CCI approves acquisition of majority stake in SMW Ispat Private Limited by OFB Tech Private Limited
The
Competition Commission of India (CCI) approves acquisition of majority stake in
SMW Ispat Private Limited by OFB Tech Private Limited.
The
proposed combination envisages acquisition of majority stake in SMW Ispat
Private Limited (SMW Ispat) by OFB Tech Private Limited (OFB Tech).
Why is it in news?
· OFB Tech, a private limited
company, is engaged in the business of wholesale trading of bulk raw materials
such as steel, non-ferrous metals, industrial chemicals and petroleum
derivatives, agri-commodities to facilitate transactions between businesses through
its online or offline channels.
· SMW Ispat, a private
limited company, is engaged in the business of manufacturing products such as
TMT steel bars and steel billets.
Gaganyaan mission: ISRO successfully tests human-rated HS200 solid rock
The Indian Space
Research Organization (ISRO) successfully conducted the static test of the
human-rated solid rocket booster HS 200 recently. The test, which is for ISRO’s
Gaganyaan programme, was performed at Satish Dhawan Space Centre at
Sriharikota.
About HS 200
HS200 rocket booster is
the human-rated version of the well-proven S200 rocket booster of GSLV Mk III
(Geosynchronous Satellite Launch Vehicle MkIII) satellite launch vehicle. The
HS200 booster loaded with 203 tons of solid propellant was tested for a
135-seconds long duration. The booster is 20 m long and has a 3.2 m diameter.
This also makes it world’s second-largest operational booster with solid
propellant. During this test, about 700 parameters were monitored and the
performance of all the systems was normal.
The three-stage mission
The successful
completion of this test has taken ISRO one stap closer to its prestigious
Gaganyaan mission, as the first stage of the launch vehicle is tested for its
performance for the full duration. In total, GSLV MK III rocket operates in
three stages. The first stage is powered by solid fuel or propellant, the
second uses liquid propellant and the third stage is the cryogenic stage which is
powered by liquid oxygen & liquid hydrogen.
The S200 motor, which is
the first stage of GSLV MK III intended for launching a 4000 kg class of
satellites to Geosynchronous transfer orbit, was configured as a strap-on
rocket booster. The human-rated versions of the second stage (known as L110-G
loaded with liquid propellant) and the third stage (called C25-G with cryogenic
propellant) are in the final phase of qualification including tests with static
firing.
GSLV MK III for Gaganyaan Mission
GSLV MK III has been
identified as the launcher for the Gaganyaan mission, given its successful
launch pedigree so far, including the Chandrayaan mission. India’s first manned
space mission ‘Gaganyaan’ is expected to launch next year. The programme, which
is one of the most prestigious scientific endeavours of India, is steadily
progressing towards its final goal of taking an Indian to space and bringing
him safely back.
GSLV MK III launch
vehicle also underwent improvements stipulated by the requirements of human
rating for this Gaganyaan programme . Accordingly, a host of design
improvements were implemented in the S200 booster to increase safety and
reliability of various systems. These included more safety features for motor
case joints and vigorous insulation and ignition systems. This booster also
uses a control system that employs one of the world’s most powerful
electro-mechanical actuators with multiple redundancies and safety features.
The system has entirely been made by ISRO in participation with various industries
established across the nation. ISRO could finish entire designing, development
and actuation and trials in just two years despite hinderances caused due to
COVID-19 outbreak.
CCI approves acquisition by Sanoti Properties LLP of shareholding in Magma HDI General Insurance Company Limited
The
CCI approves acquisition by Sanoti Properties
LLP (Sanoti/Acquirer) of shareholding in Magma HDI General Insurance
Company Limited (Magma HDI/Target) under Section 31(1) of the Competition Act,
2002.
Why is it in news?
The
proposed combination is acquisition of 55.39% of the total equity share capital
of Magma HDI by Sanoti, by way of a proposed subscription of certain equity
shares of the Target along with a proposed simultaneous acquisition of certain
equity shares of the Target held by Poonawalla Fincorp Limited and Serum
Institute of India Private Limited.
Highlights
· Sanoti has engaged in the
business of development of commercial and residential real estate projects.
· Magma HDI is engaged in the
business of general / non-life insurance in India and offers a complete range
of general / non-life insurance products.
