- Wednesday, May 01, 2024
By: Shubham Ghosh
Here are news in brief related to Indian economy & business for Friday, February 10, 2023:
Air India has signed agreements with Airbus and Boeing for what could become the biggest purchase of jetliners in commercial aviation history, Bloomberg reported. The development comes as the carrier seeks to reinvent itself with a fuel-efficient fleet that can challenge local low-cost rivals and powerful Gulf airlines such as Emirates. The airline, owned by Tata, has agreed on the outlines of the accord with the two plan manufacturers and may formally announce the deal next week, according to informed sources who spoke on the condition of anonymity as the negotiations are confidential.
Moody’s Investors Service on Friday changed outlook for four Adani Group companies, ANI reported. In a release, it said it has changed the outlook on companies to negative from stable, while maintaining the stable outlook on other four companies. Outlook has been changed to negative from stable for Adani Green Energy Limited (AGEL), Adani Green Energy Restricted Group (AGEL RG-1), Adani Transmission Step-One Limited (ATSOL), Adani Electricity Mumbai Limited (AEML). Outlook has been kept stable for Adani Ports and Special Economic Zone Limited (APSEZ), Adani Ports and Special Economic Zone Limited (APSEZ), Adani International Container Terminal Private Ltd (AICTPL), Adani Green Energy Restricted Group (AGEL RG-2) – comprising Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Parks Private Limited and Adani Renewable Energy (Rj) Limited.
Around 1,333 multi-national companies (MNCs) have shut down in the country but more than 4,900 new ones have come up opening new avenues and job opportunities, the Indian parliament was informed on Friday, PTI reported. Responding during Question Hour in the Rajya Sabha or Upper House of the parliament, minister of state for commerce and industry Som Parkash said it is normal to see some MNCs get closed and some new to come up. A total of 1,333 MNCs have been closed down in the country, out of which 313 were foreign-based and 1,017 were their subsidiaries, he said. “I am happy to share that in comparison to it (the one closed down), 4,906 new MNCs have been opened. This will open new avenues and provide job opportunities,” Parkash said.
Reliance Industries chairman and managing director Mukesh Ambani said his group plans to invest an additional Rs 75,000 crore (£7.3 billion) in the next four years across Uttar Pradesh, ANI reported. These investments would spread across its telecom, retail, and renewable businesses, having the potential to create an additional over one lakh (0.1 million) jobs in the state. In the past few years, the group, Ambani said, invested about Rs 50,000 crore (£5 billion) in Uttar Pradesh. Ambani made the remarks while speaking at the inaugural ceremony of the ongoing three-day UP Global Investors Summit 2023 in Lucknow on Friday, where prime minister Narendra Modi is the chief guest. It is the flagship investment summit of the Government of Uttar Pradesh. The mega event is aimed to bring together policymakers, industry leaders, academia, think tanks and leaders from across the world to collectively explore business opportunities and forge partnerships.
Aditya Birla Group on Friday committed Rs 25,000 crore (£2.5 billion) investment across its various businesses in the northern Indian state of Uttar Pradesh. Speaking at Global Investors Summit at state capital Lucknow, group chairman Kumar Mangalam Birla said the investment would go into various businesses like cement, metals, chemicals, financial services, and renewable energy. The Mumbai-based group’s seven businesses have a significant presence in UP, anchored by over 30,000 employees with an overall investment of Rs 40,000 crore (£4 billion), he said. When it comes to building new-age infrastructure or providing efficient governance, Uttar Pradesh is creating an example for other states to follow, Birla added.
