Cabinet clears Rs 76,000 crore incentive scheme for semiconductors
The Union Cabinet has approved a Rs 76,000 crore incentive scheme for semiconductor production. Under this scheme, India will set up more than 20 semiconductor design, components manufacturing, and display fabrication (fab) units over the next six years. The scheme has been named the “Programme for Development of Semiconductors and Display Manufacturing Ecosystem.” This policy will help deepen India’s manufacturing base.
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SBI to offload 6% stake in mutual fund arm via IPO route
The executive committee of State Bank of India’s central board has given its approval to sell a 6% stake in SBI Mutual Fund (MF) through the fund house’s upcoming IPO. SBI MF manages assets worth Rs 5.78 lakh. SBI currently holds a 62.6% stake in the fund house, while France-based Amundi holds a 36.8% stake.
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L&T’s construction arm secures large order from UP State Water & Sanitation Mission
Larsen & Toubro’s (L&T) water and effluent treatment business has secured a large order (in the range of Rs 2,500-5,000 crore) from the Uttar Pradesh govt to implement rural water supply projects. The company will implement water supply projects at 1,900 villages in the Prayagraj revenue division. The scope of the order comprises the construction of tube wells, pump houses cum chlorination rooms, overhead tanks, and treatment systems.
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Burger King plans to raise Rs 1,500 crore via securities
Burger King India Ltd plans to raise up to Rs 1,500 crore through the issuance of securities. The company’s board has approved the increase of its authorised share capital from Rs 550 to Rs 600 crore. It has also approved the changing of the company’s name from Burger King India Ltd to Restaurant Brands Asia Ltd.
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BSE signs MoU with GJC on commodities, EGR market
BSE Ltd has signed a Memorandum of Understanding (MoU) with the Gem & Jewellery Council (GJC) to provide a boost for the growth and development of commodities and the proposed Electronic Gold Receipts (EGR) market in India. The MoU will help standardise EGRs for Indian markets and enhance transparency in pricing. Both entities will also explore potential business and facilitate growth by sharing knowledge and expertise to promote the launch of the India International Bullion Exchange at GIFT City IFSC.
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Ashoka Buildcon secures LoA for construction project
Ashoka Buildcon Ltd has received a Letter of Award (LoA) from the Ministry of Road Transport & Highways for a construction project in Goa. The project consists of the construction of a six-lane link road (NH-166S) with paved shoulder configuration to Mopa Airport in Goa. The accepted quoted offer of the project is Rs 769.41 crore.
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Advanced Enzyme signs exclusive distribution agreement with Azelis
Advanced Enzyme Technologies Ltd (AETL) has entered into a mutually exclusive distribution agreement with Azelis Singapore. The agreement is for the distribution of food enzymes and probiotics for the food & dietary supplement industry in Indonesia, Malaysia, the Philippines, Singapore, Thailand & Vietnam.
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Tata Motors partners with Bandhan Bank to offer financing options for passenger vehicles
Tata Motors Ltd has signed a Memorandum of Understanding (MoU) with Bandhan Bank to offer financing options to all its passenger vehicle customers. As part of the partnership, Bandhan Bank will provide loans to Tata Motors’ customers at an interest rate starting from 7.50%. This scheme will offer a maximum of 90% financing on the total on-road cost of the vehicle.
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Vodafone Idea pays to debenture holders on time
Debt-ridden telecom operator Vodafone Idea Ltd (Vi) has paid holders of non-convertible debentures (NCDs) that matured early this week. Vi made the payment on December 13 (the date of maturity of the bonds) and averted any financial default. The company’s total gross debt (excluding lease liabilities) stood at Rs 1,94,780 crore as of September 30, 2021.
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Nykaa launches AI-powered virtual try-on tech ‘ModiFace’ for beauty shoppers
Nykaa has launched L’Oreal’s advanced, artificial intelligence (Al)-powered virtual try-on technology ModiFace. The new technology will help create an enhanced beauty experience for makeup enthusiasts while buying beauty products online. It will allow photo-realistic results and AI-enabled shade calibration.
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TVS Motor partners with BMW Motorrad for EV production
TVS Motor Company Ltd has announced plans to develop electric vehicles (EV) with BMW’s motorcycle brand (Motorrad) in India. TVS and BMW Motorrad had signed a long-term agreement in 2013 to make motorcycles. They are now expanding on this deal to develop exclusive products that will be sold globally. The first product from this partnership will be showcased in the next 24 months
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