Global and domestic acquisitions marked FY22 for Murugappa Group


Chennai, June 30 : The FY22 for the Rs 54,722 crore Murugappa group was marked by several acquisitions, global and domestic, the group said on Thursday. The Group's, the abrasives major Carborundum Universal Ltd (CUMI) bought 71.99 per cent stake for Rs.115 crore in PLUSS Advanced Technologies engaged in the field of phase change materials for thermal energy storage. The company also bought the assets from the Insolvency Administrator of AWUKO ABRASIVES Wandmacher GmbH & Co. KG, Germany (AWUKO) for a total consideration of 8 million euros. The CUMI also acquired 100 per cent stake in Rhodius Abrasives, Germany at an enterprise value of 55 million euros (Rs 464 crore). Similarly, the financial services arm, Cholamandalam Investment and Finance Company Limited acquired 71.94 per cent of Payswiff Technologies Private Limited (Payswiff) for a total consideration of Rs 409 crore. Payswiff is engaged in the business of enabling online payment gateway services for e-commerce businesses and provides e-commerce solutions. The multi product engineering company Tube Investments India Ltd acquired 70 per cent stake with an investment of Rs 161 crore in Cellestial E-Mobility Private Limited (Cellestial), a start-up engaged in the design and manufacture of electric tractors. The Murugappa Group's fertiliser company Coromandel International Limited is set to acquire 45 per cent equity stake in Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company based in Senegal at an outlay of $19.6 million, besides loan infusion into BMCC of a further $9.7 million. Last fiscal, the group registered a growth of 31.2 per cent in turnover at Rs 54,722 crore over the previous year's figure of Rs 41,706 crore. The cumulative profit after tax (PAT) of the group companies last fiscal was Rs 5,520 crore up from Rs 4,481 crore logged in FY21. /IANS


Google to reduce 'low-quality, unoriginal' content in Search results
New Delhi, Aug 19 : Google is rolling out new updates to cut low-quality and unoriginal content in Search results, making it easier for people to find

India needs 15L tonne natural rubber by 2025-26, NE region priority areas: Rubber Board chief
Kottayam/Agartala, Aug 19 : To meet the natural rubber (NR) requirement of 15 lakh tonne by 2025-26, there is an urgent need to increase the area unde

Govt reviews windfall gains tax, cuts cess on crude oil
New Delhi, Aug 19 : Reviewing the windfall gains tax, the government slashed cess on crude oil late on Thursday, bringing it down from Rs 17,750 per t