- Wednesday, November 27, 2024
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, March 6, 2023:
India’s top explorer Oil and Natural Gas Corp (ONGC) has inked a memorandum of understanding (MoU) with French major TotalEnergies for exploring deep-water blocks, the company said in a tweet on Monday, Reuters reported. India, which is the world’s third biggest oil importer and consumer and imports over 85 per cent of its oil, wants to quickly monetise its oil and gas resources to reduce its reliance on expensive imports. The MoU seeks to provide technical help for ONGC’s push to explore and reduce green-house emissions in development of deep-water blocks, especially in Mahanadi and Andamans, off India’s east coast.
Mamata Banerjee, the chief minister of the eastern Indian state of West Bengal, on Monday said the ‘World Trade Center’ in the US is likely to open a branch office in the metropolis, and a memorandum of understanding will be signed in this regard, PTI reported. The process for identifying land is already underway, she said. “A delegation from the World Trade Center will come to the city on March 21. An MoU will be signed with the state government based on which the branch office will be set up here,” Banerjee told reporters outside the state assembly.
Digilogic Systems , a Hyderabad based AS 9100D & ISO 9001-2015 Certified leading company providing systems, solutions and products for defense, aerospace, automotive and manufacturing market segments, has entered into a strategic partnership with ERAP Korea, ANI/NewsVoir reported. Under the agreement, both companies will mutually explore and expand their business/operations in national and international markets especially South Korea, USA and Europe besides others. The partnership will enable ERAP Korea to strategically strengthen its footprint in the Indian defense and aerospace market, by teaming up with Digilogic systems.
Retail sales of vehicles in India went up by 16 per cent to around 1.8 million units in February, helped partially by a strong demand during the wedding season, the Federation of Automobile Dealers Associations (FADA), an industry body of automobile dealers said on Monday, Reuters reported. It added that festivals could push the sales higher in March. Sales picked up in the last two months as the chip shortage problem eased and the auto manufacturers launched new models to meet the demand ahead of the festival and wedding seasons. However, rising interest rates amid elevated inflation are seen as a challenge, with overall sales in February still below pre-Covid-19 levels. Sales of two-wheelers advanced 15 per cent, while those of three-wheelers jumped 81 per cent, passenger vehicles 11 per cent, tractors 14 per cent, and commercial vehicles 17 per cent, FADA said in a statement.
Antworks Money, an Indian Neo Banking Platform has signed an Agreement with Swedish Software company Vopy, which supplies technology for embedded finance solutions, ANI/PNN reported. The agreement means that the partners together will build an embedded finance platform for the Indian business community. The potential for the platform is 10s of millions of users within a few years. Previously, the parties signed a memorandum of understanding but now agree on a full partnership. The agreement is an important milestone for Vopy and means a rapid launch of Vopy’s services in the very attractive Indian market. The project plan has been laid and the launch of the platform will take place in August this year.
Vega, a forerunner in Personal Care Appliances (PCA) and Beauty Care Accessories (BCA) Categories, on Monday announced its first ever sports partnership with Royal Challengers Bangalore (RCB) women’s cricket team for the Women’s Premier League (WPL), the players are in for effortless styling both on and off the pitch, ANI/PNN reported. Under the association, the players’ lead trousers will feature Vega as part of the RCB Jersey, during all the matches that the Bengaluru squad will play in the days and weeks to come. The WPL began on March 4 with the inaugural match in Mumbai. RCB played its first match against Delhi Capitals in Mumbai on March 5. Vega was recently declared ‘No. 1 Hair Styler Appliance Brand’ in the country.
