Tata Steel Pledges GBP 130-mn for UK Steel Workers
Tata Steel, the largest steel producer in the UK, has pledged to invest GBP 130 million in a fund to support its workers who will be affected by the restructuring of its operations in Port Talbot, Wales. The fund is part of a deal with the UK government, which will provide up to GBP 500 […]
Exim Bank Gets Rs 9,000 Cr for Foreign Loan NPAs
The government has provided Rs 9,000 crore to Exim Bank of India as some of the loans extended to foreign countries turned into non-performing assets (NPAs). The bank had to invoke the government guarantee on these loans, which were given to some African countries over a decade ago. What are foreign loan NPAs? Foreign loan […]
Morgan Stanley Acquires Paytm Shares Valued at Rs 244 Cr
Morgan Stanley, a leading financial services firm, has bought 0.8% stake in One97 Communications, the parent company of Paytm, for Rs 244 crore through an open market transaction on Friday. The deal comes amid regulatory challenges faced by Paytm Payments Bank, which was barred by the RBI from offering some banking services for non-compliance. According […]
Tata Motors Initiates Gigafactory Construction in UK
Tata Motors, the Indian automotive giant and owner of Jaguar Land Rover (JLR), has announced that it has begun construction of a battery cell gigafactory in the UK. The investment, worth over £4 billion, is one of the largest ever in the UK automotive sector and will create thousands of jobs and boost the country’s […]
Govt, Google, Meta, IBM Pact for Innovation: MoS IT
The Ministry of Electronics and Information Technology (MeitY) has signed memoranda of understanding (MoUs) with Google, Meta and IBM to foster innovation and investment in India, according to Minister of State for Electronics and IT Rajeev Chandrasekhar . These agreements aim to enhance India’s standing and talent in the emerging technology domain, such as artificial […]
UPI Payments Now Accepted for Eiffel Tower Visits
Indian tourists visiting the iconic Eiffel Tower in Paris can now buy tickets via Unified Payments Interface (UPI) mechanism, a payment service that simplifies the transaction process. This is the result of a partnership between NPCI International Payments Limited (NIPL) and Lyra, a leading French expert in e-commerce and proximity payments. What is UPI and […]
Hapag-Lloyd, TN Govt Join Hands for Logistics Infrastructure
Hapag-Lloyd, a German shipping and container transportation major, has signed a MoU with the Tamil Nadu government to invest ₹2,500 crore for various projects in Thoothukudi and other areas. The MoU was exchanged in Spain, in the presence of CM M.K. Stalin and Industries Minister T.R.B. Raaja, according to a press release. The projects are […]
Cabinet’s Approval for India-UAE Bilateral Investment Treaty
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today has given its approval for signing and ratification of Bilateral Investment Treaty between the Government of the Republic of India and the Government of the United Arab Emirates . Benefits of the treaty The Treaty is expected to improve the confidence of the […]
Global Business Centre of Japan’s Third Largest Financial Group in Chennai
Mizuho Financial Group, Japan’s third largest financial services company, has launched its Global Business Center in Chennai, Tamil Nadu, to boost its IT and banking operations. The center, which currently employs 250 staff members, is planned to expand to 1,000 employees by 2025. Why Chennai? Chennai is one of the leading destinations for global conglomerates […]
ADB’s Rs 1,250 Cr Green Bonds Issued in Local Market
The Asian Development Bank (ADB) has issued its largest local currency green bond to date, raising Rs 1,250 crore (about $150 million) to finance renewable energy and green finance projects in India. The bond is structured as a 4-year currency-linked bond, with a bullet repayment at maturity and carrying a fixed interest rate of 6.72% […]