The Tech Panda takes a look at recent mergers and acquisitions within various tech ecosystems and what that means for industry.
Balu Forge Industries Acquires One of India’s Largest Ring Rolling Production Lines
Balu Forge Industries Ltd, a platform in heavy engineering and precision machining, has announced the successful acquisition of a state-of-the-art ring rolling production line capable of producing forged rings up to 6.7 meters in Outer Diameter (OD). With this acquisition, Balu Forge Industries Ltd becomes one of the largest ring rolling facilities in India, significantly expanding the nation’s domestic heavy manufacturing capabilities.
Trimaan Chandock, Executive Director, Balu Forge Industries Ltd said, “This is a landmark moment not just for Balu Forge Industries Ltd, but for the Indian manufacturing sector as a whole. Bringing one of the largest ring rolling machines in the country empowers us to forge components of staggering scale and complexity. We are unlocking new frontiers in renewable energy, defence, and heavy industries, proving that world-class, ultra-large-scale manufacturing is thriving right here in India.”
Capital India Finance Approves Transfer of RemitX Forex Assets, Sharpens Focus on MSME Lending
Capital India Finance Limited (CIFL) announced that its Board has approved the transfer of certain assets of its Forex division, operating under the RemitX brand, to Kanji Forex Private Limited, subject to the terms and conditions of the agreement and receipt of applicable regulatory and other requisite approvals. Kanji Forex Private Limited is part of Niyo, a travel fintech platform.
Keshav Porwal, MD, of CIFL said: “Over the past few years, we have been steadily reshaping Capital India around businesses where we see the strongest long-term opportunity and ability to create sustainable value. This transaction is another step in that journey and will allow us to sharpen our focus on our tech enabled lending franchise. With a strong capital position, an expanding distribution network and growing momentum in lending, we believe we are well positioned to deploy our resources and management bandwidth towards scaling this business in a disciplined manner.”
Amit Talwar, CEO of Niyo Forex said: “RemitX brings three things for Niyo that cannot be built quickly: a branch network that reaches customers where they live, partner relationships and a team that has been running this business together for years. Cross-border is a core business for Niyo, and we are investing in it accordingly.”
Tata Chemicals North America Acquires Customer Contracts Expected to Generate Over US$ 110 M in Revenue Through 2028
Tata Chemicals Limited (“TCL”) announced that its wholly owned subsidiary, Tata Chemicals North America Inc. (“TCNA”), has been declared the successful bidder in the Chapter 11 bankruptcy proceedings of Searles Valley Minerals Inc. (“SVM”), USA, for the acquisition of North American soda ash customer contracts representing over 500,000 metric tonnes to be serviced from September 2026 through December 2028. These contracts are expected to generate revenues of more than USD 110 million over the contract period.
R. Mukundan, CEO & Managing Director, Tata Chemicals Limited, said: “This acquisition represents a strategic opportunity to strengthen our presence in the North American soda ash market and expand our customer base. The acquired contracts secure over 500,000 metric tonnes of demand and are expected to generate revenues exceeding USD 110 million through December 2028. The transaction enhances our portfolio of long-term customer relationships, improves demand visibility, and reinforces our commitment to delivering reliable supply and superior service. It is aligned with our strategy of driving profitable growth and creating sustainable value for all stakeholders.”
Equity Intelligence Acquires 3% Stake in 90+ My Tuition App; Company Targets SME Listing & National Expansion
90+ My Tuition App, a Bengaluru-based K-12 education company, has announced a strategic investment from Equity Intelligence, the investment firm led by renowned investor Porinju Veliyath. The investment will support the company’s ambitious national expansion plans and the development of its next-generation AI Teacher Programme.
Porinju Veliyath said, “I have always believed in backing businesses with strong fundamentals, clear vision, and the potential to create long-term value. 90+ My Tuition App stands out for its outcome-driven model and its thoughtful use of technology and AI to improve learning outcomes at scale. We are pleased to support its next phase of growth as it expands its impact across India.”
“Our vision has always been to build India’s most trusted K-12 tuition ecosystem”, said Vingish Vijay, Founder of 90+ My Tuition App. “This strategic investment from Equity Intelligence is a significant milestone in our journey. It will enable us to expand our presence across India, strengthen our technology platform, and accelerate the development of AI-powered teaching solutions that will redefine personalized learning.”
Smijay Gokuldaas, CEO of 90+ My Tuition App, said, “Our mission is not merely to deliver online classes but to ensure measurable academic improvement for every student. We are building a system where technology, experienced teachers, and AI work together to create better learning outcomes. This investment will help us scale our proven model nationally for CBSE students while continuing to innovate in K-12 education.”
Akums Drugs and Pharmaceuticals Limited to Acquire Oriflame India’s Manufacturing Business, Marks Entry into Color Cosmetics
Akums Drugs and Pharmaceuticals Limited (“Akums” or “the Company”), Indian Contract Development and Manufacturing Organisation (CDMO), announced that its wholly-owned subsidiary, Pure and Cure Healthcare Private Limited, has received Board approval to acquire the manufacturing business of Oriflame India Private Limited. The Board approval was granted at a meeting held on 23rd July, 2026.
Sanjeev Jain, Managing Director, Akums Drugs and Pharmaceuticals Limited, said: “This acquisition is a significant step in Akums’ strategy to diversify beyond pharmaceuticals into high-growth adjacent categories. Cosmetics, and color cosmetics in particular, represent one of the fastest-growing consumption stories in India today. Acquiring these two well-established manufacturing facilities gives us immediate, high-quality capacity and capability, and strengthens our ability to serve both Indian and global brands.”
Sandeep Jain, Managing Director, Akums Drugs and Pharmaceuticals Limited, added: “Manufacturing facilities at Roorkee and Noida bring proven expertise and infrastructure that align closely with our quality and scale ambitions. This is a natural extension of our CDMO capabilities into cosmetics, and we see meaningful synergies with our existing operations. Our focus remains on building world-class manufacturing capacity that can cater to the growing demand for skincare and color cosmetics, both domestically and for export markets.”
Anna Malmhake, CEO and President, Oriflame said: “This agreement represents an important strategic step for Oriflame in India. By partnering with Akums, a highly respected manufacturing company with strong capabilities and a proven track record, we are securing a long-term manufacturing partnership that will continue to support the high-quality products our Beauty Entrepreneurs and customers expect. India remains an important growth market for Oriflame, where we have successfully operated for more than 30 years. We look forward to working closely with Akums while continuing to focus on growing our social selling business across the country.”
