Adani Group to invest $20 billion in renewable energy
The Adani Group has announced plans to invest $20 billion (~Rs 1.47 lakh crore) over the next 10 years in renewable energy generation and component manufacturing. It also aims to produce the world’s cheapest green electron. Over 75% of the group’s planned capital expenditure (capex) until 2025 will be on green technologies. Chairman Gautam Adani said his conglomerate is well on track to become the world’s largest renewable power generation company by 2030.
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Tata Motors to hike prices of commercial vehicles from Oct 1
Tata Motors will hike the prices of its commercial vehicle (CV) range by up to 2% from October 1, 2021. The effective price hike will be implemented based on the model and variant of the vehicle. The continuous rise in commodity costs, such as steel and precious metals, has forced the automaker to increase the prices of its products. Tata Motors said it will continue all efforts to deliver the lowest total cost of ownership for its customers and fleet owners.
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L&T secures two orders in the construction services segment
L&T Hydrocarbon Engineering (LTHE) has secured two significant orders (in the range of Rs 1,000-2,500 crore) in the construction services segment. The first order consists of laying steel gas pipeline and construction of terminals for GAIL India’s Mumbai-Nagpur Pipeline project. The second order comes from Air Products Middle East Industrial Gases LLC for its Industrial Gas Hub (IGH) Network project at Jubail, KSA. LTHE will construct a steam methane reformer (SMR) to produce hydrogen and an air separation unit (ASU) to produce oxygen and nitrogen.
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SpiceJet gets shareholders’ approval to transfer logistics business to SpiceXpress
SpiceJet Ltd has received shareholders’ approval to transfer its cargo and logistics services business to its subsidiary, SpiceXpress and Logistics Pvt. Ltd. The business transfer will result in a one-time gain of Rs 2,555.77 crore for the airline. SpiceJet has also received shareholders’ approval to raise Rs 2,500 crore via the issue of securities through a Qualified Institutional Placement (QIP).
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Godrej Industries’ board approves proposal to raise Rs 750 crore via NCDs
The Board of Directors of Godrej Industries has approved a proposal to raise Rs 750 crore by issuing non-convertible debentures (NCDs). The company will issue 7,500 rated, listed, unsecured, and redeemable NCDs of the face value of Rs 10 lakh each on a private placement basis. GIL is the holding company of the Godrej Group. It has interests in consumer goods, real estate, agriculture, chemicals, and financial services through its subsidiaries and associate companies across 18 countries.
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HCL Tech signs multi-year deal with Lendico to support SMEs
HCL Technologies Ltd has entered into a multi-year agreement with Lendico to deliver application and engineering services. Lendico is a brand of ING Germany. The deal will help Lendico create a state-of-the-art digital platform that makes business banking faster and more convenient for small and medium enterprises (SMEs). As part of the deal, HCL Tech will establish a tech lab in Berlin that will combine a fintech mindset and customer focus with global delivery capabilities.
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BLS International partners with SBI to offer last-mile banking services
BLS International Services Ltd has been selected as a National Business Correspondent by the State Bank of India (SBI) to deliver banking services in urban, semi-urban, and rural areas across the country. The company will offer last-mile banking services to support the financial inclusion mission of the Government of India. BLS will provide services such as savings bank deposits, fixed deposits, micro pensions, and micro-insurance for SBI account holders.
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Fineotex Chemical products receive Eco Passport certification by Oeko-Tex
Fineotex Chemical Ltd has earned the prestigious Eco Passport by OEKO-TEX certification, the highest rating in a globally renowned audit that measures standards of sustainability. It is an independent certification system for chemicals, colorants, and auxiliaries used in the textile and leather industry. The green rating has been awarded by Hohenstein, a globally recognized textile research and testing firm. Fineotex Chemical manufactures specialty chemicals and enzymes for the textile and garment industry, water treatment industry, paint industry, etc.
Sterling and Wilson Solar commissions 66 MWp solar power plant in Jordan
Sterling and Wilson Solar Ltd (SWSL) has commissioned the 66 megawatts-peak (MWp) Al Husainiyah solar power plant in Jordan. The project will save around 50,000 tonnes of carbon emissions annually. It will help in reducing the dependency on fossil fuels and unlock large-scale solar opportunities in the country. SWSL has been executed more than 11.4 GWp of solar power projects across various geographies.
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Lincoln Pharma acquires plant for making pnemonia, bronchitis antibiotics
Lincoln Pharmaceuticals Ltd has acquired a facility in Mehsana (Gujarat) that makes antibiotics used in the treatment of pneumonia and bronchitis. The acquisition and capacity expansion of the unit entails an investment of Rs 30 crore. The plant will manufacture Cephalosporin, which is used to treat bacterial infections such as skin infections, ear infections, strep throat, tonsillitis, etc. Lincoln Pharma expects commercial production of the Cephalosporin products to commence by March 2022.
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