“We are looking at two or three big-box hotels, which will deliver a solid EBIDTA of Rs 100 crore-plus. We are in talks with two to three large hotels at this moment,” said CEO Ranjit Batra.

Last year, Ventive Hospitality proposed to acquire a 76% stake in Soham Leisure Ventures, which owns the Hilton Goa Resort, along with a land parcel in Goa. This year, it agreed to acquire 100% of Kelzai Eco Reserves Private Limited for Rs 281.88 crore in cash, at an enterprise value of Rs 466 crore, to expand into the luxury eco-resort and branded villa segment.

Ventive Hospitality is in talks to acquire 2-3 luxury hotels as it looks to expand its portfolio.

“We expect to reach our target through a combination of acquisitions and organic development,” said Batra.

Ventive Hospitality’s portfolio includes the Ritz Carlton, JW Marriott, Courtyard by Marriott and DoubleTree by Hilton hotels in Pune, besides Raaya, Anantara and Conrad hotels in Maldives.

“Currently, we have 14 assets and roughly 2,200 keys. We have grown all of this

over the last five years. Going forward, we are targeting a portfolio of 4,000-plus keys,” said Batra. “We have around 360 keys under construction and about 1,100 keys in the right-of-first-offer arrangement pipeline with promoters,” he added. Out of the 14 operational assets of the company, seven are built by Panchshil and the rest are acquired.

Batra said the company is also planning to launch the first Ritz Carlton Reserve project in India in the Sahyadri hills.

“Ritz-Carlton Reserve is a step above Ritz-Carlton. There are only about 10 in the world. We are doing two of them, one in Sri Lanka and one in India,” said Batra. “The one in India will come up in the Sahyadri Hills. It has about 450 acres of beautiful land, surrounded by the forest on three sides. It will be a branded residence associated with the Ritz-Carlton Reserve concept,” he added.

Ventive Hospitality reported revenue from operations of Rs 543 crore in quarter one of this fiscal, up from Rs 507.4 crore in the corresponding period of the previous fiscal year. The chain reported a profit of Rs 124 crore for quarter one, up from Rs 38 crore in quarter one of the previous fiscal year. Batra said the company reported EBITDA of Rs 1,298.7 crore in FY26, while recording one of the industry’s highest EBITDA margin expansions.

“That is a significant achievement, although not many people know it. We also had the highest EBITDA margin expansion in the industry, which shows we did a lot behind the scenes on efficiency,” he said.

“We also had double-digit growth in rates. Our EBITDA grew faster than revenue, which is very healthy. Our EBITDA grew 49% in the financial year 2026 alone,” he added. “Some of our hotels achieve EBITDA margins of 50%.”

The company’s pipeline includes a hotel in Varanasi and it is also repositioning a hotel in Bengaluru’s Whitefield.

Under SEBI rules, the company must bring its promoter ownership down to meet the 25% public float requirement within three years of listing. “We have two routes. We can do a QIP or an OFS. We will evaluate the options. We have about 13 months,” said Batra. “By December 2027, we need to be at 75%. Currently, we are at 89%. If we do a few big acquisitions, then we would look at a QIP,” he added.

The company is one of the few hospitality players that also has a sizable office portfolio, providing a steady stream of annuity income.

“We have about 3.4 million square feet of office space. That provides stability. In a downturn, our office occupancy should remain strong and provide a pipeline for EBITDA growth or stability. Even if we have a downward cycle in hotels, very few companies have the combination of hotels and office assets that we have,” said Batra.

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KlickEdu plans allied healthcare colleges in India and RJ Vision targets 30,000 students across Gujarat over three years.

The move brings KlickEdu and RJ Vision into MSM Unify India’s education network and expands its presence in healthcare education, workforce development and preparation for medical and engineering entrance examinations, the company said in a statement.

The founding teams of both businesses will continue to lead them.

The company did not disclose the financial details of the deal.

MSM Unify India will provide the two companies with technology, operational support, brand-building capabilities, and access to its international network.

