- Wednesday, May 15, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Wednesday, May 1, 2024:
The Vedanta Group is aiming to invest $20 billion (£16 billion) across all its businesses in India over the next four years, its chairman Anil Agarwal said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told news agency Press Trust of India on the sidelines of a company event in Mumbai. “At the moment, we have a plan to invest USD 20 billion across sectors in four years time,” Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said.
Indian aviation watchdog Directorate General of Civil Aviation (DGCA) has deregistered all the 54 planes leased by Go First, days after a court allowed lessors to take back their aircraft from the bankrupt airline. Bogged down by financial turbulence and engine woes, budget carrier Go First stopped flying in May last year and is undergoing an insolvency resolution process. Foreign lessors that have leased planes to the airline had moved the court to take back the aircraft. Against this backdrop, the Delhi high court on April 26 directed the DGCA to forthwith process the applications filed by the lessors for deregistration of 54 planes. The high court had also said the process shall be done in not later than five working days.
The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates has emerged as a resounding success story, solidifying the long-standing economic ties between the two sides, UAE ambassador to India Abdulnasser Alshaali said on Wednesday. The envoy said there has been a remarkable growth in bilateral trade between the two countries after inking of the mega trade pact. “The UAE-India CEPA has emerged as a resounding success story, solidifying our nations’ long-standing economic ties and ushering in a new era of prosperity,” Alshaali said. “Over the past two years, we have witnessed remarkable growth in bilateral trade, a testament to the immense potential that exists when our complementary strengths are harnessed effectively,” he added.
Bharti Airtel on Wednesday said it has appointed Ambareesh Mandelia as head of M&A and business development. Before joining Airtel, Mandelia was heading the corporate health and wellness business units at Tata 1mg, along with corporate strategy. “Ambareesh Mandelia has been appointed as Head – M&A and Business Development of the Company with effect from May 01, 2024,” Airtel said in a regulatory filing. Mandelia is a qualified chartered accountant from the Institute of Chartered Accountants of India, 2003 batch. He has more than two decades of experience in investment banking, mergers and acquisitions, strategy and corporate development.
Indian logistics and supply chain company Delhivery on Wednesday said it has launched an all-women logistics hub in Sikar in the north-western state of Rajasthan and plans to replicate the model at other locations as well. This is another step towards the company’s objective of promoting greater enrollment and empowerment of women in the logistics industry and also advancing overall diversity within the company, Delhivery said. The company added it has already scaled up women’s participation at its gateways in Tauru (Haryana), Bhiwandi (Mumbai), and other locations in the country. Women already constitute 66 per cent of the total workforce at the processing centre in Tauru, it added.
(With agencies)
