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India Sector Consolidation Regulatory Filings — October 16, 2026

India Sector Consolidation Tracker

By Gunpowder Editorial ·

12 high priority 3 medium priority 15 total filings analysed

Executive Summary

The 15 filings for the period (all dated 2026-10-16) are dominated by small-to-mid M&A structuring steps: subsidiary incorporations, stake top-ups, JV formations and minority investments, with only a few deals large enough to matter for consolidation.

The most material transactions are Adroit Infotech's non-binding majority acquisition of Verso Altima (targeting roughly Rs 225-250 crore combined revenue), Tilak Ventures' upcoming scheme of arrangement board meeting on October 27, 2026, and Bharat Forge's Rs 2,400 million capital infusion into KSSL with a further Rs 1,630 million flowing to Agneyastra. Completed consolidation is visible in Heritage Foods taking Heritage Novandie to 100% and Advent Hotels taking BD&P Hotels to 100%, both signaling sponsors moving from majority to full control. The filings contain almost no period-over-period financial comparisons, so trend analysis is limited; the only quantified trends come from Varroc (Forsee turnover down about 34% in FY2025 before a sharp FY2026 recovery) and ASI Industries' view of PC Jeweller (turnover rising from Rs 189 crore in FY24 to Rs 2,243 crore in FY25 and Rs 3,353 crore in FY26). Forward-looking timelines cluster around October 31, December 31, 2026 and March-September 2027, forming a near-term completion calendar. Overall, the consolidation signal is one of portfolio reshaping into adjacent growth themes (EV batteries, AI, renewables, defence) rather than large horizontal sector mergers.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: M&A · Company update

Tracking the trend? Catch up on the prior India Sector Consolidation Regulatory Filings digest from October 15, 2026.

Investment Signals (9)

  • ▲

    Non-binding majority acquisition of Verso Altima would lift combined revenue to an estimated $23-25M (Rs 225-250 crore), funded without third-party debt via internal accruals and preferential/rights issues; cost not yet fixed

  • Completed buyout of the remaining 25% of BD&P Hotels on October 16, 2026, three days after SPA signing, moving the asset to 100% ownership with no disclosed consideration amount

  • ▲

    Lifted stake in Heritage Novandie Foods from 94.40% to 100% after three prior intimations, making it a wholly owned subsidiary effective October 16, 2026

  • Wipro ↓ (BULLISH)
    ▲

    Step-down subsidiary agreed to take a 20% stake in agentic AI insurance platform FLARRE.AI, completion targeted by October 31, 2026, with no regulatory approval needed

  • Securing 45% of Forsee Power India plus OCPRS, with completion expected on or before December 31, 2026; Forsee's FY2026 turnover rebound after a 34% FY2025 decline supports the recovery thesis

  • ▲

    Board meets October 27, 2026 to consider a Scheme of Arrangement under Sections 230-232; terms undisclosed, so direction (merger, demerger or restructuring) remains unknown

  • ▲

    Rs 2,400 million equity infusion into KSSL plus up to Rs 1,630 million into Agneyastra (nil FY26 turnover) is a related-party capital deployment into a pre-revenue defence energetics unit, with allotment by October 31, 2026 and tranches through September 30, 2027

  • ▲

    Board approved 24.5% of SG Enterprise Solutions (a company incorporated September 10, 2026), 15.5% of Succesship Technologies for Rs 4.65 crore, and up to USD 5M for a GIFT City finance subsidiary, a diversified stake-building spree with no financials disclosed

  • ▲

    Bought 30 lakh PC Jeweller shares (0.031%) for Rs 4.34 crore purely as an investment; the target's FY26 PAT of Rs 710.62 crore on Rs 3,352.88 crore turnover is a strong reference point, though the stake is immaterial

Risk Flags (8)

  • Rs 1,630 million routed to a step-down subsidiary reporting nil turnover in FY 2025-26, a related-party transfer with no revenue offset and cumulative exposure through September 2027

  • Scheme under Sections 230-232 disclosed without parties, valuation or rationale; a scheme of this kind can carry significant dilution, asset transfer or delisting consequences that investors cannot yet assess

  • Forsee Power India (Varroc) [MEDIUM RISK]
    ▼

    Turnover fell about 34% in FY2025 before the FY2026 rebound, which is unaudited; the volatility and unverified recovery increase execution risk on a 45% stake and OCPRS commitment

