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Business Standard

Plan to launch six products under alliance with Nissan on track: Renault

The plan to roll out six new products, including two electric vehicles under the Franco-Japanese automotive alliance Renault Nissan, at a total outlay of Rs 5,300 crore has been progressing and is on schedule, a top official of French car major Renault India said on Wednesday. Renault-Nissan, in February 2023, had announced investments of USD 600 million (about Rs 5,300 crore) in India, to bring in six new products, including two electric cars, and an upgradation of their Chennai plant. Renault India Country CEO and Managing Director Venkatram Mamillapalle at an event said on Wednesday that about 70-80 per cent of the total committed investments have been invested so far. "We have announced investments of Rs 5,300 crore to introduce six new products. It (the project) is on schedule. You will be hearing from us hereafter, very soon (on the launch of new models)," he said. Mamillapalle was speaking to reporters after unveiling a new range of "Night and Day Limited Edition" variants .

The Economic Times

Plan to launch six new products under Renault-Nissan alliance is on schedule: Official

Renault India is progressing on schedule with its plan to roll out six new products, including two electric vehicles, under the Renault-Nissan alliance. The company has invested 70-80% of the committed Rs 5,300 crore so far. New limited edition variants of existing models have also been launched, available on a first-come-first-served basis.

Business Standard

TPREL pledges Rs 75,000 crore to achieve 20GW solar capacity by 2030

Tata Power Renewable Energy Ltd (TPREL) has committed an investment of Rs 75,000 crore to achieve 20GW of operational capacity by 2030, a top company official said. Talking to PTI Videos on Tuesday, TPREL President Deepesh Nanda said that the company is already operating 5 GW capacity and has another 5 GW under construction. "We have committed to take this number all the way to 20 GW operational capacity by 2030," he said. To achieve this target, TPREL has committed an incremental investment of Rs 75,000 crore, he said adding that the company may meet these goals, possibly ahead of schedule. "We have just commissioned a massive 4.3 GW module manufacturing facility in Tirunelveli, which will further support our growth plans," Nanda added. Tata Power Renewable Energy Ltd is a subsidiary of Tata Power Ltd.

Business Standard

Diamond sector faces severe crisis with factory closures, job losses: GTRI

India's diamond sector is facing a severe crisis as both imports and exports have sharply declined in the past three years, which has triggered defaults, factory closures, and widespread job losses, think tank GTRI said on Wednesday. It said that while export returns have surged, a large inventory of unprocessed rough diamonds is piling up due to reduced orders and growing competition from lab-grown diamonds. "This has triggered defaults, factory closures, and widespread job losses. Tragically, more than 60 people in Gujarat's diamond sector have committed suicide, reflecting the severe financial and emotional strain India's diamond sector is facing," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said that immediate action is essential to address these problems and safeguard the future of the sector. According to the think tank data, a 24.5 per cent drop in rough diamond imports from USD 18.5 billion in 2021-22 to USD 14 billion in 2023-024 shows weaker

The Economic Times

Centre is helping states meet green energy goals, says Union Renewable Energy Minister Joshi

The Centre is collaborating with states to meet green energy targets by addressing issues related to central schemes and infrastructure. States committed to 540 GW of renewable capacity by 2030, while companies pledged ₹32.45 lakh crore investments. Key concerns include transmission lines and project financing, with significant commitments from banks and financial institutions.

Business Line

SP Group attracts global investors as it deleverages balance sheet

Existing investors have also committed to stay invested through its growth phase

The Economic Times

Torrent Power commits investment of Rs 64,000 crore in renewable energy projects

Torrent Power Limited has committed over Rs 64,000 crore to renewable energy projects at RE-Invest 2024 in Gandhinagar. The investment aims to generate employment for 26,000 people. The company plans to achieve 10 GW of installed renewable energy capacity by 2030 and set up a green ammonia production facility.

Business Standard

Torrent Power commits Rs 64,000-cr investment for green projects

Torrent Power informed that it has committed investments of over Rs 64,000 crore for green or renewable energy projects at 'RE-Invest 2024' with potential employment of 26,000.

