Tata Steel will invest £1.25 billion to build a modern electric arc furnace in Port Talbot and commence closure of the existing heavy-end assets in the following months. A Voluntary Redundancy Aspiration process will be launched across Tata Steel UK from May 15. The move follows seven months of formal and informal national-level discussions with UK trade unions, Tata Steel said in a statement.
ICICI Bank has said nearly 17,000 credit cards issued recently have been erroneously mapped to wrong users in digital channels. However, no instances of misuse have been reported because of the error, and also promised to compensate users for any financial loss.
Dalmia Bharat is looking to complete acquisition of Jaypee Cement’s facilities by September-end, thereby, pushing back the timeline by another six months, following “procedural delays”, the company’s MD and CEO, Puneet Dalmia said. Hindrances to the deal continue because of pending approvals from banks, ongoing arbitration between Jaiprakash Associates (parent company of Jaypee Cement) with UltraTech, and lack of clarity on previously announced JVs with SAIL.
Lupin has received approval from the US health regulator to market a generic medication to treat certain eye conditions. The company has received approval from the US Food and Drug Administration (USFDA) to market Etabonate Ophthalmic Suspension, the Mumbai-based drug maker said in a statement. The company’s product is the generic equivalent of Bausch & Lomb Inc’s Lotemax ophthalmic suspension (0.5 per cent). According to IQVIA MAT data, the product had estimated annual sales of $59 million in the US.
The Securities and Exchange Board of India (SEBI) has approved Criil ESG Ratings & Analytics Ltd, a wholly-owned subsidiary of Crisil Ratings Ltd (CRL), as a Category 1 provider of environmental, social and governance (ESG) ratings.
UFlex has entered into a long-term Power Purchase Agreement (PPA) with Amplus Phoenix Pvt Ltd to source renewable power under a group captive power policy. The plant will provide solar power to UFlex’s packaging films manufacturing plant in Dharwad, Karnataka. In line with UFlex’s goal of being net zero by 2035, or earlier, this move will strategically reduce its carbon emissions by approximately 19000 tCO2e.
The board of Eco Hotels and Resorts Ltd has approved the proposal for taking over a hotel property having 63 rooms situated at Kota, Rajasthan, and a 57-room hotel property at Vadodara, Gujarat, on a long-term lease basis. The board granted in-principal approval to the proposal to acquire hotel properties at Amritsar, Goa, Manali, Varanasi, Noida, Khopoli, Hubli, Udaipur, Tirupati, Mysore, Chennai and Rewa, for which proposals have been received from the respective owners, and the management is negotiating the terms and conditions of the deal. The board has also approved termination of thedeal to acquire 100 per cent shares of Vitizen Hotels Ltd.
The board of EFC (I) Ltd has approved a proposal to incorporate a WOS for potential strategic partnership and investments in commercial real estate projects, IT Park Projects, etc. in the name of “EFC Estate Pvt Ltd” or any other name as approved by competent authority.
PG Technoplast Private Ltd, a wholly-owned subsidiary of PG Electroplast, has marked a significant milestone with the unveiling of its new marquee air-conditioning manufacturing facility in Bhiwadi, Rajasthan. This strategic investment aims to meet the growing demand for energy-efficient and sustainable cooling solutions in India and expand the company’s footprint in the rapidly growing air-conditioning market.
The board of Himadri Speciality Chemical Ltd has approved brownfield expansion of a new speciality carbon black line of 70,000 MTPA (increasing the total speciality carbon black capacity to 130,000 MTPA) at an estimated capex of ₹220 crore, which is scheduled to be operational within 18 months. The existing capacity is 60,000 MTPA of Speciality Carbon Black, out of a total Carbon Black capacity of 1,80,000 MTPA. The estimated capex will be funded through internal accruals / borrowings from banks.
