MoU | Business Upturn

Cochin Shipyard signs MOU with Seatrium Letourneau USA to develop jack-up rig design for Indian market

Matrika Shukla — Fri, 22 Nov 2024 11:43:11 +0000

Cochin Shipyard Limited (CSL) has entered into a Memorandum of Understanding (MOU) with Seatrium Letourneau USA, Inc. (SLET) to develop specialized jack-up rig designs and critical equipment for the Indian market.

The collaboration combines CSL’s extensive shipbuilding expertise with SLET’s renowned design and technical capabilities to create Mobile Offshore Drilling Units (MODUs) tailored to meet the unique needs of the Indian offshore drilling sector.

This strategic partnership is part of India’s broader “Make in India” initiative, which encourages domestic manufacturing and innovation. The agreement aims to strengthen CSL’s position in the growing offshore industry while contributing to the country’s energy sector development.

This partnership is expected to open new opportunities for CSL in the offshore market, with a focus on delivering high-quality, locally manufactured rigs that align with India’s energy and industrial growth goals.

Indian Railways partners with Swiss firms for advanced Tunneling Technology in Mega Projects

Tushar Aggarwal — Tue, 13 Feb 2024 04:32:13 +0000

The Indian Railways, known for its vast network and continuous modernization efforts, is poised to take a significant leap forward with the adoption of Swiss tunneling technology. In a move aimed at enhancing infrastructure, safety, and operational efficiency, the Indian Railways is forging partnerships with Swiss firms for tunneling works in key projects across the country.

Union Railway Minister Ashwini Vaishnaw recently revealed plans for formal collaboration between Indian Railways and Swiss companies during a session in the Rajya Sabha. The memorandum of understanding (MoU) under consideration between the Federal Department of the Environment, Transport, Energy, and Communications (DETEC) of the Swiss Confederation and the Ministry of Railways underscores the intent to leverage Swiss expertise in various aspects of railway projects, including rolling stock, rail safety, and train scheduling.

One of the marquee projects set to benefit from this collaboration is the Rishikesh-Karan Prayag New Railway Line, covering a distance of 125 kilometers. Additionally, the Udhampur-Srinagar-Baramulla Rail Link (USBRL), spanning 272 kilometers, is another significant project earmarked for the application of Swiss tunneling technology. These partnerships signify a strategic move by Indian Railways to tap into international best practices and innovative solutions for its ambitious infrastructure development agenda.

The proposed collaboration is not limited to tunneling alone but encompasses a spectrum of railway project aspects, including infrastructure development, safety enhancements, and operational improvements. The exchange of knowledge and expertise between Indian and Swiss counterparts is expected to drive innovation and efficiency in railway operations.

Responding to queries from BJP MP Vijay Pal Singh Tomar regarding measures to optimize existing technology through collaboration with Switzerland, Minister Vaishnaw emphasized the pivotal role of the Hub-and-Spoke model and advanced tunneling technology. This acknowledgment highlights the Indian Railways’ commitment to embracing cutting-edge solutions to address complex infrastructure challenges.

The Hub-and-Spoke model, a hallmark of Swiss railway systems, is poised to revolutionize the way railway networks operate in India. This innovative design facilitates seamless connectivity by converging multiple train routes at central hubs, enabling passengers to switch between trains effortlessly. By adopting this model, Indian Railways aims to streamline passenger flow, enhance connectivity, and optimize resource utilization across its vast network.

Switzerland’s expertise in tunneling technology is another area of interest for Indian Railways. With notable achievements such as the world’s longest Gotthard tunnel spanning 57 kilometers, Switzerland offers invaluable insights and methodologies in tunnel construction and maintenance. By integrating Swiss tunneling techniques into its projects, Indian Railways seeks to expedite construction timelines, mitigate operational risks, and ensure the long-term sustainability of its infrastructure.

The Hub-and-Spoke design represents a paradigm shift in transportation planning, emphasizing the centralization of services for improved efficiency and accessibility. Central hubs serve as focal points for intermodal connectivity, enabling seamless transfers between different modes of transportation. Meanwhile, spokes radiate outward from the hub, linking it to various destinations and facilitating smooth transit operations.

While India has traditionally focused on establishing end-to-end connectivity, the adoption of the Hub-and-Spoke model marks a strategic shift towards optimizing network efficiency and enhancing passenger experience. By emulating Switzerland’s success in transportation planning, Indian Railways aims to modernize its infrastructure and align with global best practices in the railway sector.

