Vedanta to invest up to $20 billion in semiconductor business in India
Vedanta Ltd has earmarked $15 billion for its foray into the electronic chip and display manufacturing space. The conglomerate plans to scale up the investment to as much as $20 billion (~Rs 1.49 lakh crore). Vedanta’s group firm Avanstrate will spearhead the semiconductor business. It expects to roll out electronic chips and displays from Indian manufacturing plants by 2025.
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Mahindra Holidays & Resorts to sell entire 10.76% stake in Nreach Online Services
Mahindra Holidays & Resorts India Ltd will sell its entire 10.76% stake in Nreach Online Services Pvt Ltd to Gift Management Asia Pte Ltd (GMAPL) for a consideration of Rs 29.31 crore. The company has entered into an agreement with GMAPL for the sale of its entire investment consisting of 5,738 equity shares in Nreach Online Services. The transaction is expected to be completed on or before July 31, 2022.
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Coal India’s fuel supply stands at 575 MT so far in FY22
Coal India Ltd (CIL) has supplied 575 million tonnes (MT) of coal so far this financial year (FY22), surpassing the total dispatch of dry fuel in 2020-21. The company had dispatched 574.5 MT of coal in FY21. Meanwhile, coal imports were down to a nine-year low due to a sharp increase in international coal prices.
CIL has warned that the production of coal may fall if the company is not able to raise prices. It is facing cost pressures from a looming rise in salaries and on higher prices of diesel used to power mining equipment.
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IndiGo takes delivery of A320 neo plane powered with sustainable aviation fuel
IndiGo has taken delivery of its first aircraft from Airbus (A320 neo) that operated on a blend of sustainable aviation fuel and normal fuel. The airline’s CEO, Ronojoy Dutta, said they are also talking to a lot of manufacturers on Sustainable Aviation Fuel (SAF). Over a period from 2016 to 2023, IndiGo is aiming at a 16% reduction in carbon emissions.
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Domestic air traffic falls 43% to 64.08 lakh passengers in Jan: DGCA
Domestic air traffic fell around 43% to 64.08 lakh passengers in January 2022. The passenger load factors (or occupancy rates) fell for all Indian carriers last month. SpiceJet reported the highest seat occupancy of 73.4% in Jan, compared to 80.2% in December. IndiGo registered a load factor of 66.6% in Jan, compared to 78.1% in Dec. The data was released by the Directorate General of Civil Aviation (DGCA).
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Bank of Baroda, Canara Bank announce subscription to IDRCL shares
Canara Bank has picked up a 14.9% stake in India Debt Resolution Company Ltd (IDRCL), while Bank of Baroda bought 12.3% in it. IDRCL is an asset management company set up by the government. It will work in association with the National Asset Reconstruction Company Ltd (NARCL) to clean up the banking sector’s bad loans (NPAs). IDRCL will provide management and resolution of assets acquired by NARCL.
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Indian Oil sets up 1,000 EV charging stations
India’s largest oil refiner Indian Oil Corporation Ltd (IOCL) has set up 1,000 electric vehicle charging stations. Now, IOCL has EV charging points in more than 500 towns and cities, including multiple state and national highways. It has collaborated with Tata Power PowerGrid, NTPC, Tech Mahindra, Ola, and BHEL for setting up EV chargers at its fuel stations. The company is targeting to provide EV charging facilities at 10,000 fuel stations in the next three years.
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MRF lines up Rs 1,000 crore expansion plan in Telangana
MRF Limited has announced an investment of Rs 1,000 crore for expansion of its facility and creating a new specialty assembly line at Sangareddy, Telangana. The company’s officials also offered Rs 4 crore to the state government’s ‘Mana vooru – Mana badi’ program under its corporate social responsibility (CSR) initiative.
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