GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023
GAIL India Ltd has announced plans to lay a pipeline to Srinagar to take natural gas to the Kashmir Valley. The company is doubling down on efforts to expand infrastructure to support the government’s vision of a gas-based economy. By May 2023, GAIL will complete a 700-km pipeline from Mumbai to Nagpur. This will enabe the flow of gas to central India. GAIL is on track to meet the target of mid-2022 for completing major portions of the Urja Ganga project.
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India’s mineral production rises 3% in December
India’s mineral production rose 2.6% in December 2021 over the corresponding month a year ago. The index of mineral production of mining and quarrying sector stood at 120.3. As per provisional data from the Indian Bureau of Mines (IBM), there was a cumulative growth of 16% YoY during the April-December period of 2021-22. The production of important minerals that showed year-on-year growth during December includes magnesite (73.2%), gold (71%), bauxite (27.1%), and lignite (21.4%).
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Mankind Pharma to acquire Combihale, Daffy brands of Dr Reddy’s Labs
Mankind Pharma has signed a pact with Dr. Reddy’s Laboratories to acquire two brands— Combihale and Daffy. Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease. Meanwhile, Daffy is a soap-free moisturizing bar for infants. Mankind Pharma said the market for Combihale is valued at Rs 900 crore, growing at 14%. The total market for Daffy is valued at Rs 1,000 crore and growing at 18%.
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Cyient launches private 5G networks CoE; signs MoU with IIT-H
Cyient Ltd announced the launch of its Private 5G Networks Center of Excellence (CoE). It has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Hyderabad, as a research partner for the CoE. The CoE will combine Cyient’s enterprise and network experience with IIT-H’s research and technology expertise to develop and test private 5G network solutions.
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Vodafone Idea appoints SBI Cap to negotiate loan recast of up to Rs 23,000 crore
Vodafone Idea Ltd has appointed SBI Capital Markets to negotiate the restructuring of loans worth Rs 20,000-23,000 crore that it is due to repay within the next four years. The cash-strapped telco has also sought an additional half-billion dollars as loans for capital expenditure (capex) requirements critical to expanding its 4G network.
TCS partners with MATRIXX Software to offer subscription management platform for CSPs
Tata Consultancy Services (TCS) has announced a partnership with US-based MATRIXX Software. The IT firm will integrate TCS HOBS, its plug-and-play digital business platform for subscription, device, and data management, with the cloud-native capabilities of the MATRIXX digital commerce platform. The integrated solution will help Communication Service Providers (CSPs) transform their prepaid and postpaid businesses for superior customer experience and growth.
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India wants Tesla to buy $500 million of local auto parts: Report
According to a report from ET, Tesla Inc. would need to commit to sourcing at least $500 million of auto components from India for the electric carmaker’s request for an import tax cut on its vehicles to be considered. The EV maker would need to agree to ramp up Indian parts purchases by around 10-15% a year until a satisfactory level is achieved. The govt has formally told Tesla to ramp up domestic sourcing. However, it is yet to relay a procurement target to the company.
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Wipro secures $150 million deal from ABB
Wipro Ltd has secured a five-year strategic engagement to drive transformation for ABB’s Information Systems digital workplace services. The agreement is worth over $150 million (~Rs 1,126.7 crore). Wipro will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries.
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BSE collaborates with 4 regional associations to promote EGRs, International Bullion Exchange
BSE Ltd has collaborated with four regional associations from Maharashtra and Tamil Nadu to promote Electronic Gold Receipts (EGRs). These pacts are aimed at providing a boost for the growth and development of the commodities segment in general and the proposed EGR market. Apart from knowledge sharing and research, the collaboration will help standardise EGRs for Indian markets at the regional level and enhance transparency in pricing.
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Tata Motors’ JLR partners with Nvidia for AI-powered vehicles
Jaguar Land Rover (JLR), a subsidiary of Tata Motors, announced a partnership with Nvidia for all new vehicle platforms slated for production beginning in 2025. Future JLR vehicles will be based on the Nvidia Drive Hyperion 8 platform featuring the Orin-based computing system. It combines safety, security, networking, and sensors systems required for autonomous driving.
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