The collaboration between Indian Railways and Swiss firms represents a significant milestone in India’s quest for railway modernization and innovation. By leveraging Swiss expertise in tunneling technology and adopting the Hub-and-Spoke model, Indian Railways aims to elevate its infrastructure standards, enhance operational efficiency, and provide passengers with a world-class travel experience. Through strategic partnerships and international cooperation, Indian Railways is poised to shape the future of transportation in the country and emerge as a global leader in railway innovation.

IDBI Bank signs MoU with Ashok Leyland to channel financing partnership

Adesh Dixit — Mon, 24 Jul 2023 11:25:05 +0000

A Memorandum of Understanding (MoU) for the channel financing cooperation of Ashok Leyland’s dealers was inked by IDBI Bank and Ashok Leyland. The Memorandum of Understanding calls for cooperation in order to deliver customized financial solutions created especially for dealers by the participating organizations.

“With the combined strength of IDBI Bank Ltd and Ashok Leyland, the network of AL dealers will now have financing solutions to suit their needs using digital technology,” stated Gopal Mahadevan, Ashok Leyland’s CFO.

Suresh Khatanhar, the deputy managing director of IDBI Bank, explained that the bank’s ‘e-Supply Chain Financing’ digital channel finance solution was specifically developed to meet the working capital requirements of approved dealers and merchants connected to corporations.

“Thanks to our relationship, we will be able to assist more Indian enterprises. Our intention with the e-SCF technology is to offer Ashok Leyland’s dealers smooth financial support, promoting expansion and toughness throughout the entire supply chain,” Khatanhar stated.

The MoU was announced at the same time that IDBI Bank revealed its Q1 results on Monday, which showed a 62% increase in net profit year over year, to $1,224.2 crore from $756.4 crore in the same period previous year.

NHPC & KSEB ink MoU to increase Kerala’s hydro potential

Avinash Ram — Sat, 17 Jun 2023 16:13:41 +0000

In accordance with the MoU, NHPC and KSEB collaborate to quickly develop Kerala’s hydropower potential.

To maximise Kerala’s hydropower potential, NHPC Limited and Kerala State Electricity Board Limited (KSEB) have teamed together.

“NHPC Limited and Kerala State Electricity Board Limited have signed a Memorandum of Understanding under which NHPC will provide consultancy services to KSEB as its Owner’s Engineer for vetting of design of KSEB’s ongoing projects as well as of projects in the pipeline,” according to a statement from the ministry of power.

According to the MoU, NHPC and KSEB would collaborate to quickly develop Kerala’s hydropower potential in the most technologically and financially feasible way possible as a step towards the transition to clean energy, it was said.

The Memorandum of Understanding (MoU) was signed on June 16, 2023, by Radhakrishnan G, Director (Generation – Civil), KSEB Limited, and Rajat Gupta, Executive Director (Strategy Business Development and Consultancy), NHPC.

In a brief discussion before the signing, the Chairman and Managing Director of KSEB Ltd. expressed his gratitude for the partnership with NHPC and his faith in their technical know-how and talents. The Memorandum of Understanding (MoU) was signed on June 16, 2023, by Radhakrishnan G, Director (Generation – Civil), KSEB Limited, and Rajat Gupta, Executive Director (Strategy Business Development and Consultancy), NHPC.

A quick discussion was held with the Chairman and Managing Director of KSEB Ltd. before to the signing, during which he expressed his gratitude for the relationship with NHPC and his faith in their technical know-how and talents.

RINL inks MoU with CEMS to provide training in skill development for youth

United News of India (UNI) — Wed, 28 Dec 2022 00:55:51 +0000

Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), and CEMS (Centre of Excellence in Maritime and Shipbuilding) here on Tuesday exchanged MoU towards providing training in skill development.

The MoU documents were exchanged by G. Gandhi, CGM (HR)-CS, RINL and K. Sethu Madhavan, CEO, CEMS and inaugurated the training program and interacted with the trainees at Gandhigram here.

RINL is extending financial support of Rs.8.44 lakhs under Corporate Environmental Responsibility (CER) initiative for Skill Development program of CNC Operator Turning at the Centre of Excellence in Maritime and Shipbuilding (CEMS), Gandhigram, Visakhapatnam.

The trainees will be imparted training through Competency Based Training methodology which includes Industry based examples, Case Studies, Group discussions/Group exercises & Soft skills (personality development and communication)

byteXL signs MoU with Microsoft to develop ‘future-ready’ technology talent pool

United News of India (UNI) — Mon, 31 Oct 2022 11:39:48 +0000

Hyderabad-based byteXL which prepares IT career Ready Engineers in Conventional Coding, on Monday announced the signing of a Memorandum of Understanding (MoU) with Microsoft to develop ‘future-ready’ technology talent pool in Tier 2 and 3 cities.

