JSPL to start building Botswana coal mine in 2022
Jindal Steel & Power Ltd (JSPL) will start building a coal mine in Botswana’s southeastern Mmamabula coalfields in 2022, aiming to supply the export market and a planned coal power plant. The company aims for the mine to produce 4.5 million tonnes of coal per year. Despite the global shift from coal, Botswana is pushing ahead with developing its estimated 212 billion tonnes of coal resources.
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Centre repeals 3 farm bills; PM urges protesting farmers to go home
Prime Minister Narendra Modi on Friday announced that the Centre will repeal the three controversial agricultural laws. He has requested protesting farmers to go back to their fields and homes. “The three laws were in the benefit of farmers but we could not convince a section of them despite our best efforts”, said the PM. To learn more about the three contentious bills and why farmers protested against it, click here.
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ABB Power Products rebrands itself as Hitachi Energy India
ABB Power Products & Systems India announced its rebranding as Hitachi Energy India Ltd. The company has reaffirmed its commitment to accelerating the clean energy transition in India. Hitachi Energy (the parent company) views India among its top five markets for expansion. It aims to expand its portfolio to meet the needs of the evolving energy landscape in India and grow faster than the market.
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Biocon and Viatris to distribute Insulin Glargine through Walgreens in the US
Biocon Biologics and Viatris Inc. announced that they would distribute Insulin Glargine injection through the Walgreens Prescription Savings Club in the US. Members will get savings of up to 80% on the cash price of comparable long-acting insulins purchased at Walgreens. The biosimilar product was co-developed by Biocon Biologics (a subsidiary of Biocon Ltd) and US-based Viatris.
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Zydus Cadila gets USFDA approval for Nelarabine injection
Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Nelarabine Injection in the US with 180 days of marketing exclusivity. The drug is used to treat certain types of leukemia and lymphoma by slowing or stopping the growth of cancer cells. According to IQVIA data, Nelarabine Injection had annual sales of $34.5 million (~Rs 256 crore) in the US for the year ended September 2021.
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HPCL partners with IDFC First Bank for fuel payments using FASTags
Hindustan Petroleum Corporation Ltd (HPCL) and IDFC First Bank have signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags. IDFC First Bank’s FASTags can now be bought, recharged, and replaced by passenger vehicle users at select HPCL retail outlets.
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Zomato may invest $500 million in Grofers to push its quick commerce play: Report
According to a report from Economic Times, Zomato Ltd is in talks to invest as much as $500 million (~Rs 3,715 crore) in grocery delivery service Grofers. The proposed deal marks an extension of its food delivery battle with Swiggy into the ultrafast commerce segment, which is attracting heavy investor capital globally.
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Railway Board issues order to resume serving cooked meals to passengers on trains
The Railway Board has issued an order to resume serving cooked meals to passengers on trains, a service that was discontinued due to Covid-19 restrictions. The board has asked the Indian Railway Catering and Tourism Corporation (IRCTC) to resume the service. Ready-to-eat meals will also continue to be served to passengers.
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ONGC to invest up to Rs 6,000 crore in its petrochemical arm: Report
According to a report from Livemint, Oil and Natural Gas Corporation Ltd (ONGC) is planning to invest Rs 6,000 crore in its petrochemicals unit ONGC Petro additions Ltd (OPaL). The company already holds compulsorily convertible debentures (CCDs) in OPaL that would be converted into equity worth Rs 6,000 crore. Currently, ONGC holds a 49.4% stake in OPaL, GAIL has a 49.2% stake, and Gujarat State Petroleum Corp Ltd holds 1.4%.
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