Business Standard

NLCIL to invest Rs 50,000 cr to ramp up renewable capacity to 10.11 GW

Lignite-to-power producer NLC India Ltd (NLCIL) will invest around Rs 50,000 crore to ramp up its renewable energy capacity from 1.43 GW to 10.11 GW. NLC India Green Energy Limited (NIGEL), a wholly-owned subsidiary of NLCIL, is established with special focus on renewable energy generation, an official statement said on Friday. "NLCIL aims to achieve a renewable energy (RE) portfolio mix of 50 per cent of its total planned capacity, increasing its RE capacity from 1.43 GW to 10.11 GW. "The above plan entails an investment of Rs 50,000 crore (approx) in renewable portfolio, which will support India's RE target and contribute to the broader aim of achieving 'net zero' emissions by 2070," the statement said. India is committed to a low-carbon emission path while pursuing its development goals, as pledged at COP 26. NIGEL aims to expand its portfolio by participating in competitive bidding and exploring emerging opportunities in the green energy sector. Currently, 2 GW of renewable en

The Economic Times

ECB cuts deposit rate by 25 basis points to 3.50% as growth dwindles

ECB Rate Cut: The European Central Bank has cut interest rates again as inflation slows and economic growth falters. The deposit rate was lowered by 25 basis points to 3.50%. Investors are now looking for clues on future rate cuts, but the ECB has not pre-committed to any specific path.

The Economic Times

DFC commits USD 20 mn long-term loan to Panacea Biotec

US International Development Finance Corporation has committed a long-term loan of up to USD 20 million to Panacea Biotec. The funds will help expand the manufacturing capacity for drug substance antigens used in its hexavalent vaccine EasySix, aimed at meeting future demand from UN agencies and public health organisations.

Business Standard

Strides Pharma gets shareholders' nod to set up speciality pharma CDMO

Strides Pharma Science on Wednesday said it has received approval from shareholders and secured creditors for creation of OneSource -- a specialty pharma CDMO (contract development and manufacturing organization). The company has secured the approval of its shareholders and secured creditors with overwhelming majority, along with those of OneSource Specialty Pharma and SteriScience Specialties, in meetings convened under the guidance of the National Company Law Tribunal, it said in a regulatory filing. All the secured creditors who voted on the scheme for the three companies in their respective meetings were in favour of the scheme, it added. "We believe OneSource will unlock considerable value for Strides' stakeholders upon its listing. We remain committed to delivering on this promise and express our gratitude to our shareholders and creditors for their continued trust and support," Strides Pharma Science Executive Chairperson Arun Kumar said. In September 2023, Strides announced

Business Standard

India's own 4G stack to be rolled out by mid-2025: Scindia at AIMA event

India's own 4G technology stack will be rolled out by mid-2025, Union Minister Jyotiraditya M Scindia said on Wednesday as he outlined three key targets for the country and the government. Scindia, Minister of Communications, was delivering a keynote address at the 51st edition of the AIMA National Management Convention here. "India, for the first time in her existence, has developed her own 4G technology stack that will be rolled out by the middle of next year," he said. It is important not only to implement technology, but also to design and develop indigenous technology, Scindia further said. "There are three targets that we have set for ourselves. The first target is to ensure saturation...Every corner of our country must be connected digitally. Every single person must be able to avail of every single opportunity through the digital revolution," he said. India has raised almost four and a half lakh towers across the country, he said, adding that the government has committed

Business Standard

No funding issue for semicon projects, committed Rs 62K cr incentive: Meity

The government has committed about Rs 62,000 crore in incentives for electronic plants and there is no issue in funding semiconductor projects, Electronics and IT Secretary S Krishnan has said. He told PTI that out of Rs 76,000 crore approved earlier, the government still has scope to accommodate small projects and will approach authorities when there are new projects in place. "Out of the Rs 76,000 crore intended for the semiconductor mission, we have committed about Rs 62,000 crore, including the last scheme which was cleared for Kaynes. As of now, wherever claims have come up, we are settling them with maximum dispatch, and there is no funding issue right now at all," Krishnan said. The government has approved five semiconductor projects entailing investments of around Rs 1.52 lakh crore or about USD 18 billion. He said that some funding is required for the Semiconductor Laboratory's modernization in Mohali. "We still have some funds to take up some smaller projects and approv

The Economic Times

Centre to expand semiconductor scheme, looks to get raw material suppliers: ISM chief

“When we started ISM, the idea was that we need to support this industry for at least 10 years till we become mature. So, of course, we need to expand it. We need to (expand it) since out of this (ISM Phase one) fund, a lot has been committed for the projects which we have sanctioned,” Tripathi told reporters at an event here in the city on Monday.

