- Tuesday, March 11, 2025
By: Shubham Ghosh
Here are news in brief related to India economy and business for Monday, August 29, 2022:
The Narendra Modi government is likely to invite financial bids for the privatisation of BEML (Bharat Earth Movers Limited) in the December quarter, an official said, the Press Trust of India reported. Earlier this month, the corporate affairs ministry approved the demerger of land and non-core assets of BEML to BEML Land Assets Ltd. The official said that every shareholder of BEML will get shares in BEML Land Assets and the process of demerger would be completed by the end of September or early October. “Once the demerger process gets over by September-end or by early October, the financial bids for strategic sale of BEML would be invited,” the official told PTI. The financial bids are expected in the October-December quarter and the draft share purchase agreement too would be finalised by then, the official added.
The Indian government on Monday said that it was confident of the country’s electronics industry reaching a production target of $300 billion (£256 billion) and exports of $120 billion (£102.4 billion) by 2025-26. “I have full confidence that this opportunity of $300 billion worth of electronics production and $120 billion of exports by 2026, and transforming India into a significant player in the global electronic GVCs (global value chains). These are real opportunities and we will deliver…and of course, it is even more important for us because it will give many many jobs representing the investments in the country,” Rajeev Chandrasekhar, Indian minister of state for electronics and information technology, skill development and entrepreneurship, told reporters in New Delhi on the sidelines of an event.
Bharat Petroleum Corporation Ltd (BPCL), India’s second-largest oil refining and fuel retailing firm, has plans to scale up its renewable energy portfolio to 10 GW by 2040 – the year it is targeting net-zero carbon emission, chairman Arun Kumar Singh said on Monday, PTI reported. Addressing the company’s annual shareholders’ meeting, he said BPCL is diversifying and expanding into adjacent and alternate businesses, which will not only provide additional revenue streams but also offer a hedge against any decline in the oil and gas business. “The company has identified six strategic areas – petrochemicals, gas, renewables, new businesses, that is, consumer retailing, e-mobility and upstream – which will serve as pillars of future growth and create sustainable value for all stakeholders, while the core business of refining and marketing of petroleum products continues to provide stability and funding bandwidth,” he said. This is with a view to achieving net-zero emissions by 2040, he added.
The Reliance Industries will invest ₹75,000 crore (£8 billion) and expand capacities in existing and new value chains in its petrochemicals business, the Hindu BusinessLine reported. The report said that the company will invest and expand in polyester, vinyl, carbon fibre, and green energy. “We will also reinvest in Polyester Filament Yarn (PFY) and Polyester Staple Fibre (PSF). Polyester expansion with capacity of over 1 MMTPA will be completed in phases by 2026,” Reliance Industries chairman Mukesh Ambani said on Monday. He added, “We will aim to complete 1.5 MMTPA of feedstock integrated PVC expansion at Dahej and Jamnagar in phases by 2026. We will also add capacities to make EDC and PVC at Ruwais, in the UAE, as part of Ta’ziz Chemical Zone. The joint venture with ADNOC and ADQ will target the full domestic demand of the region.”
Co-living startup Zolo on Monday said it has opened a new luxury facility in Bengaluru, India’s information technology capital, comprising about 700 beds and spread over 1.2 lakh square feet area. The company, which was founded in 2015, has 50,000 beds across 300 properties in 13 cities, catering to working professionals as well as students. Zolo has raised USD 90 million so far from investors including Investcorp, Nexus Ventures Partners, IDFC Alternatives, Trifecta Capital, and Mirae Assets. In a statement, the company said it has started its flagship property in the luxury segment. The company claimed the facility is the largest in India spread across 1,20,000 square feet. In a statement, the company said it has started its flagship property in the luxury segment.]
Luxury hotel chain Oberoi Group plans to invest Rs 1,500 crore (£160.2 million) in setting up various projects in Andhra Pradesh, as per an official statement released on Monday, Asian News International reported. Oberoi Group president and chief operating officer Rajaraman Shankar called on Andhra Pradesh Chief Minister YS Jagan Mohan Reddy. During the meeting Shankar expressed interest to invest about Rs 1,500 crore in Andhra Pradesh, the statement said. On this occasion, Shankar explained about Oberoi Group Hotels’ plans in the state and showed interest to start their hotels in Visakhapatnam, Tirupati, Gandikota, Picchukalanka and Horsley Hills along with operating a tourism centre in Paderu region. The Oberoi Group’s investment plan will provide direct employment to 1,500 people and indirect employment to 11,000 people.
The economic activity in India is in recovery mode as growth seen broad basing with most sectors operating at pre-pandemic levels, a joint survey conducted by industry body FICCI (Federation of Indian Chambers of Commerce & Industry) and Indian Banks’ Association (IBA) revealed, ANI reported. The uptick in growth was despite a muted start to this year due to emergence of the Omicron variant. The 15th round of the FICCI-IBA survey was carried out for the period January to June 2022 where a total of 25 banks including public sector, private sector and foreign banks participated. “The contact-based services sector, which was most severely impacted by the pandemic waves, is also seen gaining traction,” it said.
