Poonawalla backed h2e Power acquires Swiss firm Hexis
Air-conditioner maker Voltas Ltd is considering setting up a new manufacturing plant in south India as part of its expansion plans. The Tata Group firm, which has plants at Waghodia (Gujarat), Pantnagar (Uttarakhand) and Sanand (Gujarat), is now exploring to have a new hub in the south. “We are exploring to have a new hub of manufacturing in southern India.” Voltas MD & CEO Pradeep Bakshi said.
Pune-based Poonawalla Group-backed clean-tech startup h2e Power has acquired Swiss fuel cell specialist Hexis AG. The acquisition is aimed at creating a global footprint, produce zero emission power generators from Pune and creating an Indian global fuel cell and green hydrogen company.
The deal has been closed through h2e Power’s German subsidiary mPower GmbH, from the Viessmann Group. The company did not disclose the deal amount.
“We are building large manufacturing capacity in Pune for the Indian and global markets,” Adar Poonawalla, chairman at h2e Power Systems, said.
“We will create a global footprint and locally produce zero emission power generators in Pune and intend to reach every home, every commercial establishment and every city,” he added.
Mumbai, June 8: The Enforcement Directorate (ED) on Monday raided five premises of global tours and travel company Cox and Kings, including its promoter Peter Kerkar and former senior executives, in Mumbai in connection with the Yes Bank money laundering probe case.
The agency, in a statement, said the group and its companies have outstanding loans amounting to Rs 3,642 crore.
Sleuths searched the premises of Ajay Ajit Peter (Peter Kerkar), directors Pesi Patel and Abhishek Goenka, former chief financial officer Anil Khandelwal and internal auditor Naresh Jain as part of the action undertaken under the Prevention of Money Laundering Act (PMLA), it said.
Cox and Kings was one of the top borrowers of Yes bank and as per the ED, Cox and Kings Ltd (CKL) had an outstanding loan of Rs 563 crore and its linked firms like Ezeego One Travel & Tours Ltd India (EOTTL)
Rs 1,012 crore, Cox and Kings Financial Services Ltd Rs 422 crore, Prometheon Enterprise Ltd, UK Rs 1,152 crore and Malvern Travel Ltd, UK Rs 493 crore.
The total unpaid loan amount stands at Rs 3,642 crore.
The searches are aimed at gathering more evidence in the case, agency officials said.
The ED alleged that the travel and tours group "had created multiple layers of on-shore and offshore subsidiaries across the globe through which the money was siphoned off".
The agency is probing Yes Bank and a number of other large corporate groups in connection with an alleged fraud case where huge loans issued by the bank became non-performing assets (NPAs).
It arrested Yes Bank cofounder Rana Kapoor in March this year followed by DHFL promoter Kapil Wadhawan and his brother and RKW Developers director Dheeraj Wadhawan.