Reliance Industries Liquidate Subsidiary in Urugyay

Key Takeaways from the Announcement

• Reliance Uruguay, a non-operating subsidiary, has been liquidated.
• The company had no impact on Reliance’s turnover or net worth for FY 2023-24.
• Reliance Industries had invested Rs. 0.65 crore in the subsidiary.

As mentioned in a stock exchange filing, Reliance Uruguay was a non-operating company, contributing nothing to the company's turnover and net worth for the financial year 2023-24. The company had invested Rs. 0.65 crore in the subsidiary, and the liquidation was confirmed with a certificate received on September 26, 2024, at 8:59 p.m. IST.

About Reliance Industries Limited

Reliance Industries Limited is a multinational conglomerate based in Mumbai, India. This is one of the biggest companies in India, dealing with operations of all kinds. Reliance firms have dominated all the sectors linked to the energy line, more especially in refining, petrochemicals, exploration and production, and renewable energy. Retail is another sector that has been advanced by Reliance, providing consumer electronics, apparel, groceries and e-commerce services. Telecommunications, 4G and 5G wireless services, and financial services are some ventures by Reliance. Reliance was known to promote its pioneering business practices and contributions toward India's economic development. The company has been a leader in many lines of business. It follows the way of ensuring that its operations promote sustainable development and social responsibility in the communities where it operates.

Key Takeaways from the Announcement

• Yabx Ghana was incorporated on 27th September 2024 as a step-down subsidiary of Tech Mahindra through Yabx Netherlands.
• Yabx Ghana aims to offer software and analytics platforms, focusing on financial institutions like banks and microfinancers in Ghana.
• Yabx Netherlands holds 70% of Yabx Ghana’s equity, with an initial investment of USD 203,000.

Yabx Ghana has been established with the business objective of providing software and analytics platforms and related services in Ghana. The company will cater to prospective clients such as banks, microfinancial institutions, and other lenders, offering software solutions like loan customer relationship management (CRM) and lead generation, along with data analytics services.

Yabx Netherlands holds 70% of Yabx Ghana’s shareholding, with an investment of GHS 3,126,200 (approximately USD 203,000) through the subscription of 312,620 shares at a face value of GHS 10 per share.

The company was incorporated with an authorised share capital of GHS 4,466,000 (USD 290,000). Yabx Ghana aims to become a key player in Ghana’s IT landscape, providing innovative tech solutions tailored for financial institutions.

About Tech Mahindra Limited

Tech Mahindra is a part of the Mahindra Group, a multinational federation of companies established in 1945. The Mahindra Group today is one of the largest and most respected groups in the world. It is a leader in several sectors, such as farm equipment, utility vehicles, information technology, and financial services, and also the largest tractor manufacturer in the world by volume. The group is also active in renewable energy, agriculture, logistics, hospitality, and real estate. Building a better world-wide dedicated to the promotion of the life process, with environmental, social, and governance (ESG) initiatives; the Mahindra Groups enable rural prosperity and urban living, aiming for a better impact for the community and stakeholders.

Key Takeaways from Persistent Systems Acquisition:

• Persistent Systems intends to acquire Arrka, a Pune-based company specialising in data privacy and AI governance, to strengthen its AI-led services.
• The integration of Arrka is part of Persistent’s strategy to improve its digital governance, data privacy, and cybersecurity offerings.
• Following the acquisition, Persistent will expand Arrka's Data Privacy Management platform to enhance AI governance, compliance with privacy laws, and ethical AI practices.
• Key focus areas post-acquisition will include AI Governance and Ethics, Data Privacy, Privacy in AI Product Engineering, and more.

The integration of Arrka is a key part of Persistent’s strategy to enhance its AI capabilities. The company is already investing in innovative platforms like SASVA, an advanced tool that uses generative and deterministic AI, and has made previous acquisitions to bolster its position in AI-powered services.

Arrka’s Data Privacy Management platform helps organisations manage their data privacy risks and comply with various legal requirements. 

Following the acquisition, Persistent will expand Arrka's offerings to develop strong capabilities in digital governance, including AI Governance and Ethics, Data Privacy, Privacy in AI Product Engineering, Consent and Rights Management, and AI Systems Auditing and Compliance Management. 

About Persistent Systems Limited:

Persistent Systems Limited is a global company that provides services and solutions in Digital Engineering and Enterprise Modernisation for various industries. With over 23,500 employees in 19 countries, the company focuses on innovation and helping clients succeed. Persistent offers a wide range of services, including AI-driven software engineering, product development, data analytics, customer experience transformation, cloud computing, and intelligent automation. The company was named the ‘Most Promising Company’ of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. As a member of the United Nations Global Compact, Persistent is dedicated to aligning its strategies with principles related to human rights, labour, the environment, and anti-corruption, and actively works towards societal goals.

Key Takeaways from Kamdhenu Paints eNEXA Shopee Opening:

• Kamdhenu Paints opened its first exclusive retail outlet, the Kamdhenu eNEXA Shopee, in Gurugram on September 27.
• The outlet offers a comprehensive selection of products for interior and exterior painting, including emulsions, designer finishes, metallic effects, wood coatings, and construction chemicals.
• The eNEXA Shopee is designed to enhance customer convenience and accessibility for shopping.
• Customers can utilise an in-house paint booth to sample various colours and visualize finishes for their homes.

The Kamdhenu eNEXA Shopee is designed to make it easier for customers to shop and offers a wide range of products for both interior and exterior painting, including emulsions, designer finishes, metallic effects, wood coatings, and construction chemicals. 

Additionally, customers can use an in-house paint booth to sample different colours and visualize the finishes for their homes.

At the inauguration ceremony, the MD of Kamdhenu Paints, Saurabh Agarwal said, “This new retail outlet marks a significant step in our growth journey. We are committed to delivering the best possible products and services at accessible cost to our customers.” 

About Kamdhenu Paints:

Kamdhenu Paints was founded in 2008 as part of the Kamdhenu Group and operates as Kamdhenu Colour and Coatings Limited, a wholly-owned subsidiary of Kamdhenu Ventures Limited, listed on the NSE and BSE. It is a leading decorative paints manufacturer, with over 4,300 dealers and 20,000 painters affiliated with the company. Kamdhenu Paints offers a wide range of products, including exterior and interior emulsions, acrylic distempers, water-based and solvent primers, synthetic and GP enamels, wood finishes, aluminium paints, as well as textured and designer finishes, stainers, PU wood finishes, and metallic finishes.