  • Deal is non-binding, cost of acquisition is not finalized, and it depends on SPA execution, due diligence, board authorisations and regulatory approvals in India and Croatia; the Rs 225-250 crore revenue projection rests on an unconsummated transaction

  • Target incorporated September 10, 2026 with no turnover history, and the 24.5% stake is bought from a related party (SG Green Buildings), raising governance and valuation-independence questions

  • Deal value, consideration and funding structure for the 45% stake and OCPRS are not disclosed, so financial impact on Varroc cannot be measured

  • Wipro/FLARRE.AI↓ [LOW RISK]
    ▼

    Target was recently incorporated, so no prior-year financials exist to validate the platform's traction; the USD 2,000 consideration appears unusually small relative to a 20% stake, which should be clarified

  • Several filings are incorporations or small stake purchases whose financial impact is immaterial; disclosure volume exceeds economic substance

Opportunities (8)

  • A successful SPA would give an Indian IT services platform a European footprint (CMMI Level 3, SAP PartnerEdge partner) with projected combined revenue of Rs 225-250 crore, a meaningful scale-up from a small base

  • ◆

    Entry into the EV battery-pack market via a 45% stake with management control, beginning with three-wheeler packs and expanding to other vehicle segments, offering a structural growth option ahead of a December 31, 2026 completion

  • Capital-backed push into defence energetics through Agneyastra, with infusions completed by October 31, 2026 and tranches through September 2027; positions the group in a policy-supported defence segment

  • ◆

    Early-stage stake in an insurance-specific agentic AI platform, closing by October 31, 2026, adds vertical AI capability for global insurance clients with no approvals required

  • With 100% ownership now in place, consolidation of Heritage Novandie's cash flows and simplified governance may support valuation re-rating and easier capital allocation

  • ◆

    Full ownership removes minority leakage and allows the parent to capture 100% of hotel economics and any future value realization

  • SG Finserve GIFT City platform (OPPORTUNITY)
    ◆

    A USD 5M GIFT City finance company would give SG Finserve an international financial-services gateway, subject to regulatory approval, expected to be a longer-dated option

  • Tilak Ventures scheme outcome (Oct 27) (OPPORTUNITY)
    ◆

    The October 27, 2026 board decision could crystallize value through a demerger or restructuring; the stock is a live event-driven situation pending disclosure

Sector Themes (6)

  • Subsidiary Structuring Wave
    ◆

    Of the 15 filings, roughly 6 (Armee Infotech, Oberoi Realty, 63 moons, Shadowfax, SG Finserve, Jindal Stainless/CSL) concern incorporation of new subsidiaries or SPVs, with capitalization of Rs 1 lakh to Rs 10 lakh each, indicating ring-fencing of project-level activity ahead of execution [IMPLICATION: expect more SPV formation ahead of project wins and capex]

  • Stake Completion from Majority to 100%
    ◆

    Heritage Foods (94.4% to 100%) and Advent Hotels (75% to 100%) show promoters and parents buying out minorities, a pattern that tends to precede delisting, merger or consolidated reporting simplification [IMPLICATION: monitor for further minority buyouts in subsidiary-heavy groups]

  • Energy Transition and EV Entry
    ◆

    Varroc (EV battery packs), Jindal Stainless (24 MW wind-solar captive), Armee (BESS and solar SPV) and Bharat Forge (defence energetics) reflect industrials redeploying into renewables, storage and defence [IMPLICATION: capital allocation is tilting toward energy transition and strategic defence]

  • Related-Party Capital Routing
    ◆

    Bharat Forge/KSSL, Jindal/Oyster Green and SG Finserve/SG Green all route capital or stake sales through related or promoter-group entities, raising governance scrutiny even where filed as arm's length [IMPLICATION: review related-party disclosures carefully before underwriting these names]

  • Thin Financial Disclosure in M&A
    ◆

    Of the 15 filings, only Varroc/Forsee, Shadowfax, ASI and Adroit provide any turnover, EPS, PAT or revenue figure, and most deals list consideration as 'to be finalised' or undisclosed, limiting valuation-based consolidation analysis [IMPLICATION: valuation discipline across the sector cannot yet be benchmarked]