The MoU is directed to transform educational institutes in Tier 2 and 3 cities across the nation and cater to the 360-degree developmental needs of its students.

The pan-India initiative – ‘XLerate’, supported by the All India Council for Technical Education (AICTE), aims to impart training in new age and emerging technologies, the IT company said in a release here.

This collaboration is aligned with the national vision of providing one crore internship opportunities by 2025.

Speaking at the MoU signing ceremony, Mr Karun Tadepalli, CEO & Co-Founder, byteXL, said “This MoU with Microsoft is a critical step in enabling a developmental ecosystem for youth in India’s Tier 2 and 3 cities.

The collaboration aims to transform technical education and reimagine the skills ecosystem through a robust and career intensive curriculum.

Our in-house futuristic instruction methodology, coupled with Microsoft’s learning infrastructure will surely produce brilliance in employable students. Our collaborative efforts are directed towards the redefining of the traditional engineering colleges and in creating a globally in-demand growth spectrum for the new graduates,” he added.

Ms Indrani Choudhury, Chief Learning Officer, Microsoft India said, “Digital technologies will be key in addressing the skills challenge that we are facing today. Democratizing access to skilling with a focus on employability, especially in Tier 2 and 3 cities of India, can empower large talent pools for the digital economy.

At Microsoft, we believe we can combine the best in technology with strong collaborations like byteXL to better serve young people and create more opportunities for them.”

In a short time of two years, byteXL has demonstrated strong capabilities of creating a significant impact on raising the employability of 1 lakh engineering students across 90 institutes in 7 states.

While byteXL will spearhead the training program and conduct the comprehensive programs, Microsoft will support the endeavour with necessary infrastructure, including sophisticated Artificial Intelligence (AI) Laboratories that provide contemporary programs for specialized education.

Students can also earn Microsoft certifications, once they complete the required learning and industry-ready skills and they from this program will have access to Microsoft Azure and AI certifications, along with industry approved training modules.

byteXL’s role in this collaboration will amplify Microsoft’s global skills initiative, which has already provided digital skills to more than 42 million people worldwide.

Students in Tier 2 and 3 cities have faced challenges ranging from lack of access to quality educational material to exposure to global trends, and lack of industry exposure to scarcity of financial means to complete high-quality education.
As a result, many bright students are forced to compromise on their higher education or move to Tier 1 cities for better educational opportunities.

This initiative – ‘XLerate’ will be focused on addressing these concerns and ensuring that new-age, quality education and required industry exposure are made available at highly affordable costs. These would play a critical role in not only enhancing the ‘Employability Quotient’ of students but also help in the transformation of the institutes and empower them to produce quality industry-ready talent in the longer run.

According to various industry reports, in the past 10 years (2012-2022) the Employability rate of graduating engineers is less than 8 per cent and 93 percent of the graduating engineers in India lack the required IT skills to work in IT companies.

BPCL signs MoU with Petrobras to diversify crude oil sourcing

United News of India (UNI) — Sat, 24 Sep 2022 11:01:35 +0000

Bharat Petroleum Corporation Limited (BPCL) on Saturday signed a Memorandum of Understanding (MoU) with Petrobras, the national oil company of Brazil.

The MoU was signed by Arun Kumar Singh, Chairman and Managing Director, BPCL, and Caio Paes de Andrade, CEO Petrobras, in presence of Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas (MoPNG), Indian Ambassador to Brazil and other officials from MoPNG, in Brazil.

The signing of the MOU will strengthen future crude oil trade relations between the two companies and explore potential crude import opportunities by BPCL, on a long term basis, especially considering the current geopolitical situations, a statement from BPCL said.

Arun Kumar Singh, CMD BPCL, said, “We are delighted to announce that we as a company are moving a step further and trying to better the energy security in our country. This association with Petrobas will hopefully help us achieve the required goal. The latest approval by honourable PM Modi’s cabinet to invest in Brazil will help diversify India’s crude oil supply and is an attempt to procure equity oil overseas. Strengthening India’s foothold in Brazil will further open business avenues in neighboring Latin American countries.”

Bharat Petro Resources Limited (BPRL) plans to invest $1.6 billion to develop an oil block in Brazil in an attempt to procure equity oil overseas.

Through its fully owned subsidiary, Bharat Petro Resources Limited, BPCL, has a stake in the upstream sector in an ultra-deep water hydrocarbon block in Brazil, owned and operated by Petrobras, the statement said.

