvt Ltd. No financial details were provided.
Initially, Aqua Logistics will acquire a 40% stake in the company and an additional 20% equity stake will be acquired in two years subject to certain terms and conditions as per business performance targets to be achieved by Star Distribution.
With this acquisition, Aqua Logistics will strengthen its distribution and reverse logistics capability and acquire new clients, the company said in a statement.
On Monday, Aqua Logistics shares ended 1% up at Rs594 on the Bombay Stock Exchange, while the benchmark Sensex closed 2.2% higher at 19,208 points.
Heavy electrical equipment manufacturer, Crompton Greaves Ltd said it formed a joint venture with Spain-based ZIV Aplicaciones y Tecnologia to manufacture substation automation systems in India. Both companies will invest about Rs10 crore in the joint venture with Crompton Greaves will invest Rs7 crore for a 70% shareholding, it said in a regulatory filing.
The joint venture company in India will manufacture substation automation systems for substations, including protective relays, differential relays, bay control units, bus-bar systems, substation units, etc, said the company in a regulatory filing.
On Monday, Crompton Greaves shares gained 1.5% to Rs309 on the Bombay Stock Exchange, while the benchmark Sensex closed 2.2% higher at 19,208 points.
State-run NMDC Ltd said it signed an agreement with Kopano Logistics Services (Proprietary) Ltd to set up a joint venture company, which would explore and develop mineral properties in South Africa. No financials were provided.
On Monday, NMDC shares rose 0.6% to Rs261 on the Bombay Stock Exchange, while the benchmark Sensex closed 2.2% higher at 19,208 points.