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India Business Briefs for April 3: New Delhi to build 1st commercial crude oil strategic storage

Indian Prime Minister Narendra Modi (Photo by EVELYN HOCKSTEIN/POOL/AFP via Getty Images)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Wednesday, April 3, 2024:

India, the world’s third biggest oil consumer and importer, plans to build its first commercial crude oil strategic storage as part of efforts to shore up stockpiles as insurance against any supply disruption. Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle created by the government for building and operating strategic petroleum reserves in the country, has invited bids for constructing 2.5 million tonnes of underground storage at Padur in the southern state of Karnataka, according to the tender document. ISPRL had in the first phase built a strategic petroleum reserve in underground unlined rock caverns for storage of 5.33 million tonnes of crude oil at three locations Visakhapatnam (1.33 million tonnes) in Andhra Pradesh and Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes) in Karnataka.

Indian information technology services company Tech Mahindra in collaboration with British IT consulting company AVEVA has established a Centre of Excellence (CoE) at its campus in the western city of Pune to help industries accelerate their digital adoption process and enhance performance. The CoE was inaugurated on Wednesday in the presence of Emon Zaman, senior vice president, Asia Pacific, AVEVA, and Narasimham RV, president, Engineering Services, Tech Mahindra. The centre will create digital transformation solutions for industry-specific use cases, Tech Mahindra said in a statement. “This CoE will combine Tech Mahindra’s expertise in process manufacturing, Industry 4.0 capabilities, and AVEVA’s deep industry knowledge and software applications,” it said.

Toyota Kirloskar Motor is looking to bring in more premium models in the country with customers gradually moving towards bigger-sized vehicles in the market, according to a senior company executive. The company, which sells models such as Innova and Fortuner, on Wednesday expanded its range in the country with the introduction of entry-level SUV Urban Cruiser Taisor. In an interaction with PTI, Toyota Kirloskar Motor deputy managing director Tadashi Asazuma (sales and marketing) said the company aims to cater to the diverse customer requirements in the market. He added the company also plans to have models with diverse powertrains, including hybrid and battery electric vehicles in its portfolio in India.

The Indian home ministry has cancelled the registration of at least five NGOs for alleged violation of various provisions of the Foreign Contribution Regulation Act, sources said on Tuesday. The NGOs whose registrations have been cancelled are CNI Synodical Board of Social Service, Voluntary Health Association of India, Indo-Global Social Service Society, Church’s Auxiliary for Social Action, and Evangelical Fellowship of India, they said. With the cancellation of their Foreign Contribution Regulation Act (FCRA) registration, these NGOs will no longer be able to receive foreign contributions nor utilise the existing available funds.

The first batch of more than 60 workers from India reached Israel on Tuesday under a government-to-government (G2G) agreement to bolster the country’s construction industry facing a huge shortage of trained hands. The mechanism has been worked out to keep away middlemen and to make the process of hiring fair through the screening tests conducted by Israeli examiners, who visited India a few times and coordinated the process with the Indian government agencies. The first batch of Indian construction workers arrived in the country on Tuesday evening.

(With agencies)

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