The Economic Times

Expect India to be among Amway's top three global markets in five years: Country MD Rajneesh Chopra

Amway aims to make India one of its top three global markets within five years, investing USD 4 million in four new R&D centers. The company plans to expand its customer base from 2 million to 5 million and develop products for Southeast Asia. Amway is committed to adhering to Indian laws and contributing to the Make in India initiative.

The Economic Times

Adani warns Bangladesh of $500 mn 'unsustainable' payment delays as energy crisis looms

The Adani Group has warned Bangladesh's interim government, led by Muhammad Yunus, about a $500 million backlog in unpaid dues from a major power project. Despite financial strain, Adani remains committed to supplying power. The new administration plans to re-evaluate previous energy deals for better financial efficiency.

Mint

UN mission says both Sudan sides committed abuses, peacekeepers needed

SUDAN-POLITICS-UN:UN mission says both Sudan sides committed abuses, peacekeepers needed

Mint

UN mission says both Sudan sides committed abuses, peacekeepers needed

SUDAN-POLITICS/UN (UPDATE 4, TV, PIX):UPDATE 4-UN mission says both Sudan sides committed abuses, peacekeepers needed

Business Standard

NLC India aims to start early mining of Odisha's Machhakata coal block

State-owned NLC India Ltd is aiming to start the mining of Machhakata coal block in Odisha ahead of schedule. Machhakata coal block is the second commercial coal block and the biggest among the NLCIL's mining projects. NLC India Ltd (NLCIL) had emerged as the successful bidder for Machhakata (Revised) coal block in Angul district of Odisha under the commercial coal block e-auction held in July. The Machhakata coal block, having reserves of 1.4 billion tonnes (BT), with average Grade of G10-G11, and capacity of 30 MTPA, is expected to be one among the top five biggest mines in the country, NLCIL said in a statement. "NLCIL aims to commence the mining ahead of schedule. This marks another milestone towards realising NLCIL's Corporate Plan 2030," the statement added. Machhakata Coal Block's vesting order was issued on Thursday. The company had earlier said that it is committed to its capacity addition in line with its vision of achieving more than 100 million tonnes per annum (MTPA)

The Economic Times

US approves offshore wind project off Maryland coast

The Biden administration has approved a wind project off Maryland's coast, advancing its goal of deploying 30 gigawatts of offshore wind energy by 2030. The Maryland Offshore Wind Project, developed by US Wind, aims to power 718,000 homes. Despite setbacks like rising costs and supply chain issues, officials remain committed to their target.

Business Line

ASCI appoints Partha Sinha as new Chairman

Self-regulation is one of the best best possible ways to protect consumer interests and ASCI is committed to encouraging responsible and ethical advertising: Sinha

Business Standard

Will try to convince finmin to raise steel duties to 10-12%: HD Kumaraswamy

Union Steel Minister H D Kumaraswamy on Wednesday said he will try to convince the finance ministry to raise duties on steel imports to 10-12 per cent from the current 7.5 per cent. The minister expressed concerns on the manner in which China was dumping steel into India, and said several players from the steel industry visited him in the last two months and discussed the problems they were facing in the growth of the steel industry. "The problem which you are facing from China for that I will try to convince... the finance ministry to look at (raising the duty on steel imports) from 7.5 per cent tax to 10-12 per cent tax," he said while speaking at the Fifth Steel Conclave organised by the Indian Steel Association. The minister also stressed on the need to remain vigilant against challenges such as the global demand slowdown, especially from the ramifications of a demand meltdown in China. The steel ministry, he said, is committed to ensuring that the journey towards Aatmanirbhar

The Economic Times

Will work relentlessly to make India green mobility destination, says Amitabh Kant

The government is committed to promoting green mobility in India through various policy measures, including low taxes on electric vehicles and incentives for battery manufacturing. G20 Sherpa Amitabh Kant emphasized the importance of this shift at a Mercedes-Benz event, highlighting upcoming tenders for electric buses to reduce costs and enhance sustainability.