CCI approves merger by absorption of Covidshield Technologies into Biocon Biologics in consideration for acquisition of approximately 15% equity shareholding of Biocon Biologics by Serum Institute Life Sciences
The Competition Commission of India
(CCI) approves merger by absorption of Covidshield Technologies into Biocon
Biologics in consideration for acquisition of approximately 15% equity
shareholding of Biocon Biologics by Serum Institute Life Sciences.
Why is it in news?
The Proposed Combination involves
merger by absorption of Covidshield Technologies Private Limited (CTPL),
a wholly owned subsidiary of the Serum Institute Life Sciences Private
Limited (Acquirer) into the Biocon Biologics Limited (Target)
pursuant to a scheme of merger in consideration of which the Acquirer will
acquire approximately 15% equity shareholding on a fully diluted basis in the
Target.
Highlights
·
The Acquirer is a subsidiary of
Serum Institute of India Private Limited and was established as a company for
further development and commercialization of vaccines and therapies
against COVID-19. It also had plans to further develop vaccines against other
infectious diseases. At present, the Acquirer is in the process of setting up
its own manufacturing facility.
·
CTPL is a wholly owned
subsidiary of the Acquirer, which shall be merged into the Target pursuant to
the Proposed Transaction. It was incorporated to undertake the business of
marketing, selling and distributing vaccines, drugs and other pharmaceutical
products.
·
The Target is a subsidiary of Biocon
Limited, and it offers treatment for chronic and acute diseases such as
diabetes, oncology, nephrology, cancer, and autoimmune diseases. The Target
also has research and development centres in Bengaluru and Chennai. It has
manufacturing facilities in Bengaluru and Malaysia for monoclonal antibodies,
recombinant proteins and insulins.
INS Surat, INS Udaygiri: 2 Indigenous Warships Rajnath Singh Launched Today
Defence Minister Rajnath Singh launched
two indigenous warships of the Indian Navy at Mumbai’s Mazagon Dock Ltd (MDL)
on Tuesday.
Why
is it in news?
The warships, designed at the Directorate
of Naval Design (DND) and built entirely at MDL as part of Atmanirbhar Bharat mission,
are the Project 15B destroyer Indian
Naval Ship (INS) Surat and the Project 17A frigate INS Udaygiri.
Both 15B and P17A ships have been designed in-house by the Directorate of Naval Design (DND).
During the building phase at the shipyard,
around 75% of the orders for equipment and systems have been placed at
indigenous firms, including MSMEs.
Highlights
INS SURAT
· 15B class of ships are the next generation
stealth guided missile destroyers of the Indian Navy being built at the Mazgaon
Docks Ltd, Mumbai.
· ‘Surat’ is the fourth ship of Project 15B
Destroyers, which heralds a makeover of the P15A (Kolkata Class) Destroyers,
and is named after the commercial capital of the state of Gujarat and also the
second largest commercial hub of western India after Mumbai.
·
Surat city
has a rich maritime and ship building history and vessels built at the city in
the 16th and 18th centuries were known for their longevity (of more than 100
years).
· The ship Surat has been built using the
Block construction methodology, which involved hull construction at two
different geographical locations and has been assembled at MDL, Mumbai.
· The first ship of this class was
commissioned in 2021. The second and third ships have been launched and are at
different stages of outfitting/ trials.
INS UDAYGIRI
·
‘Udaygiri’,
named after a mountain range in the state of Andhra Pradesh, is the third ship
of Project 17A Frigates.
·
These
are follow-on of the P17 Frigates (Shivalik Class) with improved stealth
features, advanced weapons and sensors and platform management systems.
·
‘Udaygiri’
is the reincarnation of erstwhile ‘Udaygiri’, the Leander Class ASW Frigate,
which saw numerous challenging operations in its service spanning over three
decades from February 18, 1976 to August 24, 2007.
·
Under
the P17A program, a total of seven ships, with 04 at MDL and 03 at GRSE are
under construction. Various novel concepts and technologies such as Integrated
Construction, Mega Block Outsourcing, Project Data Management/ Project
Lifecycle Management (PDM/PLM) etc have been adopted for the first time in
indigenous Warship Design and Construction in this project.
·
The
first two ships of P17A Project, were launched in 2019 and 2020 at MDL and
GRSE, respectively.
