Tata Motors to invest Rs 15,000 crore in EV segment in 5 years
Tata Motors Ltd is planning to invest Rs 15,000 crore in the electric vehicle (EV) segment in the next five years. The automaker is planning to develop 10 more new offerings in the segment. It has raised $1 billion (~Rs 7,637 crore) in funding from private equity major TPG in its EV division, valuing the business at $9.1 billion.
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Amazon, Future Retail talks have failed, lawyers tell Supreme Court
Talks between Amazon and Future Retail aimed at resolving a long-running dispute over whether Future’s retail assets can be sold to Reliance Industries have failed, lawyers for the companies told the Supreme Court. Both Amazon and Future would like to resume arbitration proceedings in Singapore that had been put on hold by the New Delhi High Court. The Supreme Court will hear arguments from Amazon on Wednesday and decide on the matter.
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Auto PLI scheme attracts Rs 74,850 crore investment proposals
Around 75 auto component makers received approvals from the Centre under the Production Linked Incentive (PLI) scheme for automobile and auto components manufacturing. Maruti Suzuki, Hero MotoCorp, Toyota, Motherson Sumi, Bosch, and Tata Autocomp are among the list of companies that have been approved for the scheme. The PLI scheme has attracted investment proposals of Rs 74,850 crore for the next five years. This figure is 76.11% higher than the planned target of Rs 42,500 crore.
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Heritage Foods launches Premium Badam Milk
Heritage Foods Ltd has launched an all-new Premium Badam Milk with real almond bits. The ‘Badam Charger’ is the latest addition to the company’s growing list of value-added products (VAP) portfolio. It is prepared without any artificial ingredients, colors, or flavours. The drink will be available across all general trade and modern trade stores. It will also be sold on online grocery platforms.
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Blue Star launches new range of affordable ACs
Blue Star Ltd has unveiled a new range of ‘affordable-yet-best-in-class differentiated’ split air conditioners. The company has launched nearly 50 models across the spectrum of inverter, fixed speed, and window ACs. The range of ACs comprises 3-star, 4-star, and 5-star inverter split. They are available at prices starting from Rs 30,990.
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Ramkrishna Forgings secures domestic order from India’s largest MHCV OEM
Ramkrishna Forgings Ltd (RFL) has secured an order worth Rs 75 crore per annum from India’s largest original equipment manufacturer (OEM) in the Medium & Heavy Commercial Vehicle (MHCV) segment. The company has established a strong presence among domestic customers. It is steadily cementing its position on the back of recent order wins. RFL is one of the leading suppliers of rolled, forged, and machined products.
L&T’s subsidiary wins multiple orders from India and abroad
The Power Transmission & Distribution business of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) in India and abroad. The renewable arm of the business has won an order to construct a 245 megawatts (MW) solar power project in Rajasthan. L&T has also secured an order to implement a solar photovoltaic cum storage project in Kutch, Gujarat. In the Middle East region, the business has won orders for the supply and construction of shunt reactors in 132 kV substations.
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Anupam Rasayan acquires 24.96% stake in Tanfac Industries
Anupam Rasayan India Ltd (ARIL) has completed the acquisition of a 24.96% stake in Tanfac Industries Ltd (TIL) from Birla Group Holdings. The specialty chemicals maker has acquired joint management control of TIL. ARIL has also become TIL’s promoter, along with Tamilnadu Industrial Development Corporation Ltd, with effect from March 11, 2022. Incorporated in 1972, TIL is a specialty fluoride chemical manufacturer.
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PNB declares IL&FS Tamil Nadu Power Company loan as fraud
Punjab National Bank reported a fraud of Rs 2,060 crore in the non-performing account (NPA) of IL&FS Tamil Nadu Power Company Ltd (TNPCL). The bank has made a provision of Rs 824 crore as per Reserve Bank of India’s prudential norms. Last month, Punjab & Sind Bank had declared the same account with outstanding dues of Rs 148 crore as fraud. IL&FS TNPCL had a payment due of Rs 7,181 crore at the end of March 31, 2021.
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Zomato grants $150 million loan to Blinkit
Zomato Ltd’s board has approved the acquisition of a 16.66% stake in Mukunda Foods, a food robotics company, for $5 million (~Rs 38.4 crore). The investment will help Mukunda Foods scale faster, help reduce restaurant food prices and expand margins. Zomato has also granted a loan of $150 million (~Rs 1,151 crore) to Blinkit (formerly known as Grofers), an instant delivery service.
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