Adani Ports Secures $3 billion Port Project in West Bengal - Top Indian Market Updates


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Adani Ports secures $3 billion port project in West Bengal

Adani Ports & Special Economic Zone (APSEZ) will develop the Tajpur deep sea port in West Bengal at a planned investment of $3.1 billion (~₹24,775 crore). The local government expects to create 25,000 direct jobs and over 100,000 indirect jobs through this port. APSEZ has a 30% domestic market share and has been securing global contracts, including the Haifa port project in Israel and a port terminal in Sri Lanka.

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DGCA extends flight caps on SpiceJet till October 29

SpiceJet Ltd will continue to operate only 50% of approved flights till October 29, said the Directorate General of Civil Aviation (DGCA) in an order. During the period, the airline will be subject to enhanced surveillance by the DGCA. The move comes after SpiceJet flights were involved in several incidents, which the DCGA said were due to “poor internal safety oversight and inadequate maintenance actions”.

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Govt approves ₹19,500-crore PLI scheme for manufacturing solar PV modules

The Union Cabinet approved a ₹19,500 crore Production-Linked Incentive (PLI) scheme on the ‘National Programme on High-Efficiency Solar PV Modules’.  The scheme aims to bring direct investment of ~₹94,000 crore and lead to direct employment of about 1,95,000 people. It will enable the installation of ~65,000 megawatts (MW) per annum manufacturing capacity of fully and partially integrated solar photovoltaic (PV) modules.

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Tata Group evaluating options to consolidate AirAsia India, Vistara under Air India: Report

According to an ET Now report, the Tata Group is evaluating options to consolidate AirAsia India and Vistara under Air India to bring operational synergies among the three airlines under its umbrella. Air India CEO & MD Campbell Wilson has set up a team to will look into the synergy between Air India Express and AirAsia India and also between Air India and Vistara and how to achieve the merger. He has reportedly asked the team to submit its plan within 1 year.

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KPIT Tech acquires 4 Technica Group companies for ₹640 crore

KPIT Technologies Ltd’s board has approved the acquisition of four Technica Group companies for ₹640 crore. The target entities specialise in production-ready system prototyping (combination of network system architecture, hardware prototyping, integration), automotive ethernet products, and tools for validation. The deal is expected to be closed by the end of October 2022.

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Reliance Retail in talks for rights of beauty retailer Sephora: Report

Economic Times reported that Reliance Retail is in advanced talks to acquire the rights for beauty retailer Sephora in India. Sephora's operations will transfer from Arvind Fashions Ltd to Reliance Retail if an agreement is reached. Owned by French luxury goods group LVMH, Sephora has 25 stores in 13 cities across India. It has brands in categories such as cosmetics, fragrances, skincare, makeup, and hair care.

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Sonder Holdings selects RateGain to strengthen its presence in global distribution system

US-based hospitality company Sonder Holdings Inc. has selected RateGain Travel Technologies to strengthen its presence on the Global Distribution System (GDS). Sonder has connected with RateGain’s Connectivity Switch Platform and introduced its own dedicated chain code, SS. This makes it faster and easier for agents to search for Sonder’s availability on travel reservation systems.

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KEC International wins new orders worth ₹1,123 crore

KEC International Ltd has secured new orders worth ₹1,123 crore across its various businesses in India. Its Transmission & Distribution (T&D) business has received orders for building substations in India. KEC’s railways business has secured an order for the construction of bridges and associated works for railway lines. Meanwhile, its civil business bagged an order for infrastructure works in the hydrocarbon segment.

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Wipro fires 300 employees found moonlighting with rival company

IT major Wipro Ltd terminated the services of 300 staff members who it discovered were working for its competitors while still being on the company’s payroll (also called moonlighting). Chairman Rishad Premji asserted that he stands by his recent comments on moonlighting being a complete violation of integrity "in its deepest form".

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