Reliance Retail completes fundraising of Rs 47,265 crore from 10.09% stake sale

Reliance Retail Ventures Ltd.(RRVL) said that it has raised Rs 47,265 crore by selling 10.09% stake to multiple investors. According to an official release from RRVL, the company has completed the current phase of partner induction and fundraise exercise. The investors include Silver Lakes Partners, KKR, ADIA, and others. RRVL has allotted approximately 69 crore equity shares to its latest financial partners. This is the largest fundraising exercise in the retail sector completed within 2 months. 

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SpiceJet gets clearance to fly Boeing 737 Max aircraft

SpiceJet Ltd. has received approval from the US Federal Aviation Administration (USFAA) to fly the Boeing 737 Max aircraft, after nearly 2 years of grounding. The grounding orders were placed in March 2019, after two deadly crashes. The USFAA stated that the clearance was announced after a ‘comprehensive and methodical’ 20-month review process. SpiceJet expects the jets to return to operations by the first quarter of 2021.

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RBI to conduct OMO on November 26

The Reserve Bank of India announced that it will conduct simultaneous purchase and sale of government bonds under Open Market Operations (OMO) on November 26. The central bank will conduct OMO for an aggregate amount of Rs 10,000 crore each. OMO is one of the tools used by RBI to smoothen the liquidity conditions in the economy. 

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L&T bags Rs 7,000 crore order to construct part of bullet train project

Larsen & Toubro (L&T) Construction has secured a contract worth Rs 7,000 crore from the National High-Speed Rail Corporation Ltd. The company will construct 87.56 km of the Mumbai-Ahmedabad High-Speed Rail project. L&T’s contract includes the construction of viaducts, one station, major river bridges, and maintenance depots.

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India to see Rs 10,000 crore investment in LNG stations: Dharmendra Pradhan

Oil Minister Dharmendra Pradhan said that India will see an investment of Rs 10,000 crore in the next 3 years for setting up 1,000 LNG stations. Liquefied Natural Gas (LNG) will be used for long-haul buses and trucks due to its higher energy density than CNG. It is 30-40% cheaper than diesel and will also reduce carbon emissions.

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Max Financial gets approval for share swap agreement with Mitsui Sumitomo

Max Financial Services Ltd. (MFSL) has received approval from the Department of Economic Affairs (DEA) to swap Mitsui Sumitomo’s stake in Max Life Insurance with the shares of itself. The transaction entails swapping Mitsui Sumitomo’s 20.6% stake in Max Life Insurance with a 21.9% stake in MFSL. This will result in MFSL holding more than 93% stake in the life insurance company.

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TCS expands strategic IT partnership with Kingfisher PLC

Tata Consultancy Services (TCS) has expanded its partnership with Kingfisher PLC, to accelerate the retailer’s transformation into a digital-first organization. TCS will provide consolidated application management and infrastructure support services to UK-based Kingfisher PLC. TCS has been a strategic IT partner with the retail company since 2012.

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Adani Green has no guaranteed buyer for Rs 44,540 crore solar project in India

Adani Green Energy’s $6 billion (~Rs 44,540 crore) solar power project has no guaranteed customer. This is according to the Solar Energy Corporation of India (SECI), which is the country’s main solar-adoption agency. The agreement between Adani Green and SECI in June 2020 reveals that SECI has no legal or financial obligation to support the project if it fails to find buyers. The agency has also stated that the failure of finding a customer would expose Adani Green to higher financial risk.

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Oaktree, Varde offer $2.5 billion funding to Vodafone Idea: Report

A group of private equity firms, led by US-based Oaktree Capital and Varde Partners, have offered to invest up to $2.5 billion (~Rs 18,550 crore) in Vodafone Idea Ltd. This is according to a report by BloombergQuint. Vodafone Idea (Vi) had also announced plans in September to raise Rs 25,000 crore through equity and debt instruments. Also, the company is yet to pay crores of debt to the government. 

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Apollo Hospitals partners with TataMD to launch ‘TataMD CHECK’

Apollo Hospitals has partnered with Tata Medical and Diagnostics (TataMD) to launch TataMD CHECK, a Covid-19 testing kit. TataMD will manufacture the kits at its facility in Sriperumbudur, near Chennai. Apollo Hospitals will offer the testing in the National Capital Region (NCR) from the first week of December.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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