IGI Logo

Key News

Reliance, Aramco call off $15-bn deal amid valuation differences:

Report Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate due to valuation concerns. Talks broke down over how much Reliance's oil-to-chemicals (O2C) business should be valued as the world seeks to move away from fossil fuels and reduce emissions, they said. Instead, Reliance will now focus on signing multiple deals with companies to produce specialty chemicals for higher margins, one of the sources said.

TTK Prestige to buy 51% in Ultrafresh Modular Solutions

Ultrafresh Modular Solutions is engaged in the business of modular kitchens and kitchen appliances and has many franchisee outlets across India. Over last 3 years, Ultrafresh has equipped itself with expertise in designing and established design studios and franchise outlets numbering around 85 across India. Ultrafresh will be able to leverage the expertise of UK Prestige while aggressively growing the modular kitchen business of various kitchen accessories. UK Prestige will be able to leverage the network of Ultrafresh and enhance the reach of Prestige products in many new households.

ITC starts clinical trials of nasal spray for Covid-19 prevention

Diversified entity ITC on Thursday confirmed that it is developing a nasal spray for COVID-19 prevention for which it has initiated clinical trials. Developed by scientists at ITC Life Sciences and Technology Centre (LSTC), Bengaluru, the company plans to market the nasal spray under the Savlon brand once it gets all the requisite regulatory approvals, according to sources.

IL&FS sells 52.26% stake in Terracis Tech, resolves Rs 1,275 cr loans

The IL&FS Group has completed the sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings of Philippines. With this stake sale, IL&FS has resolved approx Rs 1,275 crore of its Group debt and completely exited the technology business. This transaction forms part of the overall IL&FS Group resolution estimate of Rs 61,000 crore.

JSW Energy reorganises itself into 'Green' and 'Grey' businesses

JSW Energy has re-organised its Green (Renewable) and Grey (Thermal) businesses. The company said that all the existing and upcoming renewable energy businesses will be housed under JSW Energy Neo, its wholly-owned subsidiary. This is in line with the announcement made by the Company on July 30, 2021.

Airtel conducts 5G trial in 700 MHz band in partnership with Nokia

Telecom operator Bharti Airtel on Thursday said it has conducted India's first 5G trial in the 700 MHz spectrum band in partnership with Nokia. The demonstration, which was conducted on the outskirts of Kolkata, also marked the first 5G trial in the eastern India, the company said in a statement. Airtel has been allotted test spectrum in multiple bands by Department of Telecommunications for the validation of 5G technology and use cases.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer