Adani Green Energy Launches 775 MW Solar Projects in Gujarat
Adani Green Energy (AGEL), a subsidiary of the Adani Group, has cemented its position as a frontrunner in India’s renewable energy sector by successfully bringing online its colossal 775 megawatt (MW) solar power projects in Khavda, Gujarat. This achievement comes after AGEL secured all necessary clearances for the project. Landmark Project Bolsters Adani Green’s Renewable […]
Annapurna Swadisht Buys ‘Arati’ Oil Brand for ₹28 Cr
Packaged food major Annapurna Swadisht Ltd. has set its sights on a new segment with the acquisition of the well-established ‘Arati’ brand mustard oil from R R Proteins and Agro Ltd (RRPAL) for Rs 28 crore. This strategic move, announced on March 27th, 2024, marks the company’s entry into the dynamic and profitable edible oil […]
Varun Beverages Completes BevCo Acquisition in South Africa
Varun Beverages Ltd., the leading franchise bottler for PepsiCo, marked a significant milestone on March 27, 2024, by successfully finalizing the acquisition of The Beverage Company (BevCo) in South Africa. This strategic move strengthens Varun Beverages’ position as a major player in the African beverage market. Acquisition Details and Regulatory Clearances The acquisition encompasses BevCo’s […]
RVNL-Salasar JV Secures ₹60 Cr Central Africa Project
A joint venture (JV) between state-owned Rail Vikas Nigam Limited (RVNL) and Salasar Techno Engineering Limited (STEL), a private steel player, has secured a transmission project worth approximately Rs 60 crore ($7.15 million) in Rwanda. This marks a significant achievement for both companies, particularly for RVNL, traditionally known for its expertise in railway infrastructure development. […]
Force Motors Ends Agricultural Tractor Venture
Breaking News: In a significant strategic shift, Force Motors, a leading Indian automaker, announced the closure of its agricultural tractor business effective March 31, 2024. This decision aligns with a comprehensive product rationalization program designed to streamline the company’s portfolio and prioritize segments with robust growth potential, particularly those aligned with sustainability goals. Revving Up […]
TCS Trains 350K Staff in Generative AI Skills
Tata Consultancy Services (TCS) has made a game-changing move, announcing it has trained a staggering over 3.5 lakh employees, exceeding half its workforce, in generative AI skills. This ambitious initiative solidifies TCS’s position as a global leader in AI preparedness and creates the world’s largest AI-ready IT workforce. The Generative AI Advantage: A Technological Powerhouse […]
Karnataka Bank Sanctions ₹600 Cr Equity Share Issue
Karnataka Bank has taken a significant step towards bolstering its financial resources by successfully allotting ₹600 crore worth of equity shares to qualified institutional buyers (QIBs) through a Qualified Institutional Placement (QIP) offering. The announcement, made on March 28, 2024, marks the culmination of the QIP which ran for a week, from March 21 to […]
Suzlon Energy Hit with ₹260 Cr I-T Penalty
In a significant development that threatens to derail its ongoing financial turnaround efforts, Suzlon Energy, a prominent Indian wind turbine manufacturer, has been slapped with a hefty penalty of ₹260 crore by the Income Tax Department. The penalty pertains to alleged discrepancies in income disclosure during the financial year 2019-20. Penalty Details and Potential Discrepancies […]
Bank of India Faces ₹564.44 Cr I-T Penalty, Appeals Planned
The Bank of India (BOI) finds itself in hot water after the Income Tax Department levied a hefty penalty of ₹564.44 crore against the public sector lender in March 2024. Let’s delve deeper into the confirmed reasons behind the penalty, BOI’s planned course of action, and the potential wider implications for the banking sector. Penalty […]
Centre Implements Weekly Wheat Stock Reporting Rule
India, the world’s second-largest wheat consumer after China, is facing a critical situation due to consecutive heatwaves that have slashed domestic wheat production by an estimated 10% in 2023 and 8% in 2022. This decline has resulted in a significant drop in government-held wheat reserves. As of early March 2024, these reserves stood at a […]