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NMDC eyes 47 million tonne iron ore production in FY22

NMDC Ltd is aiming to achieve 47 million tonnes of iron ore production during the current financial year and plans to spend Rs 3,720 crore on capital expenditure, a top official of the Navaratna Public Sector Enterprise said on Thursday. Addressing the 63rd Annual General Meeting through video conference Chairman and Managing Director of the company, Sumit Deb said the iron and steel industry will see exciting opportunities from rapid developments through digitalisation and automation, infrastructure initiatives, reorganisation of urban centres and energy transformation. In the current fiscal, NMDC expects to achieve production of 47 MT.

Adani seals deal to develop Western Container Terminal at Colombo Port

India's Adani Group on Thursday sealed a deal with the state-owned Sri Lanka Ports Authority (SLPA) to develop and run the strategic Colombo Port's Western Container Terminal. As the first-ever Indian port operator in Sri Lanka, Adani Group will have a 51 per cent stake at the port's Western Container Terminal (WCT), a statement said. Adani Group signed a buildoperate-transfer (BOT) agreement with its local partner John Keells Holdings and the SLPA to develop the WCT at the Colombo Port, it said.

Videocon insolvency process: BoM raises issue of breach of confidentiality

Bank of Maharashtra, a dissatisfied creditor of Videocon Group, has on Friday raised the issue of the breach of confidentiality in the corporate insolvency resolution process of the debt-ridden group before the National Company Law Appellate Tribunal (NCLAT). During the proceedings, counsel appearing for the Bank of Maharashtra wondered as to how the bid amount of the successful resolution applicant Twin Star Technologies was so close to the liquidation value.

Marico starts hybrid work model for all staff starting Friday

Marico Limited, one of India’s leading FMCG companies, has announced its plans to enforce the hybrid model of working for all employees from tomorrow. Several Indian companies are offering hybrid work models which is helping the companies cut rental and electricity costs, apart from saving commuting time for employees.

Telecom dept asks Voda India, Airtel to pay Rs 3,050 cr in penalties: ET

The telecom department has asked Vodafone Idea and Bharti Airtel to pay within three weeks Rs 3,050 crore as penalties for allegedly breaking licence terms by denying Reliance Jio Infocomm their networks, the Economic Times reported Friday two weeks after the government announced a relief package for the industry. Airtel has to pay Rs 1,050 crore and Vodafone Idea Rs 2,000 crore for the alleged violation of norms on points of interconnection (PoIs) in 2016,said the newspaper.

ICRA flags asset quality pressure risk for IDBI Bank due to pandemic

While upgrading IDBI Bank’s ratings on sustained improvement in credit profile, rating agency ICRA flagged concerns over high asset quality pressures of the lender in the near term due to the pandemic. It said the bank’s return metrics could remain sub-optimal despite improvement in profitability. The agency upgraded the rating for the Mumbai-based private lender’s bonds, debentures and tier-II capital instruments from “A” to “A+”. The ratings are based on standalone credit profile, as key investors Life Insurance Corporation of India (49.24 per cent) and the Government of India (45.48 per cent) want to offload their stake in the bank.

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