Glenmark Pharmaceuticals, Granules India, Sun Pharma, Zydus, and Unichem are initiating recalls of products in the U.S. market due to a range of manufacturing issues, as reported by the U.S. Food and Drug Administration (USFDA). The pharmaceutical companies are voluntarily recalling affected lots, according to the latest Enforcement Report released by the US health regulator. Notably, Glenmark’s U.S.-based subsidiary is recalling 13,824 tubes of Azelaic Acid Gel produced at its Goa plant, citing “CGMP deviations” following consumer complaints regarding a gritty texture.
In other corporate news, Alkem Laboratories announced it has executed a business transfer agreement with its wholly-owned subsidiary, Alkem Wellness, to transition its trade generics business effectively on October 1, 2025.
Kothari Industrial Corporation Ltd (KICL) revealed on Saturday that it signed a memorandum of understanding (MoU) with Italy’s Accademia IUAD (Institute of Universal Art and Design) to create a joint venture training center in Tamil Nadu. The collaboration aims to establish a facility of international standards, as noted by the company in its statement.
Godawari Power & Ispat Ltd (GPIL) is conducting an internal investigation following an incident at its plant in Chhattisgarh that resulted in six fatalities. On Friday, four officials and two workers died after an accident occurred inside a furnace at a steel plant in Raipur, the capital of Chhattisgarh. Additionally, six others, including a general manager, sustained injuries, as reported by local police.
Meanwhile, Uganda-based Independent Sugar Corporation, part of the Madhvani Group, has completed the acquisition of Hindustan National Glass & Industries, which was facing significant debt, through the Insolvency and Bankruptcy Code process. The newly formed board of Hindustan National Glass has officially recorded the conclusion of this transition, enabling Independent Sugar Corporation Limited (INSCO) to take full control.
Azad Engineering has secured a new long-term contract and price agreement with Mitsubishi Heavy Industries (MHI) of Japan, valued at $73.47 million (approximately ₹651 crore). This agreement complements a previous contract established on November 3, 2024, raising the total value of contracts between the two companies to $156.36 million (around ₹1,387 crore). The contract will be executed over a five-year period.
Lemon Tree Hotels announced significant changes in its executive management. Co-founder and current Managing Director Patanjali Govind Keswani will transition to the role of Executive Director and Chairman for an 18-month term starting October 1, 2025. Neelendra Singh has been appointed as the new Managing Director for a five-year term beginning on the same date, while Kapil Sharma has been named Executive Director and Chief Financial Officer.
In the financial sector, two promoter group entities of VIP Industries divested a combined 6.22% stake in the luggage and travel accessories company for ₹343 crore through open market transactions on Friday. Bulk deal data from the BSE indicated that Kiddy Plast Ltd and Piramal Vibhuti Investments sold a total of 8.84 million equity shares, representing 6.22% of the Mumbai-based company, with shares trading in the price range of ₹388–388.25.
Additionally, PG Electroplast Ltd, via its wholly-owned subsidiary PG Technoplast Pvt Ltd, has announced plans to establish a manufacturing facility in Sri City, Tirupati, with an investment of around ₹1,000 crore. The company has obtained a 50-acre land parcel in the region to develop an integrated manufacturing campus.
In exploration news, Oil India has discovered natural gas in its Vijayapuram-2 exploratory well located in the Andaman Shallow Offshore Block. Preliminary testing has confirmed inflows, with further evaluations planned to assess the discovery’s potential.
Published on September 29, 2025.
