Orient Green Power Co, the renewable arm of the Shriram Group, said it has sold much of it biomass power generation business to a unit of its promoter and that its wind power business is benefiting from higher offtake by the Tamil Nadu power distribution company. The company had around 96 megawatts (MW) of biomass […]
Bitcoin users and investors in India could be in for tough times ahead as a high-level, interdepartmental committee set up by the government of India has urged it to crack down on such virtual currencies. The contents of the committee’s report, submitted in August, have not been officially announced yet, but highly placed sources reveal […]
As part of its efforts to set up a city-wide network of electric vehicle charging stations, Tata Power announced that it has set up two more electric vehicle charging stations in Mumbai, its first on third-party compounds. The two charging stations have been set up at two of the most popular malls in the city […]
Satin Creditcare Network Ltd, one of India’s largest microfinance companies, said it has received an investment of Rs 80 cr from US-based hedgefund Kora Management. Kora’s investment is part of the latest funding of Rs 205 that the company raised from institutional investors that also included the promoters of IndusInd Bank and NMI, an existing […]
Infrastructure company Hindustan Construction Company said it got another contract, worth Rs 484 cr, from Pune Metro for the construction of 8 stations on the east-west line. The contract comes two months after it reported a contract win for 9 stations in Line I. The contract has been won in consortium with the Dubai-based AL […]
Reliance Jio has unveiled eight new plans that have brought down the price of 4G data by 32% to Rs 3.56 per GB from Rs 5.19 per GB earlier. The new plans are available from Tuesday and will make most of the the company’s existing plans irrelevant (see table below). The new plans start from […]
Royal Orchid Hotels said it opened its 48th hotel in Pushkar under the name of ‘Regenta Resort Fort’. “We are taking continuous steps towards expanding our presence all over India,” said Chander K. Baljee, Managing Director, Royal Orchid Hotel. The chain has opened seven properties – Mysore, Ahmedabad, Dehradun, Kanpur, Dwarka, Indore and Pushkar in […]
Construction giant Larsen & Toubro said it has won a Rs 1,483 cr contract from oil and gas producer ONGC to create offshore platforms, pipelines and other works in its Bassein field offshore Mumbai. “The project includes three new wellhead platforms, 23 kilometer Subsea pipeline, composite Subsea power cable, clamp-on works on an existing platform […]
Social and mainstream media is abuzz with headlines that scream that the Aadhaar database has been ‘leaked’ or ‘breached’ by miscreants and that the UID Authority of India has been caught napping. “Personal data of a billion Indians sold online for £6”, screams the Guardian. “Local Indian newspaper was able to access the private data […]
Reliance Jio, the telecom arm of Reliance Industries, has achieved what was considered impossible barely 18 months ago: India now has more 4G base stations than 2G base stations. In other words, 4G service providers in India have put up more towers in the last three years than 2G installations in the last 32 years. […]
Vodafone announced cashback of Rs 1,500 on Samsung handsets Galaxy J2 Pro, Galaxy J7 Nxt and Galaxy J7 Max. Vodafone customers, both existing and new, can purchase any of the popular Samsung 4G smartphones, it said. To avail this special offer, prepaid customers have to sign up for the Rs 198 per month scheme that […]
Idea Cellular said its board of directors have approved the issuance of 32.66 cr shares of the company to its promoter Aditya Birla Group at a price of Rs 99.50 each. The total infusion will be to the extent of Rs 3,250 cr. It also said it plans to raise Rs 3,500 cr from third […]
Glenmark Pharmaceuticals said it has launched a biosimilar of Adalimumab, a drug for Plaque Psoriasis and Rheumatoid Arthritis from Cadila Healthcare Ltd.. “The launch of ADALY marks the launch of Glenmark’s first biosimilar in Dermatology,” the company said. The drug has been licensed from Cadila. “ADALY will be available to patients in India at a […]
Sun Direct, the DTH service from Sun Network, has been allocated 144 MHz of spectrum on the recently launched Measat-3B satellite which will enable service to add 20 new HD and 100 new standard definition channels. A social media user by the name of ‘Raja Chennai‘ shared a screenshot of the application made by the […]
NIIT Limited, which made a name for itself training millions of Indians with IT skills, said it acquired a US-based corporate training company. NIIT will incur a cost of $8.1 mln (Rs 51.50 cr) over the next five years for the acquisition, including assumed debt and goodwill costs. Eagle International Institute provides training programs for […]
The Indian government has awarded all the contracts under the India-Myanmar-Thailand highway over the last three months and the highway is likely to be ready in three years, the external affairs ministry said. “Government of India is implementing two projects as part of Trilateral Highway between India, Myanmar and Thailand. These are construction of 69 […]
Titan Co, India’s largest jewelry company, said its mainstay jewelry business saw retail sales that were in line with expectations for the October-December period, but there was a slight slowdown in sales to franchisees. It also said its pilot stores for special occasion ethnic wear are doing well and it may open a few more […]
The country’s largest car maker Maruti Suzuki India reported 10.3% increase in its auto sales for December, slightly slower than the 14.1 percent reported for November. The total sales was at 1.30 lakh units compared to 1.55 lakh in November and 1.18 lakh in the same month last year. The company’s domestic sales stood at […]
Indusind Bank, part of the Hinduja group, said it has raised $500 mln (about Rs 3,300 cr) by way of syndicated term loans from a group of overseas lenders. The tenor of the facility is 3 years and will be used for general banking purposes, it said. “This fund-raising, along with the funds raised during […]
Vivimed Labs said it will receive $7.5mn investment from OrbiMed Asia into its API business as a follow on to the $42.5 mn invested in September 2017. At the time, Vivimed has said that the proceeds will be utilised for debt reduction at the parent entity level as well as for expanding the API business. […]
