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Cars24 raises $400 mn in funding, valuation up 83% at $3.3 bn in 3 months

Cars24, an online seller of pre-owned vehicles, said on Monday that it has raised $400 million in funding at a $3.3 billion valuation and will use the capital to expand its business. The company said it will use the investment to expand in the Middle East, Australia and Southeast Asia, and strengthen its foothold in the Indian market. The company’s last funding round was in September when it raised $450 million at $1.84 billion valuation.

Adani Transmission completes 897 circuit km power transmission line in UP

Adani Transmission Limited (ATL) on Monday said it has completed the construction of one of the India's longest intra-state transmission lines of 897 circuit km. The transmission line, set up by ATL subsidiary Ghatampur Transmission Ltd (GTL) will connect Ghatampur thermal power station in Kanpur district to Hapur substation in western Uttar Pradesh, the company said in a statement.

Axis Bank announces will raise up to Rs 5,000 crore by issuing bonds

Axis Bank on Monday said it will raise up to Rs 5,000 crore by issuing bonds. In April this, the board of directors of Axis Bank had authorised it to borrow/raise funds in Indian currency/foreign currency by issue of debt instruments, perpetual debt instruments, AT 1 bonds, infrastructure bonds and Tier II capital bonds among others up to an amount of Rs 35,000 crore. "We now wish to inform you that the bank proposes to raise funds by issuing senior unsecured taxable redeemable non- convertible debentures of Rs 10 lakh each for cash at par with base issue size of Rs 2,000 crore and greenshoe option to retain over-subscription of Rs 3,000 crore thereby aggregating up to Rs 5,000 crore," Axis Bank said in a regulatory filing.

Vedanta acquires Goa-based Nicomet; becomes only nickel producer in India

Anil Agarwal-led Vedanta Limited said on Monday it has acquired Goa-based Nicomet, a leading nickel and cobalt producer. The company is making the acquisition when the nickel market is tightening with a surge in battery demand and an increase in global stainless-steel production in recent years-- a trend expected to continue into 2022,said Vedanta in a press release.

Japan's Osaka Gas enters India's urban gas distribution market

Japan's Osaka Gas Co said on Monday it has entered India's urban gas distribution market by investing in the local unit of Singapore-based AGP International Holdings (AG&P) as part of its overseas expansion drive. Demand in India's natural gas market is set to surge as the government wants to raise the share of the cleaner fuel in its energy mix to 15% by 2030 from the current 6% to combat climate change

Aerospace major Airbus selects Tata Technologies as strategic supplier

Global engineering and product development digital services firm Tata Technologies on Monday said it has been selected by European aerospace major Airbus as a strategic supplier. The company will become an engineering, manufacturing engineering and services strategic supplier (EMES3), Tata Technologies said in a statement.

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