Latest news with #Ahmedabad-based
Time of India
8 hours ago
- Business
- Time of India
Singapore-based Unique Global to acquire up to 12% stake in IFL Enterprises
Agri commodity trader IFL Enterprises on Tuesday said Singapore-based Unique Global Managed Services has offered to buy up to 12 per cent stake in the company. The Ahmedabad-based company informed stock exchanges that its board will meet on August 1 to consider Unique Global Managed Services' proposal to acquire up to 12 per cent shareholding through the strategic investment route. Explore courses from Top Institutes in Please select course: Select a Course Category Artificial Intelligence healthcare Management Degree MCA Project Management others Healthcare Finance Data Analytics Cybersecurity Technology Data Science Data Science Digital Marketing Others CXO Design Thinking MBA PGDM Product Management Public Policy Leadership Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details "IFL Enterprises has received a Letter of Intent (LOI) from the Singapore-based entity, Unique Global, to acquire a 12 per cent strategic minority stake in the company at an indicative reference price of Rs 2 per share," IFL said in a statement. The offer price represents over 100 per cent premium to current share price, it added. "This proposed investment marks a significant step in our efforts to strengthen the Company's capital base, accelerate growth plans, and enhance shareholder value," IFL said. Live Events The investment is intended to be long-term and strategic in nature and the proposed stake will be acquired in full compliance with SEBI, FEMA, and RBI regulations, IFL said. Unique Global Managed Services has diversified interests in wholesale trade, business consulting, and global ventures. IFL is engaged in the agri commodity business, including import, export and trading of agri commodities. Recently four FPIs have acquired total of 16.08 per cent stake in the company. It reported revenue from operations of Rs 120.60 crore in FY25, over 13-fold rise compared to Rs 8.24 crore in 2023-24.
Business Upturn
9 hours ago
- Business
- Business Upturn
IREDA's insolvency plea against Gensol Engineering admitted over Rs 510 crore default
By Aditya Bhagchandani Published on July 23, 2025, 15:26 IST The National Company Law Tribunal (NCLT) Ahmedabad Bench has admitted a petition filed by Indian Renewable Energy Development Agency Ltd (IREDA) to initiate insolvency proceedings against Gensol Engineering Ltd over a loan default of ₹510.10 crore. The order, delivered on June 13, 2025, by the bench of Justice Shammi Khan (Judicial Member) and Mr. Sanjeev Kumar Sharma (Technical Member), marks the beginning of the corporate insolvency resolution process (CIRP) for the Ahmedabad-based renewable energy company. IREDA, a government-owned financial institution under the Ministry of New and Renewable Energy, had sanctioned loans totalling ₹863.3 crore to Gensol Engineering between March 2022 and May 2024 for multiple renewable energy and EV projects. However, Gensol defaulted on repayments due on March 31, April 19, and May 12, 2025, triggering loan recall notices and eventually the insolvency application under Section 7 of the Insolvency and Bankruptcy Code. In its defence, Gensol argued that the defaults were not substantiated with adequate evidence and contested the appointment of the proposed Interim Resolution Professional (IRP), citing conflict of interest. The Tribunal acknowledged the conflict and appointed an alternative IRP — Mr. Keshav Khaneja — to take charge of the process. The NCLT declared a moratorium on legal proceedings and asset transfers in line with Section 14 of the IBC and directed Gensol's management to cooperate fully with the IRP. SEBI had earlier barred Gensol's promoters from holding directorial positions over alleged fund misutilisation, adding further weight to the need for resolution. With this order, the CIRP against Gensol Engineering has officially commenced, aiming to resolve its debts and explore a turnaround plan under the supervision of the IRP. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Time of India
10 hours ago
- Business
- Time of India
SocialPilot makes landmark exit: Swedish firm buys Ahmedabad IT company for Rs 400 crore; used by 13,000+ firms globally