The field development plan and final investment decision is expected to be declared soon.

Petrobas is a publicly-held corporation that operates in an integrated and specialized manner in the oil, natural gas and energy industry.

SRM establishes MoU with Defence Services Staff College

Aryan Jakhar — Tue, 24 May 2022 19:19:35 +0000

On Tuesday, the SRM Institute of Science and Technology (SRMIST) and the Defence Services Staff College (DSSC), Wellingdon, a Ministry of Defence school, inked a Memorandum of Understanding.

According to a press release from SRMIST. The MoU will allow DSSC officers to pursue master’s and doctoral degrees at the institute in areas. Such as defence and strategic studies, disaster management, communication, economics, international relations. As well as logistics, cyber warfare, electronics, weapon technology, and defence budgeting.

According to Lt. Gen. S. Mohan, this is the first agreement of its kind. Between the DSSC and a private educational school. “We will explore further academic prospects with SRMIST in the future,” he stated.

C. Muthamizhchelvan, vice-chancellor of SRMIST, highlighted the opportunities that the MoU will provide, as well as the fact that the institute had set aside five seats for the wards of those serving in the Indian Navy.

Saudi Tourism signs MoU with EaseMyTrip

United News of India (UNI) — Fri, 20 May 2022 09:57:08 +0000

New Delhi, May 20: The Saudi Tourism Authority and EaseMyTrip have signed a Memorandum of Understanding (MoU). To boost inbound tourism to Saudi Arabia by leveraging EaseMyTrip’s extensive travel network. Through the MoU, EaseMyTrip and Saudi Arabia Tourism will explore opportunities to jointly collaborate. On key initiatives and undertake various activities to promote. And develop quality tourism experiences in Saudi Arabia. And expand its presence in the Indian market, a statement from EaseMyTrip said on Friday.

As a part of the collaboration, EaseMyTrip will promote the ‘Visit Saudi‘ initiative, raise destination awareness in India. And amplify Saudi Arabia’s diverse travel experiences. EaseMyTrip will also provide greater connectivity and convenience for its customers. By offering specifically curated tourist packages to Saudi Arabia. And multi destination travel packages that include leisure destinations and a few renowned events.

It will also undertake various online and offline initiatives to showcase the vibrant and rich culture, unique experiences, festivals and various tourist attractions of Saudi Arabia. Co-Founder, EaseMyTrip Rikant Pittie said, “Through our collaboration with Saudi Tourism, we aim to strengthen its awareness across our community highlighting the destination’s unique range of travel experiences. In addition, the collaboration also enables us to strengthen our offerings. In the region by making it more accessible through enhanced connectivity, thereby providing more value to our customers. We look forward to growing our relationship with the Saudi Tourism Authority, and enabling our customers to experience all that Saudi Arabia is about.”

Chief Markets Officer – APAC, Saudi Tourism Authority Alhasan Aldabbagh said, “Saudi is a new, unique leisure and spiritual tourism offering, a destination that is untapped and unexplored.” “As we work towards achieving our ambitious tourism goals, India is a key source market for Saudi and this signing is key in paving the way for strategic tourism collaboration with EaseMyTrip, to unlock opportunities for growth and strengthen the position of Saudi as a must-visit destination,” he said.

IIT Madras & Kathmandu University sign MoU

News Desk — Mon, 16 May 2022 16:20:55 +0000

MoU has been signed between Kathmandu University (KU) in Nepal and the Indian Institute of Technology Madras (IIT-M), India for a joint degree program at the Post-graduation level.

PM Modi in Lumbini Monday was on an official visit. On arrival at Lumbini, Prime Minister was received by the Nepal PM.

An agreement between the Indian public sector undertaking SJVN Ltd and Nepal Electricity Authority (NEA) for the design and implementation of the Arun 4 hydro-project too was signed.

An MoU was signed between CNAs and ICCR, Tribhuvan University on the establishment of the ICCR Chair of Indian Studies.

Another MoU was a topic of discussion and penned down. Between Indian ICCR and Kathmandu University (KU) on the establishment of the ICCR Chair of Indian Studies.

Both the leaders have participated in the foundation stone laying ceremony for the wonderful and epic construction of a Centre of Buddhist Culture and Heritage in Lumbini.

This key occasion was observed on a highly auspicious day of Buddha Pournima. This is being looked at both the countries which are spiritually rich in culture. Both countries have diverse similarities in spiritual practices being followed.

They have also visited the Maya Devi Temple. Moreover, as Prime Minister, this is PM’s fifth visit to Nepal and first to Lumbini.

