Shapoorji Pallonji Group sells Gopalpur port to Adani Ports
The Shapoorji Pallonji Group on Tuesday announced the sale of its brownfield Gopalpur Port to Adani Ports and SEZ Ltd for an enterprise value of Rs 3,350 crore, as part of its deleveraging strategy with planned asset monetisation. The under-construction Gopalpur Port in Odisha was acquired in 2017 by the SP...
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Business brief
27 March 2024 | Agencies -
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Adani eyes 45 GW renewable energy capacity by 2030
Billionaire Gautam Adani's group is building the world's largest renewable energy park in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from solar energy. Speaking at the opening of 'Energy Revolution: The Adani Green Energy Gallery' at the Science Museum in London, Gautam Adani said his...
Federal Bank inaugurates 600th branch of Kerala in Tanur
Leading private sector lender Federal Bank has opened its 600th branch of the state in Tanur in this district. Tanur Block Panchayat president K Salmath inaugurated the new branch recently, a release from the bank said. Shalini Warrier, Executive Director, Federal Bank, participating at the inaugural function said that the management was...
Auto players line up array of new EV models in coming years
The Indian auto industry is gearing up to roll out an array of electric vehicle models over the next few years amid a renewed push by the government to encourage environment-friendly mobility solutions with the unveiling of a new policy. Mass market players like Maruti Suzuki, Hyundai, Mahindra & Mahindra and...
VW eyes growth in smaller cities in India
German carmaker Volkswagen is seeking to cash in on the increasing demand for its premium performance-oriented offerings in metro and tier II and III cities as it looks to grow sales by 15 per cent in India this year, according to a senior company official. Volkswagen Passenger Cars India, which sold...
Tech Mahindra to merge two US based subsidiaries
IT services and consultation company Tech Mahindra said it plans to merge its two wholly-owned subsidiaries, Born Group and Tech Mahindra (Americas), to synergise business operations, optimise operational cost, and reduce compliance risks. The merger is subject to regulatory approvals in the country of incorporation. According to a regulatory filing, the...
India has incredibly affordable airfares: Akasa Air CEO
India has "incredibly affordable" airfares and the country's aviation market has the kind of growth potential where Akasa Air as well as other carriers can do well, according to the nearly two-year-old airline's chief Vinay Dube. As Akasa Air prepares to take the international skies on March 28 with the first...
Miners urge Centre not to impose export duty on low grade iron ore
Miners' body FIMI has urged the government not to impose any export duty on low-grade iron ore, stating that any such move would cause a significant loss of state revenues and employment and also affect foreign exchange earnings. In a representation to the government, the Federation of Indian Mineral Industries (FIMI)...