Tata Power-DDL Partners with Magna Yuma for EV Battery-Exchange Stations in Delhi
Tata Power-DDL and Magna Yuma have embarked on a partnership to pioneer the development of battery-exchange stations throughout Delhi for electric vehicles (EVs). In the contours of this partnership, Tata Power-DDL will furnish distinct zones specific to the installation of these battery-swapping modules. Meanwhile, the design, procurement, as well as the installation and continual maintenance of these stations will be the accountability of Magna Yuma.
Zaggle Prepaid Ocean Services Ltd recently declared that it has successfully absorbed fintech venture Rio Money, having acquired 100% equity for ?22 crore. This acquisition signifies a key strategic move for Zaggle, aiming to penetrate the burgeoning consumer credit card sphere via the Unified Payments Interface (UPI). This development subsequently introduces Zaggle, an industry giant in the corporate expenditure management and commercial cards domain, into the realm of retail credit transactions.
In another significant industry move, stainless steel major Jindal Stainless entered into an agreement with Gati Shakti Vishwavidyalaya, a central university functioning under the jurisdiction of the Railways Ministry. The main focus of this agreement is to promote research and impart training on the applicability of stainless steel within the realms of the transportation, infrastructure, and logistics sectors.
Under this MoU, Gati Shakti Vishwavidyalaya will work hand in glove with Jindal Stainless in conducting research, as well as carrying out teaching and training, specifically tailored towards better understanding of the utilization of stainless steel in the transportation, infrastructure and logistics industry.
Both organisations will collaborate in enhancing the academic curriculum, in addition to conceptualizing relevant training sessions for professionals in the industry. Other significant implications of this partnership include forging partnerships with international institutes for joint research, and offering internship and job placement opportunities with Jindal Stainless for GSV scholars in Vadodara.
Elsewhere, Virtuoso Optoelectronics Ltd, via their fully-owned subsidiary Virtuoso Compressors Pvt Ltd, has initiated production of reciprocating compressors. These products, primarily used for domestic and commercial refrigeration products, are being manufactured at the company’s newly built facility in Nashik, Maharashtra.
In microfinance news, Muthoot Microfin announced its operational debut in Assam as part of its North-East expansion. This development comes despite the microfinance industry initially expressing reservations about the state due to previous loan collection challenges.
The company’s CEO highlighted Assam’s entrepreneurial tenacity and unrealized potential. This ecosystem of resilience and untapped possibilities holds promise for fostering further growth in the microfinance sector, validating Muthoot Microfin’s expansion to the state.
Axiscades Technologies has made an announcement with regard to obtaining new, substantial orders across a variety of platforms – airborne, naval and radar-based from esteemed defence laboratories in India. This substantial mandate will encompass the creation and provision of state-of-the-art subsystems for intricate indigenous platforms, orchestrated by leading defense agencies including DRDO and defence PSUs.
Meanwhile, the board of Tilaknagar Industries has given a green signal for a preferential share and warrant issue amounting to ?2,296 crore. Intends for fund utilization include the acquisition of the Imperial Blue business division, apart from addressing general corporate needs.
Fermenta Biotech has relayed that it has been accorded with the Certificate of Suitability (CEP) by the European Directorate for the Quality of Medicines & Healthcare (EDQM). This certificate pertains to their spray-dried variant, VITADEE 100 SD, being produced at their facility in Kullu, Himachal Pradesh.
Lastly, an important update comes from Zydus Lifesciences which has completed the acquisition process securing an 85.6% stake in Amplitude Surgical from PAI along with two minority shareholders, amounting to 256 million euros. Post-acquisition, Zydus Lifesciences is set to file a simplified mandatory tender offer on July 30 for all the remaining outstanding shares of Amplitude Surgical, marking the price of each share at 6.25 euros.