Business Line

Netflix India updates opening disclaimer of Kandahar Hijack series amidst controversy over code names of hijackers

The streaming major said that code names used in the web series reflect those that were used in actual event; is committed to authentic representation

Business Standard

Focus on quality rather than quantity: Assam govt to tea industry

Assam Chief Secretary Ravi Kota on Saturday called for concerted efforts to revitalise the tea industry by focussing on promoting quality over quantity. Addressing the 10th Annual General Meeting of the Federation of All India Tea Traders Association (FAITTA), he urged the stakeholders to ensure safe and quality tea. He also expressed concern over the ongoing trend of selling tea products at low prices and stated that it must be addressed immediately for the economic well-being of lakhs of small tea growers and tea garden workers across Assam. Kota also urged packers to promote high-quality teas with the government taking a firm stand by supporting the closure of production within November 30 to prevent the production of poor-quality teas. He said the Assam government has implemented several initiatives to ensure that tea as India's national beverage remains safe and its sales processes transparent. The state government remains committed to the tea industry and all associated ...

Mint

Sebi removes over 15,000 finfluencer content in crackdown on unregulated entities

Wholetime member Kamlesh Varshney said Sebi is committed to striking a balance between investor education and regulation, while rooting out unregulated activity by financial influencers..He also said Sebi had received significant feedback on its proposal to relax restrictions for investment advisers.

Mint

NFL’s ‘Bills Mafia’ Tapped to Finance New Stadium With Muni Debt

Buffalo Bills’ most committed fans, known as Bills Mafia, are known for lending a hand to the team, having cleared snow from the NFL franchise’s stadium for a playoff game earlier this year. Now, these enthusiasts are being offered the chance to buy bonds that will finance the team’s new $1.7 billion stadium.

The Economic Times

Committed to double-digit growth in FY25, exploring inorganic, strategic opportunities: Emami

Emami aims for double-digit growth this fiscal year, focusing on expanding into new product categories through strategic acquisitions and inorganic opportunities. Chairman R.S. Goenka highlighted optimism due to favorable economic conditions and anticipated market recovery. Emami's recent acquisitions and direct-to-consumer initiatives are driving revenue growth and enhancing its market presence.

The Economic Times

Automakers to extend discounts on new purchases against scrap vehicles

Leading automakers in India, including Maruti Suzuki, Hyundai Motor India, and Tata Motors, have committed to extending discounts on new vehicle purchases in exchange for scrapped vehicles under the government's Voluntary Fleet Modernisation Programme. Passenger vehicle makers will offer discounts for one year, while commercial vehicle makers will provide discounts for two years. This initiative aims to promote a circular economy and encourage the use of cleaner and safer vehicles.

Business Standard

Alberta investment, HDFC Life to invest Rs 667 cr in India Grid Trust

India Grid Trust on Tuesday said Alberta Investment Management Corporation and HDFC Life will invest Rs 567 crore and Rs 100 crore, respectively, in it. According to a statement, India Grid Trust (IndiGrid) announced the launch of its preferential issue process to raise Rs 695 crore following the successful conclusion of the offer-for-sale (OFS). IndiGrid on Tuesday launched its preferential issue process to raise Rs 695 crore through primary issuance of units for Rs 136.43 /unit, it added. IndiGrid has received investment commitments from Alberta Investment Management Corporation (AIMCo), one of Canada's largest and most diversified institutional investment managers, and HDFC Life for an investment of Rs 567 crore and Rs 100 crore, respectively, with a balance committed by other investors. Ambit Capital and SBI Caps are running a preferential issue process on IndiGrid's behalf. Harsh Shah, Chief Executive Officer IndiGrid, said, "We are also delighted to welcome AIMCo and HDFC Li

The Economic Times

SaaS unicorn Browserstack acquires Berlin-based startup Bird Eats Bug

Browserstack has committed a mix of cash, stock and future investment for the $20-million acquisition. Along with this deal, the Accel-backed mobile and web software testing platform also rolled out the manual testing tool Bug Capture, which it claims lets users debug issues 30% faster on average.

