Reliance, TA’ZIZ forms joint venture for $2 billion chemical projects in Abu Dhabi
Reliance Industries Ltd (RIL) has formed a strategic joint venture (JV) with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth $2 billion in Ruwais. The joint venture, named TA’ZIZ EDC & PVC, will construct and operate a chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC) production facility. The JV aims to export the materials to target markets in Southeast Asia and Africa and also sell them domestically.
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Nestle India gets approval for PLI scheme for processed fruits, vegetables
The Indian government has approved Nestle India’s proposal towards the Production Linked Incentive (PLI) scheme for processed fruits and vegetables. In June, the company had submitted its proposal for the Centre’s PLI scheme for the food processing sector under the eligible categories, i.e., ready to eat/ready to cook and processed fruits & vegetables. The Ministry of Food Processing Industries has approved 60 applications of investment proposals by packaged food companies. The list includes ITC, Hindustan Unilever, Britannia Industries, Tata Consumer Products, Amul, etc.
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Intellect Designs Arena secures order from SBI
Intellect Design Arena Ltd (IDAL) announced that the State Bank of India (SBI) has selected Intellect Wealth Qube – Digital Wealth Management suite for its digital wealth management transformation agenda. The wealth management business is SBI’s top priority. Its primary task is to offer the best products across categories from leading fund houses, giving their customers the flexibility to invest, transact and view their portfolio through digital channels.
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Dilip Buildcon secures order worth Rs 2,683 crore from Coal India subsidiary
Dilip Buildcon Ltd has emerged as the lowest (L-1) bidder in a tender floated by South Eastern Coalfields (SEC) for the new overburden (OB) removal contract mining work for Amadatrd OCP in Jamuna Kotma, Madhya Pradesh. The company is required to conduct an OB removal contract mining of 236.18 million bank cubic metres for a contract period of 1,795 days. The order is worth Rs 2,683.02 crore. SEC is a subsidiary of Coal India Ltd.
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ADF Foods’ subsidiary gets exclusive distribution rights of Patanjali products
ADF Foods UK, a wholly-owned subsidiary of AD Foods Ltd, has entered into an exclusive distribution agreement with Patanjali Ayurved. The agreement entails the distribution of Patanjali consumer goods in Western Europe and the United Kingdom. This development is in line with ADF Foods’ strategy to widen its product portfolio and offer a complimentary range to retailers, thus leading to better market penetration.
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SBI selects Aurionpro to provide solutions for Kanpur Metro Project
State Bank of India (SBI) has selected Aurionpro Solutions Ltd as the solution provider for the Kanpur Metro Project (KMP) to implement an Automatic Fare Collection (AFC) System. The scope of the project includes the implementation of the AFC System followed by maintenance and support for 10 years. The project is valued at ~Rs 140 crore.
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SpiceJet to deposit $5 million in 2 weeks or face liquidation: Madras HC
The Madras High Court (HC) has stayed its earlier order of winding up SpiceJet Ltd and appointment of an official liquidator to take over its assets, subject to the condition that the airline deposits $5 million (~Rs 37.70 crore) within two weeks. The airline had failed to make payment of over $24 million to a Swiss-based SR Technics for maintenance, repair, and overhauling of aircraft engines, modules, and components.
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ICICI Bank offers instant overdraft facility to sellers registered on Flipkart
ICICI Bank has partnered with Flipkart to offer an instant and completely digital overdraft (OD) facility of up to Rs 25 lakh to individual sellers and businesses registered on the e-commerce platform. The bank leverages advanced data analytics to develop an industry-first scorecard that helps it evaluate the credit-worthiness of the sellers instantly. Sellers registered on Flipkart can apply for the digital OD facility instantly through Flipkart Seller Hub.
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Route Mobile launches instant payment solution
Route Mobile has announced the launch of Click2Pay, an instant payment solution designed to simplify communications commerce and deliver a seamless conversational experience. Click2Pay is a 360-degree communications commerce solution that will include all business communication channels, with a flexible option to integrate payment platforms of choice. The solution is live on the WhatsApp Business Platform.
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PNB to raise up to Rs 2,000 crore via AT1 bonds
Punjab National Bank (PNB) plans to raise up to Rs 2,000 crore via Additional Tier I (AT1) bonds. The base size of the offering is Rs 500 crore, with an option to retain oversubscription of Rs 1,500 crore (greenshoe option). There is increasing interest in the instruments of public sector banks as the NPA (bad loan) situation has become better, recoveries have improved and prospects of further stress look less.
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