IGI Logo

Key News

TVS Racing, Petronas join hands to launch co-branded lubricant oil

After becoming the technical partner of the MercedesAMG Petronas Formula One Team and making strides in MotoGP through Petronas Sepang Racing Team, Malaysian oil and gas giant Petronas has joined hands with TVS Motor Company's TVS Racing, India’s first factory racing team

As part of the tie up, TVS Racing has been rechristened Petronas-TVS Racing and both the players have launched co-branded lubricant oil targeting premium customers. The company said that the tie up will only be targeting the domestic market now.

BHEL to supply 6 electric locomotives to NTPC for material handling ops

State-owned BHEL on Monday said it has received an order from NTPC for six electric locomotives to be used for the first time in the country for industrial application.

The locomotives will be manufactured at the company's facility in Jhansi, Uttar Pradesh. While the traction motors for the locomotives will be supplied from its Bhopal plant, IGBT (Insulated Gate Bipolar Transistors) based propulsion equipment will be developed and supplied by the Bengaluru unit, BHEL said in a statement.

Future Group to focus on saving, rebuilding firms as Reliance deal rejected

Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources.

However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT).

Air India takes Rs 60,800 cr cover for its fleet, paid Rs 266 cr premium

Air India, under its new Tata management, has taken a Rs 60,800 crore ($8 billion) cover by paying Rs 266 crore premium to a clutch of insurance companies, including Tata AIG General Insurance.

The airline managed to get a better deal as it valued its fleet lower by almost $2 billion. The new management held extensive negotiations – both in India and London, to get a good deal considering the rising premiums due to the ongoing Russia-Ukraine war. As per the new policy, the airline will not be able to fly over Russian and Ukrainian airspace due to the conflict.

IT company Cyient to acquire Finland-based Citec for nearly Rs 800 cr

IT company Cyient will acquire global plant and product engineering services company Citec for about Rs 800 crore to strengthen its business offerings.

Citec was founded in 1984, as an international plant and product engineering services company serving customers across the energy, mining, process, oil and gas, and manufacturing industries. It has 1,200 employees globally. Cyient said that it will be the largest outbound acquisition by an Indian engineering services company and even the company's largest acquisition to date. The acquisition will be completed during the quarter.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at http://www.aretesecurities.com/
SEBI Regn. No.: INM000012740

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