Reliance, Ola selected for incentives under PLI scheme for battery manufacturing
Reliance New Energy Solar, Ola Electric Mobility, Hyundai, and Rajesh Exports have been selected to receive incentives under a PLI scheme for manufacturing Advanced Chemistry Cell (ACC) Battery Storage in India. Hyundai and Ola Electric have been awarded support for setting up 20 Gigawatt Hour (GWh) of manufacturing capacity each. Reliance and Rajesh Exports will be getting PLI for setting up 5 GWh of manufacturing capacity.
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Invesco supports ZEEL-Sony merger deal; decides not to pursue EGM
Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), said it will support the Zee-Sony merger deal. It has also decided not to pursue the call for an extraordinary general meeting (EGM) to remove ZEEL Managing Director and CEO Punit Goenka and two independent directors. ZEEL has welcomed the move and said it will continue to seek the required valuable support from all its stakeholders.
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IDBI Bank’s board to consider Rs 8,000 crore resource for FY23
IDBI Bank’s board is planning to consider a proposal for approving a Rupee Bond borrowings limit of about Rs 8,000 crore for FY 2022-23. The board will meet on March 29 to consider the proposal. The resources will be borrowed in one or more tranches. IDBI Bank Ltd is an Indian private sector lender and a subsidiary of Life Insurance Corporation (LIC).
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India’s domestic aviation sector set to recover fully by mid-2022: Airbus official
India’s civil aviation sector is likely to rebound quickly from the Covid-19 crisis, even as the rising oil prices and the war in Ukraine will have an impact on the overall aviation market, said Remi Maillard, President of Airbus India & South Asia. He believes that domestic traffic in India will fully recover by the middle of the current year, while international traffic will rebound by the next year. Airbus has forecast that India will require 2,210 new aircraft over the next 20 years.
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NTPC commissions additional 42.5 MW capacity at Ramagundam solar project
NTPC Ltd has started commercial operations of an additional 42.5 MW of power generation capacity at Ramagundam floating solar project in Telangana. Earlier, the company had commissioned 17.5 MW (Part-I) and 20 MW (Part-II) of the solar project. The total commercially operational power generation capacity of the Ramagundam project has now reached 80 MW. The NTPC group’s installed and commercial capacity stands at 68,609.68 MW and 67,949.68 MW, respectively.
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IIFL Home Fin partners with SBI for affordable housing loans
IIFL Home Fin has entered into a co-lending partnership with State Bank of India (SBI) to accelerate effective and affordable credit to small home buyers in India. IIFL HFL will manage loan sourcing and servicing. Under the arrangement, 80% of the loan will be provided by SBI. IIFL HFL will service the customers throughout their entire loan cycle, from sourcing, documentation, disbursal to collection.
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Adani Enterprises, L&T among firms keen to build satellite launchers: Govt
The Government said Adani Enterprises Ltd and Larsen & Toubro are part of two consortia led by state-run enterprises that have shown interest in building Polar Satellite Launch Vehicles (PSLVs), ISRO’s rocket that put satellites in orbit. New Space India Ltd, a company under the Department of Space, had invited proposals from companies to build five PSLVs. State-run Bharat Heavy Electrical Ltd has also submitted a techno-commercial proposal for building PSLV.
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Motherson Sumi secures order from Boeing
Motherson Sumi Systems Ltd (MSSL) has secured an order from Boeing to manufacture and supply aftermarket molded polymer parts for commercial airplane interiors. The production will commence from the third quarter of FY23. It will be manufactured at MSSL’s plant situated in Noida. MSSL said it is scaling its capabilities to provide integrated solutions to the aerospace industry.
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L&T board approves long term borrowings up to Rs 10,000 crore
Infrastructure major Larsen & Toubro’s (L&T) board has approved long-term borrowings up to Rs 10,000 crore. Long-term borrowings include refinancing through external commercial borrowings, term loans, or non-convertible debentures. In other news, L&T has won a ‘significant’ order to construct hi-tech IT parks at eight locations across Bangladesh.
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