- Tuesday, March 04, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, January 16, 2023:
The government of the north-eastern state of Tripura and NTPC Renewable Energy Limited (NTPC REL) have signed an agreement for development of renewable energy projects in the state, PTI reported. The Memorandum of Understanding was signed between Tripura Chief Minister Manik Saha and senior officials of NTPC Ltd in the national capital on Monday, an official statement said. “NTPC REL signed an MoU with the government of Tripura on 16-01-2023 for development of renewable energy projects in Tripura,” it said.
Air India is set to order around 500 aircraft as an airline industry recovery takes hold following the pandemic, one of the world’s leading aircraft lessors said on Monday, Reuters reported. “As a result of this recovery, there is now more momentum for large orders from airlines who have sort of sat back and watched the movie, and now they’re seeing there’s going to be a positive trend,” Steven Udvar-Hazy, executive chairman of AirLease Corp, told the Airline Economics conference. “We have this 500-aircraft order coming out of India, which is going to be about 400 narrow-body aircraft, probably a mix of (Airbus) A320neos, A321neos and (Boeing) 737 MAXs, and 100 wide-bodies which will include (Boeing) 787s, 777X, potentially some 777 freighters and (Airbus) A350s.”
Tata Motors, Kia India, and Hyundai are expecting sales momentum to continue in 2023 as well after witnessing robust growth in dispatches to dealers in the last year while pressure remains of a high base effect, inflation and higher interest costs, PTI reported. Tata Motors, which crossed five lakh (0.5 million) cumulative wholesale mark in 2022, is hopeful of robust performance this year on the back of new launches as well as better traction for its internal combustion engine models, electric vehicles, and CNG (compressed natural gas) trims. “It (sales growth) will be steep, hopefully, it will not be as steep as it was because the denominator used to be lower, now it is becoming higher,” Tata Motors managing director, passenger vehicle and electric vehicles, Shailesh Chandra told PTI in an interaction.
A pair of former fund managers from KKR & Co. and British International Investment Plc look to raise as much as $250 million (£205 million) to invest in technology-focused startups in India, Bloomberg reported citing informed sources. The new venture capital fund, Fractal Growth Partners (FGP), was co-founded by Ajay Candade, who led KKR’s growth tech business in India until recently, and Nikhil Balaraman, who previously headed the South Asia tech investment at BII. FGP will aim to scale up firms that have moved past the seed funding phase, one of the sources said on condition of anonymity. The company will also invest in software as a service and business to business companies, the person added.
India’s largest collaborative commerce platform, Innoviti Technologies (formerly, Innoviti Payment Solutions) has partnered with OneCard – a credit card re-imagined for the mobile generation, to enable deeper financial inclusion with offline payments in India, ANI/PRNewswire reported. Innoviti’s technology will help improve the reach of digital payments with OneCard’s more than 600,000 users across the country. Merchants can now offer a better-than-online experience by helping OneCard’s customers to buy anything in the store on zero-cost EMI using Innoviti Genie and Unipaynext. With over two decades of experience, Innoviti has raked in over 9 million+ customers spread across 2000+ cities.
Commemorating the remarkable journey in the country, Costa Coffee, Coca-Cola’s leading coffee brand in the commercial beverage categories in India, celebrates its 100th store milestone at Khan Market in New Delhi, inaugurated in December last year, ANI/BusinessWire India reported. In partnership with Devyani International Limited [DIL], Costa Coffee has emerged as one of the most loved coffee brands in India, with a strong retail presence across 30 cities. With an aim to serve more coffee lovers, Costa Coffee has been focused on expanding its cafe footprint in India, across high streets, malls, and airports. Costa Coffee will continue to expand its retail presence in tier 1 and tier 2 markets in response to consumers seeking innovative coffee experiences and to cater to the overall growing demand for coffee as a category.