“KlickEdu and RJ Vision bring complementary strengths in healthcare workforce development and entrance preparation. Our role is to help both businesses expand through technology, operational support, and international connections while preserving the academic quality and founder-led approach that define them,” Sanjay Laul, Founder and CEO, MSM Unify, said.

KlickEdu plans to develop allied healthcare colleges in India. It will also strengthen its healthcare education and talent networks across the Philippines, West Asia, Africa and Eastern Europe.

RJ Vision aims to reach 30,000 students across Gujarat over the next three years through coaching centres, integrated schools and digital learning.

Its first planned integrated school in Vadodara will combine school education with competitive-exam preparation, with doctors teaching and mentoring National Eligibility cum Entrance Test (NEET) aspirants, the company said.

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The acquisition strengthens Cotecna’s global Life Sciences platform and expands its pharmaceutical testing capabilities across the Pharmaceutical, Biopharmaceutical, Medical Device, and Packaging sectors. Serving customers across India, the United States, Asia-Pacific, and the Middle East, Energon is recognized for its scientific excellence, regulatory expertise, and commitment to quality.

Strategically located in Hyderabad, one of the world’s leading pharmaceutical and biotechnology hubs, Energon provides Cotecna with access to highly specialized scientific talent, advanced laboratory infrastructure, and a well-established pharmaceutical ecosystem. India is also one of the world’s fastest-growing pharmaceutical markets and a critical manufacturing hub for global healthcare supply chains.

The acquisition enhances Cotecna’s ability to support both Indian and international customers with high-quality, regulatory-compliant testing services while delivering greater responsiveness, scalability, and operational efficiency across key markets.

The addition of Energon further complements Cotecna’s growing pharmaceutical testing network, which includes Cotecna Life Sciences, Shiva Analyticals and Neotron Pharma. Together, these capabilities strengthen the Group’s ability to support customers throughout the product lifecycle and address evolving global quality, compliance and regulatory requirements.

Energon offers a comprehensive portfolio of analytical testing and quality assurance services, including analytical method development and validation, stability studies, impurity profiling, extractables and leachables, glass delamination studies, peptides and oligonucleotide characterisation, raw material and finished product testing, in-vitro binding studies, packaging compatibility studies, and regulatory support services. These capabilities will further strengthen Cotecna’s position as a trusted partner to pharmaceutical manufacturers serving regulated markets worldwide.

Sébastien Dannaud, Chief Executive Officer of Cotecna Group, commented: “We are pleased to welcome Energon Labs to the Cotecna Group. This acquisition represents another important step to support our ambition to become one of the largest providers of Life Sciences testing services in India, and strengthens our position in one of the world’s most important pharmaceutical markets.”

Amit Chopra, CEO South Asia and Middle East, Cotecna Group, added: “I am delighted to welcome Manikanth Reddy and the talented team of Energon Labs to the Cotecna group. This acquisition aligns perfectly with our strategy of building a comprehensive pharmaceutical testing ecosystem across key growth markets. Energon’s strong technical capabilities, experienced team, and established customer relationships will enhance our ability to serve pharmaceutical, biopharmaceutical, and medical device companies across India and globally. Together, we are creating a stronger platform to support the evolving needs of the pharmaceutical and healthcare sectors.

Manikanth Reddy, Founder, Energon, said: “Joining the Cotecna Group opens an exciting new chapter for Energon Labs. Over the years, we have focused on building a laboratory recognized for quality, scientific expertise, and reliability. Becoming part of a global organization like Cotecna provides new opportunities to expand our capabilities, strengthen our service offerings, and deliver even greater value to our customers. Our team remains committed to maintaining the highest standards of analytical excellence while supporting the continued growth of the life sciences industry.”

About Energon Labs

Energon Labs is a cGMP-compliant, USFDA-inspected, ISO 9001:2015 and ISO 17025:2017 certified analytical testing laboratory located in Hyderabad, India. The company provides comprehensive analytical testing, quality assurance, and regulatory support services to pharmaceutical, biopharmaceutical, medical device, and packaging industries, serving customers across India, the United States, Asia Pacific, and the Middle East.

