NTPC: According to two officials with knowledge of the situation, the state-run NTPC has updated its plans to begin commercial coal mining through its subsidiary, NTPC Mining Ltd. New clearances have also been requested. It is time for NTPC to increase its involvement in the primary power sector fuel. They added, requesting anonymity, that the company had previously attempted to enter the commercial coal mining industry but had failed to obtain the necessary approvals.
PVR: On September 13, the Competition Commission of India (CCI) denied a grievance about the proposed merger of the multiplex companies PVR and INOX Leisure. The CCI rejected the merger, stating that suspicion of potential anti-competitive behaviour by a company cannot be the focus of an investigation. A complaint against the proposed merger, which would establish the largest multiplex chain in the nation with a network of more than 1,500 screens, led to the watchdog’s recent order.
Vedanta: On the same day that it unveiled a $20 billion (1.54 trillion) investment plan for its first such venture in Gujarat, Vedanta Resources Ltd chairman Anil Agarwal said his business is thinking about opening a second chip and display manufacturing facility in India. In order for India to become a centre for chip production and to satisfy domestic and international demand, according to Agarwal, at least two of these factories are required. “There are some interesting proposals from Andhra Pradesh and Maharashtra, and we will look for our second plant after starting operations from the first unit in Gujarat,” Agarwal said over the phone.
Coal India: India’s Ministry of Coal had issued an invitation for bids for commercial coal mines. Today’s forward e-auction for 10 coal mines will begin after the technical review of the bids has been completed. One billion tonnes of coal are expected to be produced from CIL mines, according to Coal India Limited (CIL). The following actions have been made by CIL to help them reach their goal of increasing coal production capacity.
Infosys: According to reports, the company has partnered with Bpost (Belgium Post), a leading postal service provider and expanding parcel and omni-commerce logistics partner in Europe, to build a strong cyber resilience for Bpost’s mail delivery and logistics services and to provide security for the cloud environment.
JSW Steel: To investigate cutting-edge technologies and R&D projects to reduce carbon emissions at the domestic steelmakers’ iron and steelmaking operations in India, JSW Steel, the flagship firm of the $22 billion JSW Group, joined with Germany’s engineering and technology company SMS Group. The businesses will look into ways to produce green steel and lower carbon emissions.
Bharat Forge: The major manufacturer of automotive components Bharat Forge announced on Tuesday that its Kalyani Powertrain division had partnered with the US-based Harbinger Motors to create a joint venture that would be responsible for creating electric drivetrain solutions for the commercial vehicle market. While Harbinger Motors Inc. is involved in the development of electric commercial vehicles, Kalyani Powerplant is a global provider of essential chassis and powertrain components. The new JV, called ElectroForge, would take advantage of each partner’s strengths, according to a statement from Bharat Forge.
Inox Leisure: On September 13, the Competition Commission of India (CCI) dismissed a complaint about the planned merger of the multiplex companies PVR and INOX Leisure. The regulator stated in its seven-page order that it did not believe that an entity that has not yet taken shape could be the target of an investigation under Section 3 or 4 of the Competition Act if it anticipated the possibility of an AAEC (Appreciable Adverse Effect on Competition).
Maharashtra Scooters: According to reports, Maharashtra Scooters said that the business has issued an interim dividend of Rs 100 per share with a Rs 10 face value for the fiscal year ending March 2023. The 23rd of September has been set as the record date for deciding whether or not members are eligible to receive the interim dividend.
Future Lifestyle Fashions: According to the Future Group company, three petitions from Future Lifestyle Fashions Ltd (FLFLcreditors )’s seeking to start insolvency proceedings have been filed with the NCLT, and one of them has been set aside for orders. According to a FLFL update on other matters relating to the Insolvency and Bankruptcy Code, three creditors—two financial and one operational—have submitted claims to the National Company Law Tribunal (NCLT) totaling over 1,100 crore. According to FLFL, the corporation is “defending all of the claims before the NCLT,” and “NCLT has not yet admitted any of them.”