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Adani to invest Rs 4,600 crore in two data centre projects in Uttar Pradesh

The diversified Adani Group is investing more than Rs 4,600 crore in two data centre projects in Uttar Pradesh, a state Cabinet minister said on Sunday. According to UP MSME and export promotion minister Sidharth Nath Singh, Adani Enterprises is setting up two data centres, totalling a cost of Rs 4,646 crore, in Noida sectors 62 and 80 respectively.

He claimed UP has so far garnered investment of nearly Rs 18,000 crore in the high technology landscape of data centres. “We have a clear focus to make UP a front-ranking state in India and to generate more and more employment for the youth.” About other projects, Singh said the NIDP Developers was setting up a data centre worth Rs 1,697 crore at the Knowledge Park in Greater Noida.

Ola Electric raises $200 mn in funding at a valuation of $5 billion

Ola Electric on Monday said it has raised over USD 200 million (about Rs 1,490.5 crore) from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others, valuing the electric vehicle maker at USD 5 billion. In September last year, Ola Electric had announced raising a similar amount in funding from Falcon Edge, Softbank and others that had valued the company at USD 3 billion (about Rs 22,272 crore).

Indian engineering firm Cyient plans to sell stake in underperforming units

Cyient Limited, an Indian engineering and technology solution provider for more than two dozen Fortune 500-companies, plans to sell stakes in units that are underperforming. Bodanapu did not name the divisions that are on the chopping block. The company has signed a definitive agreement with Innovation Communications Systems to spin off the software design radio division, it said in a notice to the stock exchange on Jan. 1. In the past Cyient sold its drone and IT services businesses, he said.

Air India likely to be handed over to Tata Group by weekend: Report

Air India is likely to be handed over to the Tata Group by the end of this week, senior government officials said on Monday. After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited -- a subsidiary of the Tata Group's holding company -- for Rs 18,000 crore.

Axis Bank Q3 results: Net profit soars 224% to Rs 3,614 cr

Private lender Axis Bank on Monday reported 224% jump in standalone net profit at Rs 3,614 crore for the quarter ending December 31, 2021 on strong growth performance across deposits and loans, improving asset quality. The lender reported net profit of Rs 1,117 crore in the year-ago period. The bank’s net interest income (NII) grew 17% YoY to Rs 8,653 crore. Net interest margin (NIM) for Q3FY22 improved by 14 bps QoQ to 3.53%.

Swiggy becomes decacorn, valuation crosses $10.7 bn in new funding round

SoftBank-backed Swiggy doubled its valuation to $10.7 billion in its latest funding round, two people familiar with the matter said, as booming demand for quick delivery of food and grocery in India drives up investments in the sector. The food-delivery firm said on Monday it had raised $700 million in the fundraise that was led by U.S. investment firm Invesco and also included Baron Capital Group, Sumeru Venture, IIFL and Kotak. Existing investors Alpha Wave Global and Qatar Investment Authority also took part in the round.

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