About Cotecna
Founded in Switzerland in 1974, Cotecna is a leading provider of Testing, Inspection and Certification services. With operations in more than 55 countries, Cotecna helps clients ensure quality, safety, compliance and sustainability across global supply chains. The Group serves customers across agriculture and food, pharmaceuticals, minerals and metals, consumer products, certification and ESG services through a worldwide network of experts, laboratories and technical specialists.

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The competition regulator cleared GRT Jewellers (India) Private Limited’s proposed acquisition of a majority stake in Tribhovandas Bhimji Zaveri Limited. Both companies manufacture and sell gems and jewellery in India, while TBZ is publicly listed.

In healthcare, the regulator approved NuageLux BidCo’s proposed purchase of approximately 23% of Kids Clinic India Limited on a fully diluted basis. Kids Clinic operates the Cloudnine chain of super-specialty hospitals, focused on mother and baby care.

Its services span maternity, gynaecology, paediatrics and fertility, with centres across several Indian cities.

NuageLux is a newly incorporated Luxembourg company and a special purpose vehicle ultimately controlled by Permira Holdings. The vehicle has no operations or presence in India or globally, the statement said. Permira’s private equity portfolio includes businesses across healthcare, consumer, services, technology and energy transition.

The CCI also approved acquisitions of equity shareholding in FarMart Service Private Limited by Impact Fund Denmark, Belgian Investment Company for Developing Countries and Orios Fund IIIa.

FarMart trades agricultural products and commodities with businesses in India and overseas. Impact Fund Denmark and the Belgian investor are development finance institutions. Orios is a scheme of Orios Venture Partners Fund III, a registered alternative investment fund.

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The company is expected to develop a luxury residential project in the land parcel at central Noida, the people said.

“This is in the vicinity of two projects by reputed developers,” one of the persons said. “There are lenders (to Shipra group) involved who will get the exit once the deal is concluded.”

Birla Estates declined to comment while Shipra Group didn’t respond to an email query.

This will mark the second project for Birla Estates in Noida. Last December, the company partnered with Delhi-NCR-based realty company Sikka Group to become a co-developer in a five-acre residential project in Greater Noida.

Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases and asset-light joint ventures apart from developing its own land parcels.

In the long term, the company is focused on building residential, commercial and mixed-use properties and aims to rank among the top realty firms in India. It also has a commercial portfolio with two grade-A commercial buildings in Worli, Mumbai covering 600,000 square feet of leasable area.

India’s real estate sector is poised for significant growth, with land transacted between 2021 and Q1 2026 representing nearly 1,400 million sq ft of potential built-up area, according to realty consultancy Cushman & Wakefield. This translates into an estimated $176 billion (Rs 16.67 lakh crore) of future revenue potential, nearly 22 times the combined revenue generated by the country’s top 10 listed realty developers in FY26.

Residential projects account for the largest share of this potential at 559-768 MSF, or 55%, followed by industrial and logistics developments at 205-225 MSF, or 16%. “Office developments could contribute 109-179 MSF, or 13%, while data centre and retail assets carry development potential of approximately 113-124 MSF and 8-26 MSF, respectively,” the firm said.

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In an exchange filing on Tuesday, Aegis Logistics said its wholly owned step-down subsidiary, Aegis Logistics International Pte, had signed a definitive agreement to acquire the stake from Agility Tristar Holdings Ltd., Gulf Investment Corporation and Diamond Holdings Ltd.

The proposed acquisition is subject to regulatory approvals and is expected to be completed in the fourth quarter of the current fiscal year. Established in 1998, Tristar is an integrated liquid logistics solutions provider offering end-to-end services across maritime logistics, fuel tank storage, road transport, aviation fuelling and fuel distribution. Incorporated in Dubai, the company operates in more than 30 countries globally.

For the financial year ended December 31, 2025, Tristar reported consolidated revenue of $1.4 billion, EBITDA of $257 million and net profit of $82 million, according to the exchange filing.

