Torrent Pharmaceuticals Incorporates Wholly Owned Subsidiary in Chile

Key Takeaway from the Announcement 

• Torrent Pharma Chile is a wholly owned subsidiary of Torrent Pharmaceuticals, incorporated in Chile.
• The company has an initial authorised capital of 900 million Chilean pesos, aimed at supporting Torrent Pharma’s business in the region.
• The incorporation strengthens Torrent’s global footprint in the pharmaceutical industry.

As per a stock exchange filing, Torrent Pharmaceuticals Limited has incorporated a wholly owned subsidiary, Torrent Pharmaceuticals Chile SpA (“Torrent Pharma Chile”), on September 25, 2024, in Santiago, Chile. The new entity has an authorised and paid-up share capital of 900 million Chilean pesos and is fully owned by Torrent Pharmaceuticals, with the parent company holding 100% of the shares. 

While the primary purpose of Torrent Pharma Chile is to provide business support to Torrent Pharmaceuticals in Chile, this new entity has not begun operations, and its turnover is not meaningful since it is newly established. This incorporation does not involve related party transactions in the pre-formed context, but once it is formed, it is treated as a related party. - This action is consistent with Torrent Pharmaceuticals' strategic plan for growth around the world in the pharmaceutical industry.

About Torrent Pharmaceuticals Limited

Torrent Pharmaceuticals Ltd. is a major Indian pharmaceutical company involved in researching, developing, manufacturing, and marketing generic pharmaceutical formulations. Torrent Pharmaceuticals Ltd. is the only company of the Torrent Group, as the Torrent Group has other interests in the power and distribution of city gas. The company has a portfolio of pharmaceutical products covering a variety of dosage forms, including oral solids, oral liquids, topicals, suppositories, human insulin, and synthetic APIs; approximately 80% of its API production is used in-house.

Key Takeaways from IRIS MoU with Telangana Govt

• IRIS Business Services Limited inked a Memorandum of Understanding with the Government of Telangana towards making the MSME ecosystem come to life through efficient technology-driven solutions.

• This would be a public-private partnership wherein IRIS would invest in the development of solutions. User charges would then recover costs to ensure the project is financially sustainable.

• Two initiatives have been launched from this collaboration. The first one is the MSME dashboard for use by the government, and the second one is a multilingual Invoice Registry Portal that generates free e-invoices in Telugu.

• The Telangana government will initiate necessary administrative and policy changes and support awareness of new initiatives which aim to smoothen the functioning of MSMEs.

• This forms one of the milestones towards meeting the trillion-dollar economy target, which Telangana has set for the year 2035, with the integration of data solutions to empower the MSME sector, making it the entry point for IRIS into the business of data applications.

Under the public-private partnership, IRIS will invest in developing solutions and recover costs by levying user charges. The government of Telangana will help support the administrative and policy changes and create awareness of the initiatives.

IRIS CEO S Swaminathan announced two new initiatives as the immediate outcome of the meetup - an MSME dashboard for government officers to monitor businesses all over the state and a multilingual Invoice Registry Portal offering free e-invoice generation in Telugu.

The collaboration is the initial step in aligning Telangana's vision of becoming a trillion-dollar economy by 2035 by exploiting data sets to bring benefits to the MSME sector. IRIS views this partnership as the first milestone in its foray into data applications business, which the company terms as its ‘Consume’ segment.

About IRIS Business Services Limited

IRIS Business Services Limited, based in Mumbai, India, is a company that has emerged as one of the prominent leaders in RegTech SaaS. This company has been transforming its approach towards ensuring regulatory compliance for businesses since 1996. The company utilises cutting-edge technologies such as Artificial Intelligence, Machine Learning, and Robotic Process Automation. As a listed entity on both the Bombay Stock Exchange and the National Stock Exchange of India, IRIS focuses on transparency and integrity as the highest factors governing its business. Having a team of very professional agents aims at giving clients the opportunities to access and experience customised solutions meant for individual needs. This organisation is devoted to innovation and partnership, working in pursuit of simplifying compliance management while unlocking opportunities for growth for businesses and having access to only the best in mitigating various risks.

