India economy & business news in brief for August 9: Airtel to launch 5G in August, to cover all India towns by 2024
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Here are some news in brief related to Indian economy and business for Tuesday, August 9, 2022:
Indian telecom operator Bharti Airtel will start rolling out 5G services in August and cover all towns and key rural areas of the country by March 2024, a senior company official said on Tuesday, the Press Trust of India reported. Bharti Airtel managing director and CEO Gopal Vittal also said that the price of mobile services in India is very low and needs to go up. “We intend to launch 5G starting August and extend to a Pan India roll out very soon. By March 2024 we believe we will be able to cover every town and key rural areas as well with 5G.
Before 2014, the Indian economy was considered to be fragile and investors had their doubts about doing business but now the developed countries are keen to sign trade deals with India as they see it as an engine of economic growth, Indian commerce and industry Piyush Goyal said on Tuesday. Addressing the Vyapari Udyami Sammelan in New Delhi, Goyal also called upon traders to work with the government to reduce the compliance burden of people and businesses, but asked that they strictly follow ethical trade practices.
India’s Chennai Petroleum Corp said on Tuesday it had cut crude processing by a quarter at its 201,000-barrels-per-day Manali refinery in southern India, following an order by the Tamil Nadu state pollution control board, Reuters reported. Production at the refinery has been reduced on a ‘temporary basis’ and the company is confident of resolving the issue at the earliest, Chennai Petroleum, a subsidiary of the country’s top refiner Indian Oil Corp, said in an exchange filing. The state pollution control board had issued the order on August 6. A company source said the pollution control board has issued orders following complaints of liquefied petroleum gas-like odour from residents of an area near the refinery.
Oyo, a hospitality unicorn, has said it has finalised the acquisition of Europe-based holiday homes operator, Bornholmske Feriehuse, through its subsidiary, DanCenter, as a part of its plan to expand as a preferred full-stack vacation homes provider, the Hindu BusinessLine reported. Bornholmske Feriehuse, which has over 700 homes on its platform, is based in Bornholm island in Denmark, and is likely to register more than 250,000 guest nights in 2022.
Tech Mahindra said it acquired entire stakes in its two South African joint ventures — Tech Mahindra South (Pty) Limited and Tech Mahindra Holdco Pty Ltd — for about Rs 30 crore (£3.1 million). According to a BSE filing, the company will acquire 49 per cent stake in Tech Mahindra South (Pty) and four per cent in Mahindra Holdco Pty Ltd from its partner Falcorp Technologies which is exiting the joint venture.
L&T Financial Services (LTFS), a leading non-banking financial company, on Tuesday announced the inauguration of its Digital Sakhi project in the southern Indian state of Karnataka, ANI/NewsVoir reported. The flagship CSR project of the Company – ‘Digital Sakhi’ – trains and nurtures rural women, who in turn promote women entrepreneurship and Digital Financial Literacy (DFL) in their communities. The inauguration of the project in Karnataka follows the success of the Digital Sakhi projects implemented in the states of Maharashtra, Madhya Pradesh, Tamil Nadu, Odisha and West Bengal.