Haryana approves Delhi-Panipat rapid transport system
CHANDIGARH: The Haryana Cabinet on Wednesday approved the implementation of the 103- km-long Delhi-Panipat corridor of the Regional Rapid Transport System (RRTS) with 17 stations — six in Delhi and 11 in Haryana. The construction and commissioning of the RRTS will be undertaken in two stages — 58 km Sarai Kale Khan to Murthal and […]
L&T bags contract for water & effluent treatment business
NEW DELHI: The water & effluent treatment business of Larsen & Toubro (L&T) Construction has secured multiple EPC orders for the execution of rural piped water supply schemes in various districts of Madhya Pradesh. The projects are part of Jal Jeevan Mission and cover the districts of Guna, Ashoknagar, Shivpuri, Agar Malwa & Singrauli. The […]
LG Electronics, Magna to set up $1 billion joint venture to make electric car gear
TORONTO/SEOUL: South Korea-based LG Electronics Inc said on Wednesday it has agreed to set up a $1 billion joint venture (JV) with automotive supplier Magna International Inc. The JV, tentatively called LG Magna e-Powertrain, will manufacture e-motors, inverters and onboard chargers, according to LG Electronics. Source: Reuters, Reporting by Moira Warburton in Toronto, Heekyong Yang […]
Apple targets car production by 2024 and eyes ‘next level’ battery technology
By Stephen Nellis, Norihiko Shirouzu, Paul Lienert NEW DELHI:Apple Inc is moving forward with self-driving car technology and is targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology, people familiar with the matter told Reuters. The iPhone maker’s automotive efforts, known as Project Titan, have proceeded unevenly since 2014 […]
Elon Musk says had once reached out to Apple for acquiring Tesla
NEW DELHI: Silicon Valley billionaire Elon Musk said on Tuesday he reached out to Apple Inc Chief Executive Officer Tim Cook “during the darkest days of the Model 3 program” to discuss the possibility of the iPhone maker acquiring Tesla Inc for a tenth of its current value. “He refused to take the meeting”, said […]
US body announces $54 million investment in India to support infrastructure projects
NEW DELHI: An American financial corporation on Tuesday announced that it will invest USD 54 million in India to support the development of critical infrastructure projects in the country in the wake of the COVID-19 pandemic. India is one of the fastest growing countries in the previous three decades, but it suffers from a significant […]
JP Morgan demands loan repayment of Rs 268 crore from M&M SsangYong Motor Co
NEW DELHI: JP Morgan has sought repayment of loan worth 40 billion Korean wons from Mahindra & Mahindra’s troubled foreign arm SsangYong Motor Company (SYMC) but the South Korean auto maker has expressed its inability to pay the amount now. Following the Korean automaker’s application for rehabilitation dated December 21, JP Morgan issued a notice […]
Wipro to acquire IT verticals of Metro AG in a $700-million deal
NEW DELHI: India-based information technology firm Wipro has announced a significant strategic digital and IT partnership deal with METRO AG, the leading global wholesale company that is redefining the food service distribution industry. As a part of this transaction, Wipro will take over the IT units of METRO AG — METRO-NOM GMBH in Germany and […]
Anil Ambani’s Reliance Capital gets 10 more bids for subsidiaries
NEW DELHI: Reliance Capital (RCL), part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, sources said. Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest (EoI) to December 17, 2020. Following this, 10 new […]
India likely to approve AstraZeneca vaccine by next week: Sources
NEW DELHI: India is likely to approve Oxford/AstraZeneca’s coronavirus vaccine for emergency use by next week after its local manufacturer submitted additional data sought by authorities, two sources with knowledge of the matter told Reuters on Tuesday. This could be the first country to give the regulatory green light for the British drugmaker’s vaccine as […]
18.1 million to be employed by direct selling industry by 2025
NEW DELHI: Direct selling sector is poised to employ more than 18 million by 2025 and as per industry estimates, the Direct Selling industry in India, which currently ranks No. 15, globally, is expected to grow at a Compounded Annual Growth Rate (CAGR) of about 4.8 percent to reach Rs 15,930 crore by 2021. This […]
Google, Mithril Capital infuse $145 million in Roposo owner Glance
NEW DELHI: Glance, a subsidiary of InMobi Group and owner of video-sharing social media platform Roposo, on Tuesday announced it has closed a $145 million investment round from Google and existing investor Mithril Capital. The funding will be used to deepen artificial intelligence (AI) capability and product offerings, including expanding its technology team, across markets […]