India and Nepal ink 6 MoUs during PM Modi’s Lumbini visit

United News of India (UNI) — Mon, 16 May 2022 09:33:43 +0000

Lumbini/New Delhi, May 16: India and Nepal inked six MoUs following talks between Prime Minister Narendra Modi and his Nepalese counterpart Sher Bahadur Deuba in Lumbini, today. These include: 1. Memorandum of Understanding between Indian Council of Cultural Relations (ICCR) and Lumbini Buddhist University on the establishment of Dr. Ambedkar Chair for Buddhist Studies 2. Memorandum of Understanding between Indian Council of Cultural Relations (ICCR). And CNAS, Tribhuvan University on the establishment of ICCR Chair of Indian Studies 3.

Memorandum of Understanding between Indian Council of Cultural Relations (ICCR) and Kathmandu University (KU). On the establishment of the ICCR Chair of Indian Studies 4. Memorandum of Understanding between Kathmandu University (KU), Nepal and Indian Institute of Technology Madras (IIT-M), India 5. Letter of Agreement (LoA) between Kathmandu University (KU), Nepal and Indian Institute of Technology (IITM), India [ For Joint degree program at Master’s level] 6. Agreement between SJVN Ltd and Nepal Electricity Authority (NEA) for Development and implementation of Arun 4 Project.

(Except for the headline. This story has not been edited by Business Upturn staff and is published from a syndicated feed.)

Google inks MoU with Telangana govt to support leveraging technology

United News of India (UNI) — Thu, 28 Apr 2022 07:56:33 +0000

Google on Thursday signed a Memorandum of Understanding (MoU) with the Telangana government to support. And accelerate its vision of leveraging technology for sustainable economic development and inclusive social development. Under this new initiative, Google will collaborate with the state government through its various arms. To extend scholarships for Google Career Certificates to Telangana’s youth, support women entrepreneurs through digital, business and financial skills training. And strengthen the government’s school modernization efforts with digital teaching and learning tools and solutions. As part of the joint effort, Google will also support the Telangana government’s efforts to improve public transportation and use of digital technologies in agriculture.

Underlining its commitment to investing and expanding its presence in Telangana. Google also unveiled the design of its ground-up development. At the 7.3-acre site it acquired in Gachibowli in 2019. The three million square foot building prioritizes sustainability. And energy efficiency throughout its design. Upon commissioning, it will offer a highly skilled technology workforce a healthy, collaborative workplace. That is both resilient and adaptable, designed to serve the city for years to come, Google said in a release here. Telangana Minister for Information Technology K T Rama Rao unveiled the building design at a ceremony held onsite today.

Speaking at the ceremony, Rao, said, Google has been working with the Government of Telangana since 2017, using its solutions to support our vision of a ‘Digital Telangana’ and furthering our mutual aim of making every citizen digitally empowered. Our previous MoUs with them have resulted in some great initiatives. That have positively affected citizens from all walks of life. This time we are focusing on making a step-change in communities. Such as youth, women, and students and in citizen services.

Elaborating on the MoU, Sanjay Gupta, Country Head & Vice President, Google India, said, “Hyderabad has been home to one of our largest employee bases since we started our operations in India. Today, we are pleased to strengthen our association to support. And accelerate the efforts of the Telangana government to help youth learn the right skills for employment. Support women entrepreneurs with digital skills, and modernize schools for children. These efforts and investments in Hyderabad are part of our larger commitment to India. And are designed to address key areas of the country’s rapidly-changing digital landscape. Under the MoU, Google will collaborate with Telangana Academy for Skill and Knowledge (TASK) to provide scholarships and wrap-around training for pursuing Google Career Certificates in high demand fields like IT Support, IT Automation, UX Design, Data Analytics, and Project Management.

These learners will also be able to connect with employers. Who have an ongoing demand for these skills through a hiring pool that recognizes the certificates. Together with WE-Hub, Google will roll out its WomenWill program to deliver digital, business and financial skills to nano, micro and small women-led businesses and entrepreneurs across Telangana. WomenWill’s specially designed “how to” curriculum provides guidance. And support to women entrepreneurs aspiring to turn an interest into a business. Better manage their upcoming enterprise, and promote it for growth. Google for Education will partner in the State’s education modernization efforts through needs assessment, impact demonstrations, and student and educator training on the use of e-Learning technologies for improved learning outcomes. In addition to the focus on e-learning, this collaboration will also emphasize enhancing digital literacy for both students and educators.