Aegis Logistics Chairman and Managing Director Raj Chandaria said the acquisition would mark the company’s transition from a domestically focused operator to an international energy logistics platform with a wider global presence and broader service offerings. He added that the deal is expected to contribute to overall profitability immediately while delivering long-term strategic benefits.

“The transaction will allow Aegis to benefit from greater scale, as well as business and geographic diversification. Furthermore, the acquisition will grant Aegis with access to an extensive network of blue-chip customers and premier industry partners within the Tristar economy,” Chandaria said.

Tristar Group CEO Eugene Mayne said the partnership combines complementary strengths, capabilities and a shared vision for the future, creating opportunities to expand the company’s reach and strengthen its position in the energy logistics sector.

“Together, we look forward to building a more competitive and globally connected business, while upholding our unwavering commitment to safety, operational excellence and delivering long-term value to our customers,” Mayne said.

The exchange filing stated that BNP Paribas is acting as the exclusive financial advisor to Aegis Logistics, while Norton Rose Fulbright and Veritas Legal are serving as legal counsel.

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National Investment and Infrastructure Fund (NIIF) chief executive Sanjiv Aggarwal has laid out an ambitious growth road map for India’s sovereign wealth fund. In his first media interview since taking charge in January 2024, managing director and chief executive officer Aggarwal said that NIIF plans to set up a $600 million e-mobility platform, Avega, and is seeking anchor investors for a Green Transition Fund targeting up to $1 billion. The fund is also preparing to dilute a 40% stake in its power transmission platform, AnantGrid Pvt. Ltd, to a co-sponsor.

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The proposed acquisition is aimed at giving IT and finance teams greater visibility into the applications, software licences, user identities and AI consumption across their organisations. Freshworks said the combined platform would help companies track software usage and costs, identify unnecessary spending and manage risks associated with unmonitored applications and AI tools.

Torii tracks software usage and AI consumption, including token-level usage, and attributes costs to the employees and teams generating them. These capabilities are intended to help organisations forecast spending, set usage limits and identify unexpected increases in consumption.

“Freshservice already gives IT one place to see everything they run. With Torii, that same view now extends to software and AI spend — what’s running, who’s using it, and what it costs, so finance and IT stop reconciling spreadsheets and start making decisions together,” said Dennis Woodside, CEO and President of Freshworks.

Woodside added that as AI becomes part of enterprise infrastructure, organisations would need ways to govern its use and costs at scale.

Torii CEO Uri Haramati said IT, finance and security teams often operate with different views of an organisation’s software environment, making it difficult to manage usage and spending consistently.

“Extending that to software and AI means one less blind spot, not one more dashboard,” Haramati said.

Torii was recently named a Leader in the 2026 Gartner Magic Quadrant for SaaS Management Platforms, according to the announcement. Its customers include Hearst Corporation, Groupon and Koch, Inc.

The acquisition is expected to close in Freshworks’ fourth fiscal quarter of 2026, subject to customary closing conditions.

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The stock opened lower but later climbed to an intraday high of ₹1,833.50 on the NSE, up 3.4 per cent. At 11:46 AM, Emcure Pharma shares were trading at ₹1,864.40, up around 1.69 per cent. In comparison, the benchmark Nifty 50 was down 0.69 per cent at 22,364.40.

In an exchange filing dated Oct 10, the company said that the Board of Directors at its meeting held on Monday, October 12, 2026 has inter alia, approved the draft Composite Scheme of Amalgamation amongst Zuventus Healthcare Limited and Emcutix Biopharmaceuticals Limited (collectively referred to as the “Transferor Companies”) both being wholly owned subsidiaries of the Company with Emcure Pharmaceuticals.

Emcure Pharmaceuticals will merge its wholly owned subsidiaries, Zuventus Healthcare and Emcutix Biopharmaceuticals, with itself under the proposed scheme. The move aims to simplify the group structure, streamline operations and improve efficiency. Zuventus Healthcare reported a turnover of ₹1,040.58 crore in FY26, while Emcutix Biopharmaceuticals reported a turnover of ₹29.37 crore.