  • Tech and AI Services Consolidation
    ◆

    Wipro/FLARRE.AI, Adroit/Verso Altima and SG Finserve/Succesship show IT services firms acquiring AI, digital and business-integrator capabilities, a theme of scale-up through capability acquisition rather than horizontal mega-mergers [IMPLICATION: expect continued small-to-mid acquisitions in the IT services tail]

Watch List (8)

  • Board meeting Tuesday, October 27, 2026 to approve Scheme under Sections 230-232; watch for counterparties, valuation and whether the scheme is a merger, demerger or restructuring

  • Definitive SPA, due diligence and board authorisation pending; watch for final cost of acquisition and any change to the Rs 225-250 crore combined revenue projection

  • Rs 2,400 million rights-issue allotment due on or before October 31, 2026, with tranche investments of up to Rs 1,630 million completing by September 30, 2027

  • 20% stake acquisition targeted for October 31, 2026; watch for completion confirmation and any disclosed valuation or follow-on investment

  • Completion of 45% stake and OCPRS subscription on or before December 31, 2026, subject to CPs under the SSPA; watch for disclosed consideration and Forsee FY2026 audited results

  • SG Enterprise Solutions expected to complete by December 31, 2026; Succesship by March 31, 2027; GIFT City company subject to regulatory approval; the next quarterly results cycle may show consolidation effects

  • CSL's Rs 12.50 crore commitment with commissioning expected by Q1 FY2027-28; watch for the next Rs 1.25 crore milestone tranche and related-party governance

  • Both now at 100% ownership; monitor next quarterly results for consolidated revenue and margin changes from the buyouts

Filing Analyses (15)
Jindal Stainless Limited Merger/Acquisition positive materiality 3/10

16-10-2026

Jindal Stainless Limited disclosed that its wholly-owned subsidiary, Chromeni Steels Limited (CSL), acquired a 40% equity stake in Oyster Green Hybrid Four Private Limited, a special purpose vehicle formed with Oyster Renewable Energy Private Limited to develop a 24 MW wind-solar hybrid captive renewable energy project for CSL's plant. CSL has committed up to ₹12.50 crore toward commissioning, expected by Q1 FY2027-28, and has invested ₹1.25 crore in the present tranche upon milestone achievement. The transaction is with a related party due to common promoter group and is stated to be at arm's length; no regulatory approval is required.

  • · Oyster Green was incorporated on March 5, 2025, with its registered office in Mumbai, India
  • · Oyster Green is a subsidiary of Oyster Renewable Energy Private Limited, a related party due to common promoter group
  • · Project is expected to generate approximately 70 million units annually for CSL's captive consumption
  • · The project is under construction, so turnover data is not applicable
  • · CSL's total commitment of up to ₹12.50 crore is staged, with ₹1.25 crore invested in the current tranche
SG Finserve Limited Merger/Acquisition neutral materiality 4/10

16-10-2026

SG Finserve Limited's Board, in a meeting on October 16, 2026, approved unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, and resolved to acquire a 24.5% stake in SG Enterprise Solutions Private Limited from a related party (SG Green Buildings Private Limited) for ₹1,22,500, and a 15.5% stake in Succesship Technologies Private Limited for ₹4,65,00,000 (₹4.65 Crore). It also approved up to USD 5 million (approximately ₹48 crore) to set up a GIFT City finance company as a wholly owned subsidiary, subject to regulatory approvals, and appointed Mr. Alok Bhushan as Internal Auditor effective October 17, 2026, following the stepping down of Mr. Saurabh Mishra as Head – Internal Audit. The filing contains no period-over-period financial figures, so the performance of the quarter cannot be assessed from this disclosure.

