The proposed merger of REC Ltd into Power Finance Corporation (PFC) has received the approval of the President of India. The two state-run power sector lenders informed the stock exchanges in separate regulatory filings on Wednesday. The final share swap ratio for the merger has not been officially disclosed.

UltraTech Cement Ltd has entered into an Energy Supply Agreement and a Share Subscription and Shareholders Agreement to acquire a 13.99 per cent equity stake in FPEL Services Pvt Ltd for ₹12 crore. FPEL is engaged in the generation and transmission of renewable energy through wind power. Separately, The India Cements Ltd, a subsidiary of UltraTech Cement, has also entered into similar agreements to acquire a 12.48 per cent equity stake in FPEL Services for ₹10.78 crore.

AVG Logistics has raised about ₹53 crore by allotting 36,50,356 equity shares at ₹145 a share through a rights issue. The allotment increased the paid-up share capital to ₹18,70,80,760.

Dhruv Consultancy Services, in association with Arkitechno Consultants India, has received the Letter of Acceptance (LoA) as Authority Engineer for ₹19.34 crore. The order is for providing project management services for the construction of a new railway BG electrified line between Rowghat-Jagdalpur (140 km) of South East Central Railway. It has to be executed within 36 months.

Neetu Yoshi Ltd has secured Capacity-Cum-Capability Assessment approval from Rail Coach Factory, Kapurthala, for manufacturing brake support for FIAT bogie. This validates its capabilities and opens doors for railway component procurement opportunities.

Paramatrix Technologies has acquired an additional 25 per cent stake in Metasys Software Private Ltd for ₹3.52 crore, bringing its total ownership to 76 per cent following the completion of the first tranche of the acquisition in January 2025. This phased buyout boosts its digital engineering capabilities, revenue streams, and global delivery footprint.

Power Grid Corporation of India Ltd (PGCIL) has approved the upgradation of Supervisory Control and Data Acquisition (SCADA) and associated systems at its National Transmission Asset Management Centre (NTAMC) and Regional Transmission Asset Management Centres (RTAMCs) at an estimated cost of ₹485.04 crore.

Adyal L.I.S., a joint venture of Sobhagya Mercantile, has won a ₹260.53 crore work order for the Adyal Lift Irrigation Scheme under the Gosikhurd Project in Chandrapur, Maharashtra, awarded by the Vidarbha Irrigation Development Corporation. The company holds a 40 per cent stake in the JV. The order has to be completed within 33 months from commencement.

3i Infotech Ltd has announced a significant contract win from Hindustan Petroleum Corporation Limited (HPCL). The deal, valued at ₹37.05 crore, focuses on providing comprehensive IT infrastructure services across HPCL’s nationwide operations, reinforcing 3i Infotech’s footprint in the PSU segment.

Vascon Engineers Ltd has received a ₹347.43 crore Letter of Intent from the Central Public Works Department, Guwahati Division, for demolition and redevelopment of RBI quarters at Zoo-Narengi Road Colony in Guwahati, Assam. The project is to be completed within 36 months.

Published on June 11, 2026