In a major development, Reliance Industries and Walt Disney have reportedly signed a non-binding term-sheet to merge their respective Indian media operations. The deal is expected to have far-reaching implications for the Indian media industry, as two major players join forces to create a powerhouse in the market.
Infosys Faces Termination of $1.5 Billion Contract
Infosys, one of India’s leading IT firms, has received a setback as a global company has decided to terminate a multi-year contract worth $1.5 billion with the IT giant. The termination comes after Infosys signed a pact to offer digital experiences and AI solutions to the global company. The news has sent shockwaves through the industry and raises concerns about Infosys’ future growth prospects.
Adani Group to Meet Public Shareholding Norms
The two promoter entities of Adani Wilmar, Adani Commodities, and Lence Pte, have announced plans to sell a 1.24% stake in the company to meet the minimum 75% public shareholding norm. The move aims to increase the liquidity of Adani Wilmar’s shares and enhance transparency in the company’s ownership structure.
Paytm to Leverage AI to Drive Efficiency
Paytm, the fintech firm behind One 97 Communications, has unveiled its plans to leverage AI-powered automation to drive efficiency and eliminate repetitive tasks. While the move is expected to result in a slight reduction in the workforce, Paytm believes it will save 10-15% in employee costs while delivering enhanced performance.
US FDA Conducts Inspection of Aurobindo Pharma’s Facility
The US Food and Drug Administration (FDA) has conducted a Pre-Approval Inspection (PAI) at the new injectable facility of Eugia US Manufacturing LLC, a subsidiary of Aurobindo Pharma Ltd. The inspection, which lasted from December 11 to December 22, resulted in 10 procedural observations. Aurobindo Pharma is expected to respond to the observations within the stipulated time.
Tata Power Partners with Odisha Government for Skill Development
Tata Power has signed an MoU with the Skill Development and Technical Education Department of the Odisha government to provide industry-relevant training to students enrolled in Industrial Training Institutes (ITIs). The collaboration aims to enhance the employability of students and bridge the skill gap in the state.
Jindal Steel & Power Enters MoU with RINL
Jindal Steel & Power (JSP) has entered into an MoU with Rashtriya Ispat Nigam Ltd (RINL) for the operationalization of RINL’s Blast Furnace-3 (BF-3). The furnace, set to be lit up on December 30, will significantly boost production capacity and enable JSP to meet the growing demand for its products.
RITES Partners with North Eastern Electric Power Corporation
RITES Ltd., a leading transport infrastructure consultancy organization, has signed an MoU with the North Eastern Electric Power Corporation Limited to collaborate on logistic infrastructure projects at various hydropower stations in the region. The partnership aims to strengthen the logistical capabilities of the power corporation and support its operations in the Siang Basin.
UPL Ltd. to Raise Funds through Rights Issue
The board of UPL Ltd. has approved a proposal to raise funds amounting to ₹4,200 crore through a rights issue. The funds will be utilized for various business activities, including expansion and growth initiatives. The company aims to enhance its financial position and capitalize on emerging opportunities in the market.
These developments signal significant changes and opportunities in various industries. Companies are strategically aligning themselves to drive growth and stay competitive in the market. The outcomes of these initiatives will shape the future landscape of the business environment in India.