- Saturday, April 20, 2024
By: Shubham Ghosh
Here are news related to Indian business and economy for Tuesday, September 27, 2022:
An Integrated Cryogenic Engine Manufacturing Facility (ICMF) set up by Hindustan Aeronautics Limited (HAL) that would cater to the entire rocket engine production under one roof for Indian Space Research Organisation (ISRO) was inaugurated by president Droupadi Murmu in Bengaluru on Tuesday, PTI reported. The state-of-the-art ICMF, set up over an area of 4,500 square metres houses over 70 hi-tech equipment and testing facilities for manufacturing cryogenic (CE20) and semi-cryogenic (SE2000) engines of Indian rockets. In 2013, an MOU was signed with ISRO for establishing the facility for manufacturing cryogenic engine modules at HAL, Aerospace Division, and it was subsequently amended in 2016 for setting up of ICMF with an investment of Rs 208 crore. Karnataka governor Thaawarchand Gehlot, chief minister Basavaraj Bommai, ISRO chairman S Somanath, HAL chairman and managing director C B Ananthakrishnan, among others, were present at the event.
Swedish defence products company Saab will set up a facility to manufacture its Carl-Gustaf M4 weapons system in India, a top executive said on Tuesday, as the company looks to ramp up production, Reuters reported. The facility will begin production in 2024, Senior Vice President Gorgen Johansson told reporters at a news conference. Johansson declined to provide detail on the investment that the company is likely to make in the facility. The Carl-Gustaf M4 is a recoilless rifle which has been ordered by the Indian armed forces. The new facility will support its production as well as components for users of the system around the world, the company said in a statement.
The Tata group and Singapore Airlines are reportedly set to merge their airline businesses — Air India and Vistara — and put them under a new joint venture, a couple of informed sources have told LiveMint, adding that the goal is to challenge industry leader IndiGo. The two companies have planned to merge Tata SIA Airlines Ltd, their joint venture which runs Vistara, and Air India, which Tata group acquired last year. In a new joint venture, Singapore Airlines could own a minority stake of as much as 25 percent in Air India and Vistara, the sources added.
The government has reshuffled the board of IL&FS Ltd, which is undergoing a debt resolution process, with existing board member C S Rajan being redesignated as the non-executive chairman, PTI reported. Nand Kishore, who was serving as an executive director, has been made the managing director, according to the company. In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018. The sprawling financial services group has 347 entities under it and resolution has taken place for 246 entities after the ministry-appointed board started the resolution process.
Indian finance minister Nirmala Sitharaman on Tuesday reviewed the performance of credit and other welfare schemes for Scheduled Castes (SCs) in public sector banks during a meeting on Tuesday, ANI reported. She said that the objective of the meeting was to bring all stakeholders on a common platform to work together in fulfilment of the rights for the upliftment and betterment of the people from SCs. Some highlights of the meeting covered included banks will have to fill the small number of remaining backlog vacancies in a time-bound manner, banks will have to enhance the coverage of SCs in all schemes, etc.
Torrent Pharmaceuticals Limited (Torrent Pharma) on Tuesday said it has entered into definitive agreements to acquire 100 per cent stake in Curatio Healthcare for Rs 2,000 crore (£229.1 million), ANI reported. The consideration includes Rs 115 crore (on the date of signing) (£13.1 million) of cash and cash equivalents in the acquired business indicating an Enterprise Value of Rs 1,885 crore (£216 million). “The transaction is subject to conditions precedent and is expected to close within one month,” Torrent Pharma said in a statement. Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.