Groupe ADP, GMR Airports, Airbus, Axens Safran sign MoU

United News of India (UNI) — Sat, 26 Mar 2022 08:04:40 +0000

New Delhi, March 26 (UNI) Airport operators Groupe ADP and GMR Airports together with Airbus, Axens and Safran have signed a Memorandum of Understanding (MoU) to conduct a joint study on Sustainable Aviation Fuels (SAF) and their potential in India, a statement said on Saturday. The objective of the study, conducted under the lead and coordination of Groupe ADP and GMR Airports and with the expertise of all partners, is to understand and evaluate the demand, the challenges and opportunities of supply, infrastructure and fueling, as well as to prepare a business case for SAF production and use in India for all kind of aviation purposes. SAF is a clean substitute for fossil jet fuels. Rather than being refined from petroleum, SAF is produced from sustainable resources such as waste oils from a biological origin, agri residues, municipal solid wastes or algae. SAF produced using the most advanced pathways can provide CO2 emission reduction of up to 85 per cent across the entire SAF lifecycle. The aviation sector globally contributes to 2-3 per cent of CO2 emissions as compared to other sectors. In 2009, the aviation industry collectively agreed under the frame of ATAG (Air Transport Action Group) to the world’s first set of sector-specific climate change targets, the statement further said. These targets include- Carbon neutral growth from 2020 and achieving 50 per cent reduction in carbon emission by 2050 relative to a 2005 baseline. In 2021, the ATAG commitments have been modified to aim at Net Zero in 2050, in order to be coherent with current global roadmaps defined in the Paris Agreement with 1.5 degree C temperature limit scenario. To realize this ambitious goal for the Aviation sector, ATAG has identified SAF as one of the most promising options. International Civil Aviation Organization (ICAO) also stressed the need for massive deployment of SAF in its work dedicated to LTAG (Long Term Aspirational Goals) recently adopted. In India, already the third largest domestic aviation market in the world and with a forecasted yearly growth of about 9 per cent going forward, SAF use will be a key element to achieve the targets of carbon reduction and net zero target of the country by 2070, set by Prime Minister Narendra Modi. The joint study on Sustainable Aviation Fuels will help the Indian aviation sector in assessing all these critical factors and help them gear up for the future. It will also review the regulations in place and what could be the necessary evolutions to permit the SAF to take off in the operations. The study will also evaluate the business model and feasibility of the implementation of a pilot project in an appropriate location in India, which could be taken up in a second phase by the partners. The study will be initiated in the second quarter of 2022 and is expected to be completed within 1 year. It may be further extended based on the agreement of all the Parties involved, the statement added.

TVS Motor enters into EV technology with an investment of ₹1,200 crore

Ayisha Farah — Tue, 23 Nov 2021 14:08:11 +0000

The Venu Srinivasan-headed TVS Motor Co., one of the world’s largest makers of two- and three-wheeler makers, has inked a memorandum of understanding (MoU) with the government of Tamil Nadu for an expenditure of Rs 1,200 crore incoming technologies and electric vehicles. On Tuesday, the MOU was signed in the proximity of chief minister M.K. Stalin at the Tamil Nadu Investment Conclave 2021 in Coimbatore.

All in all, 59 MoUs were signed at the conference. They included a calculated expenditure of above Rs 35,000 crore and are required to produce nearly 75,000 jobs in the state. Besides TVS Motor, Coimbatore-based electric vehicle (EV) manufacturer Boom Motors, too, has signed an MoU to grow its production base with an expected investment of Rs1,000 crore.

Also signing MoUs were a couple of cement majors, Dalmia Bharat Green Vision and UltraTech Cement, which plans to establish grinding/manufacturing units. An Aditya Birla Group company, UltraTech, has an existing presence in Tamil Nadu, having expanded in the state through purchasing Dharani Cements in 2013.

Big titles such as Adani, Welspun, Larsen & Toubro have indicated their intention to establish IT centres. While energy company Shell declared its intention to double the number of its retail centres in the state, Hindustan Unilever inked an MoU for investment in the food space. A few component producers were also part of the MoU signing ceremony.

Of the 59 MoUs, two are under the SPA or structured package of assistance model, where the state government offers some incentives. One is with Japanese firm Daicel Corporation, which will fund ₹230 crores to make auto components at Chengalpattu. The other is with PCBL (TN) Ltd, an arm of Philips Carbon Black Ltd, which will invest ₹600 crores in Tiruvallur.

Civil Aviation Ministry signs MoU with Adani Group to provide services at 3 airports

Vandana Nampoothiri — Thu, 26 Aug 2021 05:37:22 +0000

The Ministry of Civil Aviation (MoCA) on Wednesday signed a memorandum of understanding (MoU) with Adani Enterprises to provide services like customs, immigration, health services, etc. for Jaipur, Guwahati, and Thiruvananthapuram Airports.

