Author: MM Desk

JK Tyre & Industries has become the first tyre manufacturer in India to receive the prestigious International Sustainability & Carbon Certification (ISCC) Plus for its Chennai plant. The certification, which underscores the company’s commitment to sustainable manufacturing, was achieved after a comprehensive final audit conducted by the Indian counterpart of the certification body based in Kolkata. Achieving ISCC Plus certification entails strict adherence to several criteria, including the traceability of raw materials, compliance with environmental regulations, preservation of ecosystems, upholding labour and human rights, and promoting sustainable economic development. This recognition highlights JK Tyre’s dedication to green manufacturing and sustainable…

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Gruner Renewable Energy has announced plans to establish Asia’s largest compressed biogas (CBG) plant in Navsari, Gujarat. The project, set to cost an estimated Rs 220 crore, is expected to generate 44 tonnes of biogas per day, translating to an annual production of over 16,000 tonnes. Gruner Renewable Energy is collaborating with a leading business conglomerate for this ambitious project. The plant will utilize cost-effective feedstocks such as paddy, pressmud, canetrash, and municipal solid waste (MSW), underscoring the company’s commitment to leveraging sustainable and economically viable resources. Key Project Details Gruner Renewable Energy is set to establish Asia’s largest compressed…

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Citroen India has commenced series production of its much-anticipated SUV, the Basalt, at its Thiruvallur plant in Tamil Nadu. This milestone comes ahead of the Basalt’s official market launch in the coming months, according to a confirmation from Autocar India. The Citroen Basalt is being assembled alongside the C3 Aircross SUV at the Thiruvallur facility, which also produces the C3 high-riding hatchback and its electric variant, the eC3. This production rollout marks a significant step for Citroen India as it expands its portfolio in the competitive SUV segment. A New Contender in the SUV Market The Citroen Basalt, showcased in…

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Hyundai Motor India has made a significant investment by paying Rs 787.2 crore to acquire General Motors’ (GM) Talegaon plant in Maharashtra. This acquisition, detailed in Hyundai’s draft red herring prospectus (DRHP) for its upcoming IPO, is a strategic move as the South Korean carmaker plans to commence production at the facility in the second half of the financial year 2026. The commercial agreement to purchase the Talegaon plant was initially signed in August 2022, and the transaction was completed by December of the same year. The deal included the acquisition of the plant’s land, buildings, certain machinery, equipment, and…

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India’s Index of Industrial Production (IIP) slumped to a three-month low registering a growth rate of 5% in April 2024, according to the data released by the Ministry of Statistics and Programme Implementation (MoSPI). India’s IIP growth rate stood at 4.6% in the corresponding month of April 2023 and it reached its highest in the intermediatory period with 11.9% growth in October 2023. The IIP growth rate took a staggering downturn and slowed to 2.5 per cent in November 2023, 4.2 per cent in December 2023 and 4.1 per cent in January 2024. In the following two months of February…

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Rail Vikas Nigam Ltd (RVNL) has secured a significant project worth ₹160.08 crore from East Coast Railway, marking its emergence as the lowest bidder for the provision of an Automatic Block Signaling system. The project also includes the installation of dual Multi-Section Digital Axle Counters (MSDAC) and modifications in existing Electronic Interlocking (EI), Panel Interlocking (PI), and Route Relay Interlocking (RRI) stations. In a filing with the stock exchange, RVNL announced, “Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) from East Coast Railway for ‘Provision of Automatic Block Signaling system with dual MSDAC and alteration in existing El/Pl/RRI…

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Cactus Partners (CP), has announced a USD 5 million investment in Indigrid Technology, a leading full-stack supplier of EV components. This strategic funding round underscores CP’s commitment to bolstering India’s burgeoning electric vehicle (EV) ecosystem. Indigrid Technology, headquartered in Manesar, specializes in manufacturing EV components and serves prominent customers such as JP Minda, Hella, Revolt, Bounce, and Xidda. The company has established itself as a key player in the EV supply chain, catering to the growing demand for reliable and innovative solutions. Capital Utilization Cactus Partners’ USD 5 million investment in Indigrid Technology will fuel several critical initiatives aimed at…

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Pidilite Industries Ltd, a leadinannounced on Friday that its joint venture ICA Pidilite Private Ltd has entered into a licensing agreement with its Italian partner, Industria Chimica Adriatica SPA (ICA), for specific UV technology. In a regulatory filing with the stock exchange, Pidilite stated, “This is to inform you that ICA Pidilite Private Limited, a joint venture of Pidilite Industries Limited (‘the Company’) and Industria Chimica Adriatica SPA, Italy (‘ICA’), have entered into an agreement with ICA for licensing of certain UV technology from ICA.” ICA Pidilite Private Ltd is a collaborative venture between Pidilite Industries Ltd and ICA, aimed…

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Lupin announced that the United States Food and Drug Administration (USFDA) has completed its inspection of the company’s injectable facility in Nagpur, India, with zero observations. The inspection, conducted from June 10 to June 13, 2024, concluded without any Form 483 observations, indicating full compliance with regulatory standards. A Form 483 is issued by the USFDA to firm management when investigators observe conditions that may constitute violations of the Food, Drug, and Cosmetic Act and other regulations. The absence of such observations at Lupin’s Nagpur facility highlights the company’s adherence to stringent quality and compliance protocols. In a regulatory filing…

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Volvo Construction Equipment (Volvo CE) India plans to more than double its market share in the 20-tonne excavator segment. Currently holding a 4% share, the company is focusing on this crucial segment due to its significant size. Excavators are the second-largest category in India’s construction equipment sector, with 30,000-35,000 units sold annually out of a total market of 136,000 units. The 20-tonne segment accounts for 70% of this demand, translating to 18,000-20,000 units sold each year. “This segment is too important to ignore,” said Dimitrov Krishnan, Managing Director of Volvo CE India, though he did not specify a timeline for…

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