- Thursday, April 25, 2024
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Wednesday, March 22, 2023:
Chemicals maker Anupam Rasayan India Ltd on Wednesday signed a memorandum of agreement with the government of the western Indian state of Gujarat for setting up three new plants in Surat and Bharuch with an investment of Rs 670 crore (£66.3 million), PTI reported. The company aims to commission these plants before 2025. “The investment of Rs 670 crore is in line with the strategic move to expand our operations and strengthen our manufacturing capabilities,” company’s managing director Anand Desai said in a statement. A large part of the plants will focus on manufacturing Fluorochemicals which will service the demands of existing and potential clients catering to agrochemical, polymers and pharma sectors in Japan, Europe and the US.
India’s Adani Group has decided to focus on expanding its aviation business and plans to bid for more government-run airports when they come up for privatisation, Adani Airports’ chief executive on Wednesday said, according to Reuters. The Asian nation is currently the world’s fastest-growing aviation market, with demand for air travel outstripping the supply of jets. Also, some major airports are already reaching full capacity even as airlines continue to place orders for more planes, the report added. In February, Air India last month placed a record order for 470 jets while its domestic rival IndiGo is in talks for a new order of more than 500 aircraft, Reuters reported this month.
Prime minister Narendra Modi on Wednesday unveiled the 6G vision document of the country and said initiatives around 6G within six months of the 5G rollout show India’s confidence, PTI reported. He said from being a mere consumer of telecom technology, India is now moving fast to become a big exporter of that technology. “Within six months of the 5G rollout, today we are talking about 6G. This shows the confidence of India. Today we have brought the vision document to the fore. This will become a big base for the rollout of 6G,” Modi said. The vision document released by Department of Telecom states that while 5G technology promises a speed of 40-1,100 Mbps with the potential to hit maximum speed of 10,000 Mbps, 6G will offer ultra-low latency with speeds up to 1 terabit per second –which is 1,000 times more than the top speed of 5G.
Indian automaker Mahindra and Mahindra Ltd on Wednesday said that the World Bank’s private investment arm, International Finance Corp (IFC), will invest Rs 6 billion (£59.2 million) in the company’s last-mile electric mobility unit, Reuters reported. The investment, which will be in the form of compulsory convertible instruments, will value the unit at Rs 60.20 billion (£594.6 million). IFC will own about a 9.97 per cent-13.64 per cent stake in the newly formed company. The new unit will house the last mile mobility division, including three-wheeler and four-wheeler small commercial vehicles, the company said.
India’s Power Finance Corporation has made a pact with Japan Bank for International Cooperation (JBIC) for a project loan of JPY (Japanese Yen) 2.65 billion or about Rs 165 crore, PTI reported. Under this facility, JBIC has proposed to finance some of PFC’s projects which ensure effective reduction of greenhouse gas emissions and conservation of the global environment. The pact was executed under a general agreement signed between PFC and JBIC for JPY 30 billion. The loan agreement was signed at JBIC headquarters in Tokyo, between PFC chairman and managing director R S Dhillon and Uchida Makoto, managing executive officer of JBIC.
Real estate has been witnessing vigorous growth in the country, and Delhi-NCR is one of the most popular hotspots, ANI/NewsVoir reported. The region is excelling in delivering both quality and quantity of projects across both residential and commercial segments. The availability of renowned developers, vast connectivity through multiple modes, including the network of roads, expressways, highways, railways, international airports, etc., and the development of commercial hubs have made the region much more desirable. The availability of growth opportunities has attracted a large group of commercial real estate investors to the region.