  • · SG Enterprise Solutions Private Limited was incorporated September 10, 2026, so no turnover history is available; the acquisition is from a related party and is expected to complete by December 31, 2026
  • · Succesship Technologies Private Limited was incorporated August 30, 2024, is in the IT Services industry, and is expected to complete acquisition by March 31, 2027
  • · The Succesship acquisition is stated not to be a related party transaction
  • · The GIFT City subsidiary investment is subject to regulatory and statutory approvals, with powers delegated to the Finance Committee
  • · Alok Bhushan has over 32 years of banking experience, including at State Bank of India (retired August 2025) and Bank of Baroda, and is not related to any director or KMP
Shadowfax Technologies Ltd Merger/Acquisition neutral materiality 2/10

16-10-2026

Shadowfax Technologies Ltd's Board approved the incorporation of a new wholly owned subsidiary (subject to Ministry of Corporate Affairs approval, with the parent subscribing to 100% of its initial paid-up capital at par) and the allotment of 49,098 equity shares of Rs. 10 each to employees/ESOP holders who exercised options under the SFX ESOP 2016 scheme, for total exercise proceeds of Rs. 4,90,980. Post-allotment, the equity share capital rises from Rs. 5,86,94,29,900 (58,69,42,990 shares) to Rs. 5,86,99,20,880 (58,69,92,088 shares). The filing is a routine Regulation 30 disclosure with no material change in control or business direction.

  • · Proposed WOS to be named with suffix 'SHADOWFAX'; incorporation pending MCA approval
  • · Diluted EPS of Rs. 2.18 and basic EPS of Rs. 2.22 (consolidated, FY ended March 31, 2026)
  • · ESOP shares rank pari passu with existing equity shares
Armee Infotech Ltd Merger/Acquisition neutral materiality 2/10

16-10-2026

Armee Infotech Limited has incorporated a wholly owned subsidiary, ARMEE MH BESS RENEWABLE ENERGY PRIVATE LIMITED, with a paid-up capital of Rs. 10,00,000 (1,00,000 equity shares of Rs. 10 each), subscribed 100% in cash. The subsidiary will act as a special purpose vehicle for solar photovoltaic power projects, evacuation infrastructure, and EPC activities, and the incorporation was approved by the Board on September 28, 2026. This is a small, early-stage structural step with no disclosed revenue, deal value, or financial impact on the parent.

  • · Certificate of Incorporation issued by the Ministry of Corporate Affairs on October 16, 2026, received by the Company at 10:23 AM IST
  • · The subsidiary's CIN is U35105GJ2026PTC185164, indicating Gujarat registration
  • · The subsidiary will sell electricity to State Electricity Boards, distribution licensees, government bodies, power exchanges, and other consumers, including under long-term Power Purchase Agreements
  • · No governmental or regulatory approvals were disclosed as required for the incorporation
Adroit Infotech Limited Merger/Acquisition positive materiality 7/10

16-10-2026

Adroit Infotech Limited has entered into a non-binding agreement to acquire a majority equity stake in Verso Altima Group d.o.o., a business integrator and digital solutions provider headquartered in Zagreb, Croatia, with standalone revenue of approximately 13 million Euros. Post-completion, the combined consolidated revenue is projected at an estimated $23-25 Million USD (approximately Rs. 225-250 Crores), and the deal is to be funded without third-party debt through internal accruals, preferential issue and rights issue proceeds. The transaction remains subject to definitive SPA execution, due diligence, board authorizations and regulatory approvals in India and Croatia.

  • · Verso Altima India Limited is CMMI Level 3 certified and a SAP PartnerEdge – Sell partner, based in Navi Mumbai
  • · The transaction is structured as a cash consideration; the cost of acquisition is yet to be finalized in the definitive SPA
  • · The transaction is stated not to be a related party transaction and promoters have no interest in it
  • · Discrepancies exist across the filing: the INR revenue projection is Rs. 225-250 Crores in the Regulation 30 letter but Rs. 200-250 Crores in the press release, and combined headcount is 400+ in the press release but 100+ in Annexure-B
  • · The agreement is non-binding and no acquisition cost, completion timeline, or definitive SPA has been disclosed yet
Varroc Engineering Limited Merger/Acquisition positive materiality 4/10

16-10-2026

Varroc Engineering's Board approved an investment in Forsee Power India Private Limited, a battery pack and battery management systems maker for electric mobility, to acquire a 45% equity stake and subscribe to OCRPS I and OCRPS II, with aggregate initial consideration capped at €4.5 Million. Completion is subject to conditions precedent under the SSPA and is expected on or before December 31, 2026, with the transaction not involving any related parties.