Key Takeaways from the Acquisition 

• Uno Minda Limited has acquired a 49% stake in Minda Nabtesco Automotive Private Limited (MNAPL).
• The acquisition involved purchasing 24,769,500 equity shares from Nabtesco Automotive Corporation, Japan.
• Following this acquisition, MNAPL became an associate company of Uno Minda Limited.

As per a stock exchange filing, Uno Minda Limited has acquired a 49% stake in Minda Nabtesco Automotive Private Limited (MNAPL), purchasing 24,769,500 equity shares from Nabtesco Automotive Corporation, Japan. The total cost of this acquisition amounts to INR 1.3 crore (₹1,30,00,000.) With this deal, MNAPL is now recognised as an associate company of Uno Minda Limited.

About Uno Minda Limited

Founded in 1958, Uno Minda Ltd. is one of the largest manufacturers and suppliers of automotive solution products to Original Equipment Manufacturers (OEMs). The company manufactures automotive switches, lighting systems, acoustics systems, seating systems, and alloy wheels, and has made a product platform for electric vehicles.

Key Takeaways from EaseMyTrip Collaboration with PhonePe: 

• EaseMyTrip collaborates with PhonePe to launch the hotel booking segment. 
• With this partnership, the hotel deals and offers become exclusive, and are special for the PhonePe users, thereby adding immense value to their booking.
• Activities and Cabs will be inducted into the platform, while an attempt is made to provide the entire travel booking experience within the PhonePe application.
• EaseMyTrip Hotels will allow best price guarantees, flexibility in booking, and no charge cancellations so that the user benefits are maximised.
• The alliance would make travelling easier for millions of PhonePe users by integrating travel services under one roof.

PhonePe users would get exclusive access to an extremely wide range of hotel deals and offers, besides getting the option of hotel bookings. Other options like Activities and Cabs are also planned to be added soon, thereby completing the travel booking experience on PhonePe.

EaseMyTrip Hotels will now offer ease of design, competitive prices, and flexibility of booking with a free cancellation facility to PhonePe users.

This partnership is part of a larger strategy to enhance travel booking for millions of Indian PhonePe users. The EaseMyTrip-PhonePe partnership unites travel expertise and adds the depth of a comprehensive user base, as it plans to make travel planning easier for customers, where all the services can be availed through a single application.

Rikant Pittie, Co-Founder of EaseMyTrip said, “This partnership is a significant step in making travel more accessible and convenient for millions of users across India.” 

Commenting on the partnership, Sonika Chandra, Chief Business Office - Consumer Payments, PhonePe said, “We are excited to partner with EaseMyTrip to create a differentiated and seamless hotel booking experience for our users with the best deals on our platform.”

About EaseMyTrip:

EaseMyTrip is one of the largest online travel platforms in India for booking air tickets as was recently reported by Crisil in February 2021. The profits have surged at 47% from FY20 to FY24. The company had started with no external funding and hence was profitable since day one. EaseMyTrip's travel service range includes air tickets, hotel bookings, holiday packages, rail and bus tickets, and a number of value-added services. Users can book without convenience fees and more than 400 airlines along with over 2 million hotels across train, bus, and taxi services in major Indian cities. Founded in 2008, EaseMyTrip has offices spread across many Indian cities and also international offices in the Philippines, Singapore, Thailand, the UAE, UK, USA, and New Zealand.

About PhonePe Group:

PhonePe Group is one of the leading fintech companies in India that has, since August 2016, been running a mobile app for digital payments. The app became the country's top consumer payments app within eight years of history, with over 560 million registered users and over 40 million merchant partners. It processes over 280 million transactions daily, which amounts to over $1.5 trillion annually. From its foray into digital payments, PhonePe has ventured into financial services that include insurance and lending, as well as new consumer tech ventures such as hyperlocal e-commerce and India's first localised app store. Today, it aims to make every Indian have access to better money and services.