The Economic Times

Telegram CEO under investigation by French national cyber crime unit, national fraud office

Durov is accused of being passive with regards to cyber and financial crimes being committed on the Telegram platform, a French police spokesperson said.

Business Standard

Capitalmind gets Sebi's in-principle approval to launch MF business

Investment management company Capitalmind Financial Services on Monday said it has received in-principle approval from market regulator Sebi to launch a mutual fund business. As a portfolio manager, Capitalmind currently manages over Rs 2,200 crore in assets under management (AUM) for more than 1,150 clients, boasting a strong annual client retention rate of 98 per cent. Since its inception, the Bengaluru-based company has doubled its AUM every financial year, driven by robust portfolio performance and steady inflows. This growth has resulted in wealth creation exceeding Rs 1,000 crore for clients in less than seven years. "Receiving Sebi's in-principle approval for a mutual fund is both an honour and a privilege. We are grateful for this opportunity and remain committed to building long-term wealth while maintaining the highest standards of regulatory compliance," Deepak Shenoy, CEO of Capitalmind, said. "We look forward to establishing Capitalmind Asset Management Company to meet

Business Standard

Indian companies should develop new products tailored for Nigeria: LFZ CEO

Lagos Free Zone (LFZ) CEO Adesuwa Ladoja on Monday said there is an opportunity for Indian companies to develop new products tailored for the Nigerian as well as the broader African markets. LFZ is a port-based industrial zone (850 hectares) in Lagos, Nigeria, with over USD 2.75 billion committed FDI projects to date. "We are owned and promoted by Tolaram Group and located in Lekki, the sun rise development corridor in Lagos," Ladoja told PTI. According to her, Tolaram Group has observed that having a local presence in Nigeria allows companies to better understand and adapt to the Nigerian market, leading to more profitable operations. "This is an opportunity for Indian companies to develop new products tailored to the Nigerian and broader African markets," Ladoja said. She said LFZ is serving global brands like BASF, Tata International, Kellogg's, Colgate, Arla, Dufil, Lekki Portamong among others as their current tenants. "We are ideally positioned to serve the manufacturing se

The Economic Times

IndiGo to introduce gender-neutral option 'Mx' for passengers at time of booking tickets

IndiGo will soon offer the gender-neutral honorific 'Mx' for passengers during ticket booking to enhance inclusivity. Currently, the airline only provides 'male' and 'female' options. IndiGo, which holds a 62% share of the domestic market, is also committed to doubling its employment of individuals with disabilities.

Business Standard

Ramky Infrastructure Q1 results: Net profit declines 33% to Rs 71 cr

Ramky Infrastructure Ltd has reported a 32.6 per cent decline in consolidated profit after tax (PAT) to Rs 70.9 crore for the April-June quarter of this fiscal compared to Rs 105.2 crore in the year-ago period, according to a statement. Revenue from operations rose to Rs 569.1 crore in the first quarter of 2024-25 from Rs 556.7 crore in the year-ago period. "Our financial performance in Q1 FY 2024-25 underscores the strength of our fiscal discipline and strategic foresight. Despite the seasonal economic headwinds, we have maintained a healthy growth trajectory, with significant improvements in our core financial metrics when adjusted for last year's one-time gain," Ramky Group CFO N S Rao said in the statement. "We remain committed to optimizing our capital structure and enhancing shareholder value as we continue to drive sustainable growth," Rao said. The Ramky Group company has completed a wide range of construction and infrastructure projects focusing on industrial infrastructur

Business Standard

Adani Power says committed to supplying electricity to B'desh amid protests

Adani Power's 1,600 megawatt (MW) Godda plant in Jharkhand state is the only one in India under contract to export 100% of its power to a neighbouring country

The Economic Times

Adani Power says it is committed to supplying electricity to Bangladesh

Adani Power has reaffirmed its commitment to supplying electricity to Bangladesh despite recent changes in India’s power export rules. The amendment allows connectivity to the Indian grid without obligating India to buy electricity. Adani's plant in Jharkhand continues to honor its contract, aiming to hedge against political risks. This could benefit future export-centric power projects.

Business Line

Adani Power affirms commitment to provide electricity to Bangladesh

The company is committed to contractual obligations as per Bangladesh Power Development Board’s demand schedule, it said.