- Monday, February 24, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Thursday, June 6, 2024:
Green ammonia from a 200,000-metric tonne per annum plant to be built by a Singapore group in India will be exported to Japan under an agreement signed in Singapore on Thursday. Sembcorp Green Hydrogen Pte Ltd, a wholly-owned subsidiary of Singapore’s Sembcorp Industries has signed a Heads of Terms (HoT) with buyers Sojitz Corporation and Kyushu Electric Power Co Inc of Japan, paving the way to finalise a definitive green ammonia offtake agreement. Work towards a front-end engineering design award for the project in India is underway following the completion of the feasibility study. Land for the facility in India has been secured, said Sembcorp. As the lead developer and operator of the project, Sembcorp will utilise renewable energy to produce an initial 200,000 metric tonnes per annum of green ammonia from the Indian plant.
Ten Indian startups including Pixxel, Niramai and Sarvam AI have made it to the World Economic Forum’s Technology Pioneers 2024 list published on Thursday. The list has total 100 leading tech startups which are focused on applying new breakthroughs in AI to develop clean energy solutions, healthcare innovation and progress in biotech, space and neurotechnology. Those having been named on the list in the past include tech giants like Airbnb, Google, Kickstarter and Spotify. Niramai is developing a novel AI-based test for detecting early-stage breast cancer, which is affordable, portable and non-invasive. Pixxel is developing hyperspectral satellite imagery to capture geospatial data, while Sarvam AI is building foundation AI models and platforms for their use with a focus on Indian languages and use cases.
The first meeting of the Joint Task Force on Investment (JTFI) between India and Qatar was convened on Thursday in New Delhi, aimed at strengthening investment cooperation between the two countries. The joint task force was co-chaired by Ajay Seth, secretary of the department of economic affairs under the ministry of finance, and Mohamed bin Hassen Al-Malki, undersecretary of the ministry of commerce and industry, Qatar. As per a statement from the ministry of finance, the joint task force on investment has reaffirmed the commitment of both nations to strengthen bilateral relations and to leverage the collective potential for accelerated growth, investment opportunities and synergistic collaboration across diverse sectors ranging from infrastructure and energy to technology and innovation.
Indian fintech firm PhonePe has partnered with ride-hailing platform PickMe to enable UPI-based payments for Indian travellers in Sri Lanka, the Walmart group firm said on Thursday. Last month, PhonePe entered into a partnership with LankaPay to allow its users to pay using UPI across Sri Lanka. “Our partnership with PickMe exemplifies the company’s commitment to providing Indian travellers with convenient and trusted payment solutions. Previously, navigating payments in a new country could be a hassle. “Now, with PhonePe, Indian tourists visiting the beautiful island nation of Sri Lanka can enjoy the ease and security of UPI payments for their rides,” Ritesh Pai, CEO of PhonePe – International Payments, said.
Indo-Pacific Economic Framework for Prosperity (IPEF) has selected 10 Indian start-ups and companies to pitch their innovative ideas, technologies and solutions that contribute to mitigating or adapting to climate change. The 10 firms selected in the ClimateTech track are BluSmart, Recykal, LOHUM, Sea6 Energy, EVage Ventures Private Limited, Kabira Mobility Private Limited, Batx Energies Private Limited, Newtrace and Alt Mobility, igrenEnergi, Inc. In addition, IPEF shortlisted four more Indian companies in the sustainable infrastructure track to pitch their concepts on energy transition, transport and logistics, and waste management/waste to energy to global investors. They are ReNew Power, and Avaada Energy Pvt. Ltd, Indusbridge Capital Advisors LLP. Founder, SEIP, and Powerica Limited.
(With agencies)