“An MoU for providing Reserved Services(Customs, Immigration, Plant & Animal Quarantine Services, Health Services, Meteorological & Security Services) was signed between MoCA and Adani Enterprises Ltd for Jaipur, Guwahati and Thiruvananthapuram Airports.” The ministry said in an official statement on Twitter.

An MoU for providing Reserved Services(Customs, Immigration, Plant & Animal Quarantine Services, Health Services, Meteorological & Security Services) was signed between MoCA and Adani Enterprises Ltd for Jaipur, Guwahati and Thiruvananthapuram Airports. pic.twitter.com/IFR1miWnmZ

— MoCA_GoI (@MoCA_GoI) August 25, 2021

A communication navigation surveillance-air traffic management (CNS-ATM) was also signed on Wednesday between Airports Authority of India (AAI) and Adani Enterprises for a public-private partnership for a lease period of 50 years.

“CNS-ATM Agreement for providing Communication Navigation Surveillance-Air Traffic Management services at these three airports has also been executed today. The Agreement was signed between AAI and Adani Enterprises,” the ministry said.

The MoU was signed by Rubina Ali, Joint Secretary, MoCA, and Parikshit Kaul, Senior Vice President, Adani Enterprises, while the CNS-ATM agreement was signed between S. Swaminathan, GM (ATS), AAI and Parikshit Kaul in presence of AAI Chairman, Board Members and Senior officials.

According to PTI, the central government had privatized six major airports in the country – Lucknow, Ahmedabad, Mangaluru, Jaipur, Thiruvananthapuram and Guwahati, through a bidding process in which Adani Group won the rights for 50 years.

The Adani group took charge of the Lucknow, Ahmedabad and Mangaluru airports in October and November last year. It is yet to take charge of the remaining airports.

Flipkart establish 4 fulfilment, sortation centres situated in Maharashtra

Sneha Sengupta — Tue, 17 Aug 2021 10:34:56 +0000

Famous E-commerce marketplace Flipkart on Tuesday said that it has attributed to four new fulfilment and sortation centres in Maharashtra to endorse local sellers and suffice the elevating demand for e-commerce.

The latest facilities situated in Bhiwandi and Nagpur are jointly spread with 7 lakh square feet, as an aid to create around 4,000 direct and indirect jobs.

Besides growing customer demand, this augmentation comes from the side of a growing seller count from the state which reached 30% in the past year. Flipkart said: its sellers in the state sell everything from home décor and mobile phones to luggage and travel accessories to customers across the country.

Rajneesh Kumar, chief corporate affairs officer at Flipkart, averred, “As a homegrown e-commerce company, we are continuously making deep investments in infrastructure and supply-chain in Maharashtra to support a robust ecosystem for local MSMEs, artisans, weavers and other under-served communities. We will continue to provide a superior experience to our customers, keeping in mind their dynamic needs, while also creating opportunities for local sellers and generating thousands of diverse direct and indirect job opportunities in the state.”

“Maharashtra is one of the most attractive investment destinations in the country and Flipkart’s recent investments are a welcome move for the state. Flipkart has played a pivotal role in keeping people indoors in the fight against calamities while meeting their essential requirements and I am happy to see continued investment from Flipkart, helping bring increased job opportunities and support for the sellers, MSMEs and artisan ecosystem,” added Subhash Desai, minister of industries, the government of Maharashtra.

In the first half of February, Flipkart signed a memorandum of understanding (MoU) with Maharashtra Small Scale Industries Development Corporation (MSSIDC) and Maharashtra State Khadi & Village Industries Board (MSKVIB), to introduce local artisans, weavers, craftsmen and SMBs of the state to the e-commerce sector.

Tata Motors signs MoU with Gujarat govt over new vehicle scrappage policy

Sneha Sengupta — Fri, 13 Aug 2021 12:57:41 +0000

Tata Motors has signed a Memorandum of Understanding (MoU), as a part of the Investment Promotion Activity, with the Government of Gujarat. The company will endorse the idea of establishing a Registered Vehicle Scrapping Facility (RVSF) in Ahmedabad, for end-of-life passenger and commercial vehicles.

The scrappage centre will recycle 36,000 vehicles every year. The MoU happened at the Investor Summit in Gandhinagar, Gujarat.

Ports and Transport Department will help to incorporate necessary approvals according to the rules and regulations stated by the State Government of Gujarat and the draft vehicle scrappage policy issued by the Ministry of Road Transport and Highways (MoRTH) for implementing the RVSF.

