Govt approves Rs 10,900 crore PLI scheme for food processing sector
The Union Cabinet has approved the extension of a production-linked incentive (PLI) scheme for the food processing sector. An outlay of Rs 10,900 crore has been approved as incentives for domestic manufacturing in the sector. This PLI scheme will help create 2.5 lakh jobs by 2026-27, boost exports, and facilitate the expansion of India’s food processing capacity to generate processed food output worth Rs 33,496 crore. The incentives under the PLI scheme would be paid for six years ending 2026-27.
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Kalpataru Power bags new orders worth Rs 625 crore
Kalpataru Power Transmission Ltd (KTPL) has secured new orders worth Rs 625 crore in the domestic and overseas markets. The company’s power transmission business has won orders from Africa and another order for railway electrification in India. KTPL’s international subsidiary has also received new power transmission projects in Europe. With these new orders, KTPL’s overall order book for FY 2020-21 has exceeded Rs 16,000 crore at the consolidated level.
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India’s core sector output contracts 4.6% in February
The output of eight core infrastructure sectors contracted 4.6% in February 2021. Coal production declined by 4.4% last month, while petroleum refinery production declined by 10.9%. Natural gas and crude oil production declined by 1% and 3.2%, respectively. Cement production fell by 5.5%. This signifies India’s uncertain path to recovery amidst the second wave of Covid-19 infections. The data was released by the Ministry of Commerce and Industry.
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IRB Infra Developers secures two highway projects
IRB Infrastructure Developers has won a highway project in West Bengal worth Rs 2,421 crore, which involves six-laning of the Dankuni-Palsit section of NH-19. The company has also secured a Hybrid Annuity Mode (HAM) project worth Rs 828 crore in Himachal Pradesh for four-laning of the Pathankot-Mandi section of NH-20. With these two projects, IRB Infra closes FY 2020-21 with a total order book of Rs 5,004 crore
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Piramal Pharma to acquire 100% stake in Hemmo Pharma for Rs 775 crore
Piramal Pharma Solutions (PPS) will acquire a 100% stake in Hemmo Pharmaceuticals Pvt Ltd for Rs 775 crore. PPS is the contract development and manufacturing organization of Piramal Pharma Ltd. Through this acquisition, PPS will gain access to the growing peptide active pharmaceutical ingredients (APIs) market. With over 38 years of experience, Hemmo Pharma is one of the few pure-play synthetic peptide API manufacturers in the global marketplace.
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SpiceJet partners with Avenue Capital to acquire 50 new aircraft
SpiceJet Limited has signed a Memorandum of Understanding (MoU) with New York-based Avenue Capital Group for financing, acquisition, and sale & lease-back of up to 50 new planes. The MoU sets out the next steps and conditions upon which Avenue Capital will assist with placing SpiceJet’s new aircraft portfolio. SpiceJet has identified the new planes to be ordered as a unique opportunity for investment.
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KNR Construction secures LoA for road project in Kerala
KNR Constructions Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Kerala. The project consists of six-laning of the Ramanattukara Junction to Valnechery bypass section of NH-66 on a Hybrid Annuity Mode (HAM). The project bid cost is Rs 2,367 crore, and the company’s bid price is Rs 2,116 crore.
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M&M’s Japanese subsidiary collaborates with Kubota
The Japanese subsidiary of Mahindra & Mahindra (M&M), Mitsubishi Mahindra Agricultural Machinery, and Kubota Co. have entered into a business collaboration arrangement. The partnership will focus on expanding mutual OEM (original equipment manufacturing) supply arrangements, joint utilisation of Internet of Things (IoT), and other sophisticated technology solutions. Both companies will explore opportunities in product development for the Japanese market.
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Bharti Airtel receives CERT-IN empanelment to offer cybersecurity services to Union, State govt
Bharti Airtel Limited has received the CERT-IN empanelment to offer its cybersecurity solutions to Union and State governments, as well as Public Sector entities. The Indian Computer Emergency Response Team (CERT-IN) is the nodal agency within the Ministry of Electronics and IT, which deals with cybersecurity threats and works to strengthen the defense of the Indian internet domain. As part of Airtel Secure, Bharti Airtel has set up a state-of-the-art Security Intelligence Centre with access to advanced technology and AI and ML tools to track and mitigate potential online threats.
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Welspun One Logistics Parks launches integrated online platform for landowners, brokers
Welspun One Logistics Parks (WOLP) has launched a first-of-its-kind integrated online platform, “Partner Portal”, for landowners and brokers. The platform is aimed at digitisation of the land buying and leasing process in the industrial real estate sector. The company said it has already seen active participation from several users through the pilot launch phase. WOLP is an integrated funding, development, and asset management platform backed by the Welspun Group.
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