  • · Forsee turnover declined about 34% in FY2025 versus FY2024 before recovering sharply in FY2026 (unaudited)
  • · Forsee was incorporated on July 6, 2020 and its operations are in India
  • · Transaction is not a related party transaction and no promoter or group company has any interest in Forsee
  • · No governmental or regulatory approvals are required for the acquisition
  • · Consideration is entirely cash
Varroc Engineering Limited Merger/Acquisition positive materiality 5/10

16-10-2026

Varroc Engineering Limited has announced a joint venture with Forsee Power SA (France) to scale EV battery-pack solutions in India, under which Varroc will acquire a 45% equity stake in Forsee Power India and exercise management and operational control over the entity. Varroc will also subscribe to Optionally Convertible Redeemable Preference Shares (OCPRS) to support the joint venture, subject to applicable regulatory and corporate approvals. The filing discloses no transaction value, consideration amount, or financial impact on Varroc's results.

  • · Deal value, consideration, and funding structure for the 45% stake and OCPRS subscription are not disclosed
  • · Transaction is subject to applicable regulatory and corporate approvals and is proposed to operate in India
  • · Initial product focus is three-wheeler battery packs, with expansion planned to other vehicle segments
  • · Forsee Power is listed on Euronext Paris (ticker ALFOR); the press release is issued under Regulation 30 of SEBI Listing Regulations
Bharat Forge Limited Merger/Acquisition neutral materiality 6/10

16-10-2026

Bharat Forge Limited has invested Rs. 2,400 million in equity shares of its wholly owned subsidiary Kalyani Strategic Systems Limited (KSSL) by way of rights issue, funded from Qualified Institutional Placement proceeds and internal accruals, with allotment to be completed on or before October 31, 2026. KSSL will further invest up to Rs. 1,630 million in Agneyastra Energetics Limited (AEL), a step-down wholly owned subsidiary engaged in defence energetics, in tranches to be completed by September 30, 2027. AEL reported nil turnover for FY 2025-26, and the transaction is a related party transaction conducted on an arm's length basis.

  • · Transaction is classified as a related party transaction and conducted on an arm's length basis
  • · No promoter or promoter group interest in the proposed investments
  • · No governmental or regulatory approvals required
  • · KSSL retains 100% ownership of AEL post-investment
  • · AEL was incorporated on July 2, 2025; turnover history for FY 2024-25 and FY 2023-24 is not available (NA)
  • · Funding sourced from Qualified Institutional Placement proceeds and internal accruals
  • · Investment in AEL is to operationalize the company and set up a state-of-the-art ammunition pour filling facility
Tilak Ventures Limited Merger/Acquisition neutral materiality 7/10

16-10-2026

Tilak Ventures Limited has intimated BSE that its Board of Directors will meet on Tuesday, October 27, 2026 to consider and approve a proposed Scheme of Arrangement under Sections 230 to 232 of the Companies Act, 2013, subject to regulatory and statutory approvals. The board will also consider matters incidental and consequential to the scheme. The filing is an advance notice of a board meeting and does not disclose the scheme's terms, counterparties, or financial impact.

  • · Board meeting date: Tuesday, October 27, 2026
  • · Filed under SEBI (LODR) Regulation 29; BSE security code 503663, scrip ID TILAK
  • · Scheme terms, parties involved, and valuation are not disclosed in this filing
Oberoi Realty Limited Merger/Acquisition neutral materiality 2/10

16-10-2026

Oberoi Realty Limited's Board approved on October 16, 2026 the incorporation of a wholly owned subsidiary (WOS) with an initial paid-up and subscribed share capital of Rs. 1 Lakh, to undertake real estate projects to be identified from time to time. The incorporation is subject to approval from the Ministry of Corporate Affairs, and the company will hold 100% shareholding and control. This is a corporate structuring disclosure rather than an acquisition of an existing business.

  • · The subsidiary's name has not yet been finalized and is pending incorporation by the Ministry of Corporate Affairs
  • · The subsidiary's industry is real estate construction and development
  • · Consideration is cash, with the parent subscribing to the entire initial share capital at par value
Heritage Foods Limited Merger/Acquisition neutral materiality 4/10

16-10-2026

Heritage Foods Limited has completed the acquisition of an additional 5.60% equity stake in Heritage Novandie Foods Limited (HNFL), raising its shareholding from 94.40% to 100%. HNFL has become a wholly owned subsidiary effective October 16, 2026, the date the shares were credited to the company's demat account. The filing follows prior intimations dated July 16, 2026, August 29, 2026 and October 10, 2026 on the same transaction.

