- Saturday, April 27, 2024
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Tuesday, March 26, 2024:
Observing that e-commerce giant Amazon does not have an appropriate grievance redressal mechanism and has “one-sided oppressive” sale terms, a consumer commission in New Delhi has imposed a fine of Rs 35,000 (£333) on the online seller and one of its retailers for deficiencies in services. The commission has also directed Amazon to provide a foolproof and transparent grievance redressal mechanism to customers. The District Consumer Disputes Redressal Commission (East Delhi) was hearing a complaint from a person for the inordinate delay of around a year and five months in refunding the price of a defective laptop.
On Tuesday, Indian budget airline SpiceJet announced its agreement with Export Development Canada (EDC) to resolve liabilities totaling nearly $91 million (£72 million), Reuters reported. The move enables the carrier to assume ownership of 13 out of the 15 Bombardier Q400 aircraft financed by the Canadian trade finance agency. Following the announcement, the company’s shares surged by 6.5 per cent in afternoon trading. “This settlement marks the biggest breakthrough in SpiceJet’s financial restructuring efforts to date,” the airline said in a statement. In recent months, SpiceJet has successfully reached settlements with various lessors, including Aercap — the world’s largest aircraft lessor. These agreements reflect SpiceJet’s efforts to revitalise its grounded fleet and strive towards resuming operations at full capacity.
Wipro GE Healthcare, a collaboration between India’s Wipro Enterprises and a wholly-owned entity of US-based GE Healthcare, has unveiled plans to invest Rs 80 billion (£760.2 million) in India. The investment will be directed towards enhancing its manufacturing and research and development facilities within the country. On Tuesday, Bengaluru-based medical technology firm Wipro GE Healthcare announced its intention to invest in local manufacturing over the next five years, aligning with the Indian government’s ‘Make in India’ initiative. This investment aims to bolster its presence in the country. As part of this investment, the company intends to manufacture its PET CT diagnostic scan (used in treating illnesses such as cancer) devices within India for export to 15 countries.
Japanese auto major Nissan Motor Co Ltd plans to launch three all-new models in India by fiscal year 2026 and make the country a hub for exports under its new global business plan to drive value and strengthen competitiveness, according to a company statement. Under the new plan, which is split into mid-term imperatives for fiscal years 2024 through 2026, and mid-long-term actions to be carried out through 2030, the company is targeting additional one million unit sales compared to fiscal year 2023. Globally, Nissan plans to launch 30 new models over the next three years, of which 16 will be electrified, and 14 will be ICE (international combustion engine) models, to meet the diversified customer needs in markets where the pace of electrification differs, the company said.
The Competition Commission of India has approved 100 per cent acquisition of Lanco Amarkantak Power Limited by Adani Power Limited. The Adani Power Limited (Acquirer), a part of the Adani Group, is engaged in the business of thermal power generation in India. Acquirer operates its thermal power plants across multiple states in India, including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand and Madhya Pradesh. The Lanco Amarkantak Power Limited (Target), a part of the Lanco Group, is engaged in the business of thermal power generation in India. The Target is currently undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016.
(With agencies)
