Reliance Retail receives Rs 7,500 cr from Silver Lake for a 1.75% stake

Reliance Industries Ltd today announced that it has received Rs 7,500 crore from US private equity firm Silver Lake Partners, which has picked up 1.75 per cent stake in its retail arm, Reliance Retail Ventures Ltd (RRVL). Earlier this month, the company announced that Silver Lake would invest in Reliance Retail and it received the entire amount pertaining to the deal. This is the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms.

Read more here

Government plans Rs 15,000-crore PLI scheme to boost local drug production

The government is working on a Rs 15,000-crore Production Linked Incentive (PLI) scheme for the pharmaceutical sector. The proposed scheme will give a thrust to the pharma industry in the country, especially in complex formulations as it intends to promote indigenous manufacture of complex generics, biosimilars and high value-add medicines. 

Read more here

Bank credit up 5.26% to Rs 102.24 trn, deposits rise 11.98%: RBI data

According to Reserve Bank of India data, Bank credit grew 5.26% to Rs 102.24 trillion while deposits rose 11.98% to Rs 142.48 trillion in the fortnight ended September 11, 2020. Compared to the fortnight ended September 13, 2019, Bank credit was at Rs 97.13 trillion and deposits at Rs 127.22 trillion. 

Read more here 

EV push: Govt plans $4.6 billion in incentives for battery makers

India plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electrical vehicles and cut down its dependence on oil. The policy could benefit battery makers such as South Korea’s LG Chem and Japan’s Panasonic Corp as well as automakers which have started building EVs in India such as Tata Motors and Mahindra & Mahindra. 

Read more here

Jio teams up with AeroMobile to offer in-flight mobile services on international routes

Reliance Jio partnered with AeroMobile, a subsidiary of Panasonic Avionics Corporation, to roll out in-flight services on international routes. With 24-hour-plans starting at Rs 499 a day, JioPostpaid Plus users will be able to avail the company’s latest offering. company has tied up with 22 airlines, including  Cathay Pacific, Virgin Atlantic, Emirates, Etihad Airways, Euro Wings, Lufthansa, and Singapore Airlines, among others, to facilitate the service.

Read more here

Credit metrics of leading pharma companies to remain stable: ICRA

Investment information agency ICRA reported that the global demand scenario for Indian pharmaceutical industry is largely expected to remain stable due to the inelastic nature of prescription drugs. A worrying point is that the domestic pharmaceutical industry is highly dependent on imports with more than 60% of its Active Pharmaceutical Ingredients (API) requirement being imported.

Read more here

Accenture offers 7-month severance payout to staff

Accenture is offering a seven-month severance payout to employees impacted by its latest layoffs. The package is high considering most companies offer a two-three months payout, or one month of salary for every year of service put in. The package is applicable to employees voluntarily tendering resignations. The payout includes a three-month salary in lieu of the notice period and an additional four month salary for those who resign voluntarily.

Read more here

JSW Solar bags 810 MW blended wind energy projects from SECI

JSW Energy on Friday announced that its solar power subsidiary has bagged 810 MW blended wind energy projects under an auction conducted by government owned Solar Energy Corporation of India. SECI had conducted an auction for setting up 2,500 MW ISTS (inter state transmission system) projects under tariff based competitive bidding. 

Read more here

Infosys’s data and analytics business is worth $3 billion

Infosys’s data and analytics (DNA) practice, which started five years ago, has grown into a nearly $3 billion service line, employing over 20,000 employees. The revenue is almost a quarter of the company’s total business. 

Read more here

PSBs on-board 10 mn account holders on digital payment modes in a month

The Finance ministry on Friday announced that Public Sector Banks (PSBs) have on-boarded about one crore customers on digital payment modes in just one month of the launch of ‘Digital Apnayen’ campaign. The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15 under the aegis of the government’s Digital India initiative.

Read more here

Latest

Advertisement