  • · HNFL is registered at Jubilee Hills, Hyderabad, Telangana, with CIN U74999TG2017PLC120860
  • · Heritage Foods' BSE scrip code is 519552 and NSE symbol is HERITGFOOD
  • · The transaction was disclosed in three prior intimations: July 16, 2026, August 29, 2026 and October 10, 2026
63 moons technologies limited Merger/Acquisition neutral materiality 2/10

16-10-2026

63 moons technologies limited disclosed that its subsidiary Ticker Limited incorporated a wholly owned subsidiary, 63 Digital Asset Technologies Private Limited, in Mumbai on 16 October 2026, making it a step-down subsidiary of the company. The new entity will operate in IT/ITeS, focused on computer software, applications and technology solutions in emerging technologies. Ticker Limited will subscribe to 15,00,000 equity shares of Rs. 1 each, representing 100% of paid-up capital, in cash.

  • · Incorporation approved by the Ministry of Corporate Affairs on 16 October 2026
  • · Consideration is cash-based; no share swap involved
  • · Target sector is IT/ITeS, serving enterprises, financial institutions, governments, regulatory bodies and other customers in India and globally
  • · Filed under SEBI (LODR) Regulations, 2015 read with SEBI Master Circular dated 30 January 2026
Advent Hotels International Limited Merger/Acquisition positive materiality 5/10

16-10-2026

Advent Hotels International Limited has completed the acquisition of the remaining 25% equity stake in BD&P Hotels (India) Private Limited on October 16, 2026, under the Share Purchase Agreement dated October 13, 2026. BD&P Hotels is now a wholly owned subsidiary of the Company. The filing is an update to the earlier October 13, 2026 Regulation 30 intimation, and the consideration is being paid or payable on timelines agreed in the SPA; no specific consideration amount is disclosed in this update.

  • · Acquisition completed on October 16, 2026, three days after the Share Purchase Agreement dated October 13, 2026
  • · Filing references SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026
  • · Company was formerly known as Shiva Realtors Suburban Private Limited
  • · Consideration payment timing follows the SPA and may still be outstanding; amount not disclosed in this filing
Wipro Limited Company Update positive materiality 4/10

16-10-2026

Wipro Limited, through its step-down subsidiary Wipro IT Services, LLC, signed a definitive agreement on October 15, 2026 to acquire a 20% shareholding in FLARRE.AI, Inc., an agentic AI platform purpose-built for the insurance sector, for a cash consideration of USD 2,000 (amount as stated in the filing). The acquisition is expected to complete by October 31, 2026, requires no government or regulatory approval, and is not a related party transaction. The filing states the aim is to enhance Wipro's AI capabilities for the global insurance sector.

  • · Acquisition is not a related party transaction; promoter/group companies have no interest in the target
  • · No government or regulatory approval required for completion
  • · Target entity was recently incorporated, so prior-year financials are unavailable
  • · Target's platform embeds agentic AI across underwriting, claims, and other insurance workflows
ASI INDUSTRIES LIMITED Merger/Acquisition neutral materiality 2/10

16-10-2026

ASI Industries Limited disclosed under Regulation 30 that on 15 October 2026 it acquired 30,00,000 equity shares of PC Jeweller Limited (0.031% shareholding) through the stock exchange for a total cost of Rs.4.34 Crore, solely for investment purposes, without intent to acquire control. The target reported standalone turnover of Rs. 3352.88 Crore, PAT of 710.62 Crore and net worth of 8127.10 Crore for FY 2025-26, though its turnover trend shown is steep growth from Rs.189.45 Crore in FY 2023-24 and Rs.2243.25 Crore in FY 2024-25.

  • · Acquisition was made for investment purposes; ASI Industries does not intend to acquire control of PC Jeweller's management
  • · Transaction was executed at arm's length and is not a related party transaction; no promoter/promoter group interest in the target
  • · Disclosure was delayed to 16 October 2026 because the event occurred at 3:30 PM on 15 October, outside normal working hours
  • · No governmental or regulatory approvals required for the acquisition
  • · Target's FY 2025-26 turnover growth figures cited in the filing are sharp and warrant verification against PC Jeweller's audited results

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