• Friday, April 12, 2024


Now, PhonePe users can now make UPI payments in UAE

A picture shows an Emirates Airlines aeroplane at Dubai International Airport on February 1, 2021. (Photo by KARIM SAHIB/AFP via Getty Images)

By: Shubham Ghosh

HERE are news related to Indian economy and business for Thursday, March 28, 2024:

Indian fintech firm PhonePe App users travelling to the UAE can now make payments using UPI at Mashreq’s NEOPAY Terminals, the Walmart group digital payments firm said on Thursday. The transactions will be facilitated by the Unified Payments Interface (UPI). The account debit will occur in Indian rupee, showing the currency exchange rate, PhonePe said in a statement. NEOPAY Terminals is available across a wide array of retail stores, dining outlets, as well as tourist and leisure attractions. “With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with,” PhonePe CEO for International Payments, Ritesh Pai said.

India will send two delegations to Chile in April to look for lithium and copper resources, a source in its government said, as rapid economic growth and New Delhi’s efforts to speed up the energy transition boost demand for critical minerals. Chile is the world’s biggest supplier of copper and the second-biggest producer of lithium, which are essential for electric vehicle batteries and renewable energy systems in the push away from fossil fuels. Indian state firms National Aluminium Company, Hindustan Copper and unlisted Mineral Exploration and Consultancy have set up a company called Khanij Bidesh India (KABIL) as part of its drive to explore overseas for mineral assets. The delegation will be sent by the same body.

Czech automaker Skoda Auto on Thursday said it is strengthening strategic partnership with Volkswagen Group Technology Solutions India with a focus on advancing its app portfolio, artificial intelligence, data analytics, and technology services. The Volkswagen Group, through its subsidiary Volkswagen Group Technology Solutions India (VWITS), operates one of its largest global IT centres in India and employs over 2,600 computing specialists. As part of the initiative, Skoda Auto is opening a VWITS regional office in Prague, Czech Republic. The new facility will strengthen collaboration and create new links with specialists in India, the company said in a statement.

Indian drug-maker Lupin on Thursday said it has received approval from USFDA (US Food and Drug Administration) to market a generic medication for the treatment of seizures. The company has received a nod from the American health regulator to market Eslicarbazepine Acetate tablets in strengths of 200 milligrams (mg), 400 mg, 600 mg, and 800 mg, Lupin Ltd said in a statement. The Mumbai-based company’s product is a generic equivalent of Sumitomo Pharma America Inc’s Aptiom tablets, it added. Lupin said it is one of the first abbreviated new drug application applicants and may be eligible for 180 days of shared generic exclusivity. Eslicarbazepine Acetate tablets are indicated for the treatment of partial-onset seizures in patients of four years of age and above.

India’s state-owned hydropower giant NHPC on Thursday said it has inked a loan agreement of JPY 20 billion (£105 million) with Japan Bank for International Cooperation (JBIC) for developing a 300 MW solar project in Bikaner in the north-western state of Rajasthan. This is the first kind of loan syndication by NHPC with JBIC for the financing of renewable energy project, a company statement said. According to the statement, JBIC’s loan is co-financed with Japan’s MUFG Bank Ltd. and Bank of Yokohama Ltd. NHPC has secured a foreign currency loan of JPY 20 billion from JBIC for the implementation of renewable projects, including a 300 MW solar power project, Bikaner, it stated.

(With agencies)

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