The new vehicle scrapping policy will enable major benefits like less import bill for scrap and crude oil, job opportunities for MSMEs, the chances of new vehicle sales for OEMs, low operational expenses cost for vehicle owners, to promote a sustainable environment.

Commenting regarding the partnership, Girish Wagh, Executive Director & President at Commercial Vehicle Business Unit, Tata Motors, added, “We are delighted to support this initiative through a partner for the setting up of the scrapping facility (RVSF) in Ahmedabad. It is indeed a historic step for Tata Motors as the company announces its participation in the vehicle scrapping space. Appropriate scrapping of end-of-life vehicles will have sustained benefits for the ecosystem stakeholders and the environment alike.

Wagh further asserted, “The scrappage policy by the MoRTH is a welcome move and a step in the right direction to promote safer and cleaner vehicles in India, and it is a crucial step in building a circular economy. As a responsible corporate, Tata Motors is committed to a sustainable future and look forward to supporting this initiative through this association with the Government of Gujarat.”

Indian Army signs MoU with Bank of Baroda for ‘Baroda Military Salary Package’

Divya Joyce — Tue, 22 Dec 2020 11:00:12 +0000

Indian Army and Bank of Baroda have signed a Memorandum of Understanding (MoU) for ‘Baroda Military Salary Package’. The MoU was signed by Lt Gen Ravin Khosla, DG (MP&PS) and Shri Vikramaditya Singh Khichi, Executive Director, Bank of Baroda in presence of Lt Gen Harsha Gupta, Adjutant General, Indian Army who also chaired the meeting. The MoU lays down the basis on which banking services would be provided by Bank of Baroda to serving and retired personnel of the Indian Army.

Services under ‘Baroda Military Salary Package’ will be offered to serving and retired personnel of the Indian Army through the Bank’s network of over 8,200 domestic branches and around 20,000 business correspondent touchpoints.

The package offers very attractive benefits including free Personal Accidental Insurance cover, Permanent Total Disability cover, Partial disability Cover and Air Accident Insurance Cover of sizeable amounts, as well as Higher Education Cover and Girl Child Marriage Cover on death in case of serving personnel. Other offerings under the package include unlimited free ATM transactions at all bank ATMs, waivers or concessions on various service charges in retail loans, free remittance facility through RTGS/NEFT, free Demand Draft/Banker’s Cheque, substantial discount in locker rentals, and various additional benefits in the usage of Cards.

ICCI signs MoU with HDFC bank for Start Up support initiative

Sarthak Yadav — Thu, 26 Nov 2020 08:38:24 +0000

ICCI (Inventivepreneur Chamber of Commerce and Industries) in its endeavour to support SMEs and Start-ups has signed an MoU with HDFC Bank.

ICCI is operational as the biggest platform to support entrepreneurship globally. Through this association, ICCI will engage, enrol and support various Startups /SMEs /MSMEs to facilitate inter-alia financial and other facilities to/from HDFC Bank.

HDFC Bank may offer bank accounts to start-ups that are supported and recommended by ICCI.

ICCI will support businesses to pitch their solutions to requisite stakeholders and will work towards providing them with an opportunity to showcase their solutions whereas HDFC Bank will offer key business support functions like shared workspaces, digital marketing, web services, Patent filing, content writing, tax, and legal advisory to ICCI recommended businesses.

It will also offer industry connections to respective HDFC startups globally and support entrepreneurship nationwide through knowledge transmission on government announced programs, Acceleration Fund, International Presence and Global Business Relations.

ICCI and HDFC Bank have also planned to jointly conduct various networking activities, awareness camps, interactive sessions and Business Events. ICCI will enrol and engage HDFC Bank listed businesses under exclusive flagship programs such as Investor Pitch Day, Livewithmalhotra, #CrossBorder, International Business Exchange Programs and Inventivepreneur TV Show.

Dr Ritika Yadav, President ICCI said, “With the vision of accelerating entrepreneurship and supporting Indian Businesses, we have joined hands with HDFC Bank. This association will enrich the ecosystem of Government Relations, International Presence, Global Business Relations and Investor Support for Indian MSMEs. We will aim to bring Government agencies, overseas ventures and Indian businesses under one umbrella to enhance the economic & social development of the nation”

Mr Shailesh Neon, Senior Vice President of HDFC said, “As India’s leading private sector bank, it’s our responsibility to support government’s nation-building exercise. We are excited to partner with Inventivepreneur Chamber of Commerce and Industries in their endeavour to encourage startups and entrepreneurship.”