Notably, no cash consideration will be paid, and Emcure will not issue any new shares, as both companies are wholly owned subsidiaries. The merger will not change Emcure’s shareholding pattern and is intended to consolidate its pharmaceutical businesses under a single entity.

Vipin Kumar, AVP Research at Globe Capital Market, noted that the stock has been moving higher in a pattern of higher highs and higher lows while holding strong above both its short-term and long-term moving averages following its breakout from the ₹1,520 level. “Given its current chart structure, we suggest adding long positions on dips in the ₹,650–₹1,675 range with a medium-term target of ₹2,100 levels,” he added.

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The acquisition has been undertaken under Lord’s Mark Industries Limited’s Lighting & Energy Division. The acquisition marks a strategic expansion of Lord’s Mark Industries Limited into specialised electrical manufacturing and strengthens its vision of building a diversified, technology-led Indian enterprise through the acquisition and scaling of established businesses with strong technical capabilities and long-term growth potential.

Founded in 1939, Radio Electric Private Limited brings nearly nine decades of engineering and manufacturing heritage, while the Radiotone brand has been established since 1980. The company specialises in variable autotransformers (Variacs) and toroidal transformers, with products largely manufactured to customer-specific requirements. Its portfolio includes three-phase air-cooled Variacs ranging up to 1,000 A, three-phase oil- cooled Variacs ranging up to 2,000 A, double-layer Variacs and tailor-made single-phase toroidal transformers ranging from 30 VA to 20 kVA. The company also manufactures specialised variable transformers, AC power sources, voltage isolation transformers, variable inductors and chokes.

Engineering expertise built over decades

A key strength of Radio Electric Private Limited is its specialised design know-how in a niche segment where technical expertise and reliability are critical. The company pioneered its double-layer Variac design in 1979-80, which went on to become widely used by servo stabiliser manufacturers. Its high-current manufacturing capability, particularly in three-phase air- and oil-cooled Variacs, represents a specialised engineering capability that is difficult to replicate quickly.

The company has also developed customised solutions for demanding applications. Its isolated double-wound variable transformer, for instance, integrates variable voltage control and isolation into a single transformer configuration, reflecting the company’s emphasis on solving specific customer engineering requirements.

A strategic acquisition built on proven capabilities

The transaction brings together Radio Electric Private Limited’s 87-year manufacturing legacy, the established Radiotone brand, specialised transformer design expertise and high-current manufacturing capabilities with Lord’s Mark Industries Limited’s growth-oriented business platform. The acquisition gives Lord’s Mark Industries Limited access to a profitable, debt-free operating business with established relationships across approximately 40-50 customers, including blue-chip industrial names, repeat export customers across seven international markets, a trained technical workforce and an established vendor ecosystem. With the existing manufacturing facility currently operating at approximately 50% of machine capacity on a single shift, Lord’s Mark Industries Limited also gains significant headroom to scale production without immediate large capital expenditure.

A profitable business with significant capacity upside

The acquisition provides Lord’s Mark Industries Limited with an established operating manufacturing business rather than a greenfield investment. Radio Electric Private Limited has demonstrated consistent profitability, operates as a debt-free business, and brings an established customer base, export presence and proven manufacturing capabilities to Lord’s Mark Industries Limited.

The company’s existing manufacturing infrastructure presents significant scope for enhanced capacity utilisation and production expansion through operational efficiencies and the introduction of additional shifts. With the right marketing strategy, improved utilisation and focused business development, the company is well positioned to scale its operations significantly and build a business with the potential to achieve revenues running into hundreds of crores in the coming years.

Strong customer relationships and an established export footprint

Radio Electric Private Limited has developed a steady customer base of approximately 40-50 businesses, with long-standing relationships including Siemens Limited, Hitachi Hi-Rel Power Electronics Private Limited, Larsen & Toubro Limited, Bharat Bijlee Limited, Aplab Limited, Underwriters Laboratories India Private Limited and Intellux Electronics Private Limited.

