TVS Motors to invest Rs 1,200 crore in future technologies and EV

TVS Motor Company Ltd has signed a Memorandum of Understanding (MoU) with the Govt of Tamil Nadu to invest Rs 1,200 crore in future technologies and electric vehicles (EVs) over the next four years. The investment would be for the design, development, and manufacturing of new products and capacity expansion in the EV space. TVS Motor said the signing of the MoU was in line with its firm belief in the potential of the state in terms of human resources, infrastructure, and overall business environment. 

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NCLAT stays Rs 200 crore penalty imposed by CCI on Maruti Suzuki

The National Company Law Appellate Tribunal (NCLAT) has stayed the Rs 200 crore penalty imposed by the Competition Commission of India (CCI) on Maruti Suzuki India Ltd. However, NCLAT directed the automaker to deposit 10% of the total penalty amount with the NCLAT’s Registrar within three weeks. It will take up the appeal filed by Maruti Suzuki for admission on December 15.

On August 23, 2021, CCI had imposed a penalty of Rs 200 crore on MSIL for allegedly restraining competition with its policy of controlling the discounts that dealers could offer customers. 

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NPCI Bharat BillPay onboards Tata Power to facilitate electricity bill payments

NPCI Bharat BillPay has onboarded Tata Power on its platform ClickPay— making it the first power company to go live on the newly launched platform. Tata Power will generate the ClickPay link and share it with customers, which will redirect them to the payment page. This initiative will enable more than seven lakh customers of Tata Power to pay their electricity bills in a hassle-free and seamless manner. 

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KIOCL signs pact with Truman Engineering to set up heat recovery coke oven plant

KIOCL Ltd has entered into an agreement with Tauman Engineering Ltd for setting up a heat recovery coke oven plant at a contract price of Rs 185 crore. The plant will have a production capacity of 1,80,000 tonnes per annum (TPA). The company has signed a tripartite agreement with Tauman Engineering and CSIR-Central Institute of Mining and Fuel Research for providing the technology and know-how. 

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Alembic Pharma gets USFDA approval for formoterol fumarate inhalation solution

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic version of formoterol fumarate inhalation solution. The drug is indicated for the treatment of constriction of airways in patients with chronic obstructive pulmonary disease. According to IQVIA data, the inhalation solution had a market size of $310 million (~Rs 2,308 crore) for twelve months ended September 2021.

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TCS expands partnership with Swiss Re to build cloud-based digital workplace

Tata Consultancy Services (TCS) has expanded its strategic partnership with Swiss Re to help them build a more social and open digital workspace. As part of this initiative, TCS will support the reinsurance company to develop its future-ready, cloud-based digital workplace using Microsoft technologies. It will enable Swiss Re to accelerate the innovation pipeline within the organisation.

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Future Retail employees urge Supreme Court to clear asset sale in Amazon dispute

The Future Retail Employee Welfare Association has filed a special leave petition in the Supreme Court (SC), seeking to intervene in the current proceedings of the company’s dispute with Amazon over its 2019 deal with Reliance. The association has stated that the interests of nearly 27,000 employees of Future Retail have been affected by the orders passed in arbitral proceedings. Amazon is trying to block the sale of Future Group’s retail, wholesale, and logistics business to Reliance Industries Ltd (RIL) for Rs 24,713 crore for allegedly breaking contracts.

In other news, the SC has deferred the hearing in the legal tussle between Amazon and Future Group to December 8. This is on account of the inconvenience caused by the bulky documents placed on record by the parties.  

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Nxtra by Airtel launches new hyperscale data centre park in Chennai

Bharti Airtel Ltd’s subsidiary Nxtra launched its new 38 megawatts (MW) hyperscale data centre park in Chennai on Tuesday. The centre is fully integrated with Airtel’s global submarine cable network, providing an end-to-end secure connectivity solution to hyperscalers. Nxtra claims to operate the largest network of data centres in India. It aims to invest Rs 5,000 crore by 2025 to increase its data centre capacity three times to over 400 MW. 

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Greaves Electric Mobility inaugurates its largest EV production facility in Tamil Nadu

Greaves Cotton Ltd’s e-mobility arm, Greaves Electric Mobility, announced the opening of its largest EV production facility at Ranipet in Tamil Nadu. Spread across 35 acres, the plant is located in the industrial centre of Tamil Nadu. It will serve as an e-mobility hub for both domestic and export markets. The manufacturing facility with additional assembly lines will produce up to 10 lakh vehicles a year. 

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Equitas SFB partners with HDFC Bank to offer co-branded credit cards

Equitas Small Finance Bank (SFB) has partnered with HDFC Bank to launch its new co-branded credit cards. This strategic partnership draws on HDFC Bank’s strengths as India’s leading issuer of credit cards and superior customer engagement to extend best-in-class services to Equitas SFB’s customer base. The credit card is available in two categories— Excite Credit Card (offers a credit limit of Rs 25,000-2 lakh) and Elegance Credit Card (provides a credit of over Rs 2 lakh).

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SpiceJet brings back Boeing 737 Max; customers to enjoy free onflight WiFi

SpiceJet Ltd has brought back Boeing 737 MAX aircraft into operation after a gap of around two-and-a-half years. Earlier this month, the airline had entered into an agreement with Boeing to settle outstanding claims related to the grounding of 737 Max aircraft and its return to service. SpiceJet has started flying two Boeing 737 Max planes in India, and 11 more such aircraft will start flying in India in the next 15-20 days. The domestic carrier will also offer free onboard WiFi on the Boeing 737 Max.

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