- Friday, April 26, 2024
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, October 17, 2022:
Indian telecom service provider Reliance Jio has chosen Nokia as a major supplier, the Finnish telecom equipment maker said on Monday, as India’s biggest mobile carrier gears up to expand next-generation wireless services across the country, Reuters reported. Nokia will supply Reliance Jio, which has more than 420 million customers, with 5G radio access network (RAN) equipment in a multi-year deal, the company said in a statement. “Nokia will supply equipment from its AirScale portfolio, including base stations, high-capacity 5G Massive MIMO antennas, and Remote Radio Heads to support different spectrum bands, and self-organizing network software,” it said.
Prime minister Narendra Modi on Monday expressed concern over India’s high import bill for edible oil, fertilisers and crude oil, and said there is a need to work in a mission mode to make the country self-reliant and reduce import dependence, Press Trust of India reported. With international energy prices soaring after the war in Ukraine, India will spend a record Rs 2.5 lakh crore (£26.6 billion) to subsidise fertilizer for farmers. Another $120 billion (£105.1 billion) is spent on importing crude oil and the two together are the biggest drain on exchequer. Addressing PM Kisan Samman Sammelan 2022 event in New Delhi, Modi released the 12th installment of the cash support that the government had launched ahead of the 2019 general elections, and launched a scheme to brand all subsidised fertiliser under one brand ‘Bharat’ to eliminate product differentiation and confusion multiple brands cause in the minds of farmers.
Hindalco on Monday launched India’s first all-aluminium freight rail rakes, a bid to help fast-track the country’s ambitious plan to modernise freight transportation and enable significant carbon savings for Indian Railways, PTI reported. The aluminium-made rakes are 180 tonnes lighter than existing steel rakes; they can carry 5-10 per cent more load and consume less energy. Indian railways minister Ashwini Vaishnaw flagged off the new 61-wagon rake from Bhubaneswar railway station, which carried coal for Hindalco’s Aditya Smelter in Lapanga in the eastern state of Odisha.
Sany Bharat, a leading manufacturer of construction equipment, heavy machinery and renewable energy solutions further strengthened their presence in the eastern Indian state of West Bengal by opening a state-of-the-art 4S (Sales, Service, Spare Parts and Skill development centre) office in Kolkata, ANI/NewsVoir reported. The 4S model is a full-service approach that brings together sales, service, spare parts and upskilling. The new office located in Howrah was inaugurated by Dacheng Zhu, Representative of the Chairman of the Board & Executive Director of the Board, Sany Group, Dheeraj Panda, Chief Operating Officer (Sales, Marketing & Customer Support) Sany Bharat and Shashank Pandey, Business Head of Excavator & Motor Grader, Sany Bharat along with senior leadership team. The Kolkata office will cater to the entire state of West Bengal & Sikkim, moving ahead, Sany Bharat will adopt the 4s model to enrich customer experience and capture new markets with optimum operational efficiency.
Ajanta Pharma, a specialty pharmaceutical formulation company, has been awarded as “Best Managed Companies” in India by Deloitte for 2022, ANI/PRNewswire reported. The selection process for the award had rigorous evaluation of management abilities for Strategy; Capabilities and Innovation; Governance and Financials; Culture and Commitment. It once again confirms Ajanta’s agile management, resilient strategy and superior performance. Yogesh Agrawal, Managing Director, Ajanta Pharma received the award at the Best Managed Companies programme held on October 14 at Deloitte Knowledge Center in Mumbai. “We are delighted to receive the Best Managed Companies award from Deloitte as it validates our emphasis on commitment towards excellence in people, processes, infrastructure and practices. This award is dedicated to over 7,000 motivated Ajantaites spread globally who make Ajanta an exciting and vibrant place to work,” said Yogesh Agrawal.
Senco Gold Ltd, a dominant jewellery retail player in Kolkata, is planning to step up its presence in northern India, MD&CEO Suvankar Sen said, PTI reported. At present, the IPO-bound company has 127 showrooms across the country, of which West Bengal accounts for 63 per cent. The company sells its products under the “Senco Gold & Diamonds” trademark through multiple channels, including 70 company-operated showrooms and 57 franchisee showrooms. “A part of the IPO proceeds would be utilised to open new stores across the country but our focus would be north India,” Sen said. It has 2O showrooms in North India, spread across, Delhi-NCR, Chandigarh, Haryana and Uttar Pradesh. In addition, the company is aiming to increase its presence in the digital space through its online platforms as well as through online marketplaces.
