The government has reduced the windfall tax on locally produced crude oil and aviation turbine fuel (ATF) and diesel exports. According to a government notification dated January 16, the windfall tax on crude has been reduced from Rs 2,100 per tonne to Rs 1,900 per tonne. The government also reduced the export tax on ATF
Phoenix Logistics and Industrial Parks (PLIPPL), a wholly owned subsidiary of Phoenix Mills, has completed the acquisition of 100% equity shares of Janus Logistics and Industrial Parks under a Share Purchase Agreement (SPA) dated January 16, 2023 for an aggregate consideration of Rs 26.03 crore. As a result, Janus Logistics and Industrial Parks (Janus) has
Glenmark Pharmaceuticals has introduced sacubitril + valsartan tablets for the treatment of heart failure in India. It is marketed as ‘Sacu V’ and must be taken twice daily with a doctor’s prescription. Its approved indication is to lower the risk of cardiovascular deaths and hospitalisations in patients with chronic heart failure (NYHA class II?IV) and
Adani Transmission announced the formation of a wholly owned subsidiary, Adani Cooling Solutions Ltd. According to a regulatory filing, the subsidiary was formed with an initial authorised and paid-up share capital of Rs 1,000,000 each, with the intention of carrying on the District Cooling System business. The entity will begin operations in due course, according to the
Siemens India announced that it had signed a Rs 26,000-crore contract to manufacture 1,200 electric freight locomotives for railways. According to the statement, the contract with the Ministry of Railways to manufacture 9000 HP locomotives is Siemens Limited’s single largest order in India. “The 9000 HP electric locomotive is a significant milestone in Indian Railways’
The Tripura government and NTPC Renewable Energy Limited (NTPC REL) have agreed to collaborate on the development of renewable energy projects in the northeastern state. An official statement said that Tripura Chief Minister Manik Saha and senior officials of NTPC Ltd signed a Memorandum of Understanding (MoU) in the national capital. The agreement is intended
L&T Construction’s Buildings & Factories (B&F) Fast Business has received a significant repeat order from a reputable and prestigious commercial developer, one of India’s largest mixed-use developers and operators. The mandate is to build two commercial office towers in Hyderabad with approximate built-up areas of 28.91 lakh square feet and 28.53 lakh square feet, respectively.
SEAMEC Ltd has completed the purchase of the vessel “Subtech Swordfish” and will take possession of it on January 13, 2023 at 10:30 a.m. London time. Following the completion of the takeover, the vessel was deployed on bareboat charter with M/s. James Fisher Marine Services Limited, with multiple options available during the charter period. For
Larsen & Toubro (L&T) announced that it has signed an agreement with Norway-based H2Carrier (H2C) to develop floating green ammonia projects for industrial-scale applications. L&T will become a partner in the engineering, procurement, construction, installation, and commissioning of the topsides for H2C’s floating process plants under this Memorandum of Understanding (MoU). “Out-of-the-box thinking and innovative solutions
The Delhi Metro Rail Corporation Ltd. has awarded HG Infra Engineering Ltd. a contract worth more than Rs 412 crore (DMRC). DMRC has issued the company a Letter of Acceptance (LoA) dated January 13 for the design and construction of an elevated viaduct and four elevated Delhi Metro stations. DMRC declared the company the lowest
