US-headquartered Intel Corporation has acqui-hired Hyderabad-based startup Ineda Systems. In another development, Cipla Ltd said it is acquiring an 11.71 per cent stake in health-tech startup Wellthy Therapeutics while Grasim Industries Ltd is buying the chlor-alkali business of KPR Industries.
Intel acqui-hires Ineda Systems
US-headquartered technology giant Intel Corporation has acqui-hired Hyderabad-based startup Ineda Systems, Times of India reported.
As part of the deal, around 100 graphics engineers of Ineda will join Intel. Per the report, Intel may also acquire the leased facility of Ineda Systems that currently houses the engineering talent acquired.
Set up in 2010-11 by Hyderabad based serial entrepreneur Dasaradha Gude, Ineda Systems is a platform solution provider in the area of automotive and IoT applications. It has raised $43.3 million till date from investors including Samsung Catalyst Fund and Qualcomm Ventures, according to Crunchbase.
Cipla picks 11.71% stake in Wellthy
Cipla Ltd is acquiring an 11.71 per cent stake in health-tech startup Wellthy Therapeutics Pvt. Ltd for Rs 10.5 crore ($1.5 million), it announced on Monday.
As part of the agreement, the two companies will offer a combination of pharmacotherapy and digital therapeutics for improved patient outcomes in the chronic therapies of diabetology and cardiology, Cipla said in a regulatory filing.
Under the agreement, a multi-lingual clinically-validated digital disease management platform will be made available to patients living with diabetes or cardiovascular diseases via doctors’ clinics or co-packaging on select Cipla brands, it added. The transaction is likely to be completed before March 10.
Grasim buys chlor-alkali biz of KPR
Grasim Industries Ltd on Monday said it has signed a definitive agreement to acquire the chlor-alkali business of KPR Industries (India) Ltd by way of a slump sale for a cash consideration of Rs 253 crore.
The business consists of an under-construction 200 TPD chlor-alkali project at Balabhadrapuram, Andhra Pradesh. The acquisition, which will be funded through internal accruals, is in line with Grasim’s strategy to strengthen operations on the East Coast of India, it said in BSE filing.
KPR would utilise the sale proceeds towards a full and final settlement of lenders’ dues.