Reliance: new day, new acquisition

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Here are the top stories to start your day.

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⭐ Reliance: new day, new acquisition

Reliance Industries’ wholly owned subsidiary Reliance Strategic Business Ventures bought a  23.3% stake in Exyn Technologies. The  total consideration is of $25 million. The US-based company provides autonomy technology which enables drones and robots to navigate difficult terrains without GPS.   

⭐ JK Cement diversifies into paint segment  

JK Paints and Coatings, a wholly owned subsidiary of JK Cement, has announced its foray into the paints business. It acquired 60% stake in Rajasthan-based Acro Paints, a manufacturer of architectural and high-performance paints and coatings, in a ₹153 crore deal. As per JK Cement management, the acquisition will help fast-track its entry into the paints business, expand its product offerings and potential foray into newer markets. 

⭐ Schneider Electric to build smart factory  

Schneider Electric plans to invest ₹425 crore to create a new smart factory in Bengaluru. The new facility will integrate 6 out of 10 existing factories of the company under one roof. As per management, the proposed facility will be a union of three different kinds of manufacturing capabilities - electronics products, electronics systems and electronics PCBA. The expansion projects sales of over ₹5,200 crore by 2026.

Global markets (at 7:30 AM today)

Fact of the day

The Japanese government revised upward its economic growth forecast from 1.1% to 1.5% for FY23.

Source: Business Standard