Ahmedabad-based SocialPilot, a bootstrapped social media management platform, has been acquired by Sweden's for over $50 million. This acquisition marks a significant exit for an Indian bootstrapped startup and a milestone for Gujarat's IT sector. AHMEDABAD: A bootstrapped startup from the city has just made global waves. SocialPilot, a social media management platform used by over 13,000 businesses worldwide, has been acquired by Sweden-based tech firm, for over $50 million (over Rs 400 crore), say industry sources. Co-founders Jimit Bagadiya and Tejas Mehta confirmed the acquisition, though the deal size remains officially undisclosed. The acquisition is being described as "one of the biggest exits by a bootstrapped startup in India" and "a landmark moment for Gujarat's IT sector", which has largely remained behind metros like Bengaluru and Pune in high-value acquisitions. Started in 2014 with no outside investment, SocialPilot has grown steadily over the past decade into one of India's most successful self-funded tech ventures. which serves more than 2 million small and medium-sized businesses across 15 countries, said the acquisition will help deepen its reach in the social media marketing space. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad For Bagadiya and Mehta, the decision to sell was driven by a vision to scale. "We decided to sell our entire stake to said Bagadiya, CEO. "My partner is based in the US, and after running SocialPilot for over a decade, we reached a stage where the business was profitable, growing steadily, and operating at scale. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top Cardiologist Begs: Quit Eating Blueberries Before This Happens Gundry MD Learn More Undo But we also recognised that to unlock the next phase - expanding into new markets, deepening the product, and accelerating distribution - we needed stronger leverage, either through funding or a strategic partnership. " Interestingly, the tool was originally built for e-commerce sellers struggling to promote products on social media. "While working on e-commerce projects for clients in the US and Europe, we recognised that e-commerce sellers were unable to promote their products effectively on social media. So, we built SocialPilot. It evolved into a platform for marketing agencies and SMBs, helping manage, schedule, and analyse posts across platforms," he said.
Time of India
a day ago
- Business
- Time of India
Aircraft faced 'minor technical issue' after landing in Jamshedpur: IndiaOne Air
Ahmedabad-based regional airline IndiaOne Air on Tuesday said that one of its flights faced "a minor technical issue ", following landing at Sonari Aerodrome here on July 20. On Sunday, flight IOA 206, operated by a Cessna 208B aircraft, flying on the Kolkata-Jamshedpur sector, landed safely at Jamshedpur Airport at 4.09 pm, the company said in a statement. Explore courses from Top Institutes in Please select course: Select a Course Category Digital Marketing Degree Cybersecurity Others Management others MBA healthcare Design Thinking PGDM Leadership Project Management Operations Management Artificial Intelligence Data Analytics CXO MCA Technology Data Science Public Policy Finance Product Management Healthcare Data Science Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details All seven passengers on board were safely deplaned without any injury or distress, it said. Following landing, the captain observed a minor technical issue, and as a precautionary measure, decided to shut down the aircraft at the southern edge of the paved turnpad near Runway 26, adhering to all standard safety procedures, the statement said. The aircraft has since been inspected, found fully serviceable, and is currently operating scheduled flights as normal, it added.
News18
a day ago
- General
- News18
Aircraft faced minor technical issue after landing in Jamshedpur: IndiaOne Air
Agency: PTI Last Updated: Jamshedpur, Jul 22 (PTI) Ahmedabad-based regional airline IndiaOne Air on Tuesday said that one of its flights faced 'a minor technical issue", following landing at Sonari Aerodrome here on July 20. On Sunday, flight IOA 206, operated by a Cessna 208B aircraft, flying on the Kolkata–Jamshedpur sector, landed safely at Jamshedpur Airport at 4.09 pm, the company said in a statement. All seven passengers on board were safely deplaned without any injury or distress, it said. Following landing, the captain observed a minor technical issue, and as a precautionary measure, decided to shut down the aircraft at the southern edge of the paved turnpad near Runway 26, adhering to all standard safety procedures, the statement said. The aircraft has since been inspected, found fully serviceable, and is currently operating scheduled flights as normal, it added. PTI BS SBN SBN Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