The company’s customer base has been built largely through engineering reputation, referrals and repeat business, creating an opportunity for Lord’s Mark Industries Limited to now complement this organic customer acquisition model with a structured sales and marketing strategy.

Radio Electric Private Limited also has repeat export customers across seven countries, including markets in Europe, the United States, Canada, South Africa, Dubai and the Philippines. This existing international base provides Lord’s Mark Industries Limited with a platform to deepen exports and pursue additional opportunities across Europe, North America, the Middle East and Africa.

Unlocking the next phase of growth

Following the acquisition, Lord’s Mark Industries Limited plans to build on Radio Electric Private Limited’s established strengths through a more structured domestic and international growth strategy. This includes strengthening the sales organisation, developing dealer networks in key industrial clusters, expanding OEM engagement, participating in relevant industrial exhibitions and enhancing the company’s digital presence.

The company also sees an opportunity to broaden its customer base beyond servo voltage stabiliser manufacturers to include test and measurement laboratories, educational institutions, research and development centres, electrical original equipment manufacturers and utilities.

The existing product portfolio can further be strengthened through potential development of motorised Variacs, variable AC power sources, test benches, isolation and step-up/step-down transformers, digital-metered Variacs and automatic voltage regulation and line-conditioning solutions.

From transformer manufacturer to a broader electrical engineering platform

The acquisition also provides Lord’s Mark Industries Limited with a technical platform from which to explore adjacent, higher-value applications. These could include customised toroidal and specialised transformers for medical equipment, audio systems, UPS and inverter applications, solar and energy-storage systems, railways and specialised electronics, alongside inductors, chokes and other engineered transformer solutions.

This creates the potential to progressively transform Radio Electric Private Limited from a specialised transformer manufacturer into a broader electrical engineering and power-control solutions platform, while leveraging its existing manufacturing infrastructure, technical expertise and customer relationships.

Preserving legacy while accelerating growth

Lord’s Mark Industries Limited intends to ensure continuity during the transition, with the existing trained team and vendor ecosystem continuing to support operations and production remaining at the existing facility under the lease arrangement. As part of the transition, Mr. Umesh Marathe will be available as a consultant for one year, enabling the systematic transfer and documentation of critical design and process knowledge developed over decades.

Commenting on the acquisition, Dr. Sachidanand Upadhyay, MD & CEO, Lord’s Mark Industries Limited, said:

“Radio Electric Private Limited represents a rare combination of engineering heritage, specialised technology, customer trust and significant untapped growth potential. What attracted us was not simply the company’s history, but the strength of the underlying business-a profitable manufacturing operation, established blue-chip customer relationships, an export track record and specialised technology refined over decades. Lord’s Mark Industries Limited is committed to building high-end transformer manufacturing capabilities to serve the Indian market as well as international markets. This acquisition gives us a strategic edge in the rapidly growing Battery Energy Storage System (BESS) segment, while also enabling us to develop critical components in-house, creating greater value and improving profitability across our medical device business. We see this acquisition as an opportunity to preserve the strengths that have made Radiotone a trusted name while providing the business with a larger growth platform, stronger market access and a more structured approach to domestic and international expansion. Our objective is to take this established Indian engineering capability into its next phase of growth and build a larger, globally competitive electrical manufacturing business.”

The acquisition reflects Lord’s Mark Industries Limited’s broader strategic vision of identifying established Indian capabilities, investing in their next phase of growth and creating businesses with the potential to serve larger domestic and international markets. The company believes that combining Radio Electric Private Limited’s technical heritage and manufacturing capabilities with Lord’s Mark Industries Limited’s growth orientation can create a scalable platform for long-term value creation.

With this acquisition, Lord’s Mark Industries Limited is not simply adding another business to its portfolio; it is acquiring decades of engineering know-how, an established brand, customer trust, export credentials and a manufacturing platform with room to scale-providing the foundation for the next chapter of Radiotone’s growth.

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